I have been using Whirlpool as an example of how wide-open free-trade with low-wage nations has been sucking millions of jobs out of the USA – no matter what Ben Bernanke does. Whirlpool recently shut down a refrigerator plant in Indiana and sent 1,100 jobs to Mexico.
But it’s all better now! Whirlpool has spurned Mexico in favor of Tennessee for a stove factory! Just look at the miracles that the Wall Street Journal is reporting:
“The move highlights a shift by even export-driven U.S. manufacturers away from low-cost overseas locales in favor of rationalizing domestic operations to boost productivity.”
The article goes on to say that the Tennessee plant will create 130 new jobs! Hooray! Let’s see; they send 1,100 jobs to Mexico, then add 130 in Tennessee, and that comes to…
Wait a second… Maybe this isn’t a miracle after all. Maybe it was just a story planted in the compliant WSJ by Whirlpool’s public-relations department.
Reading down to the very last sentence of the article, we find that:
“Tennessee and local governments committed to providing Whirlpool with about $45 million in tax breaks, abatements and grants to offset the company’s costs of building the plant. “
Dividing $45 million by 130 jobs we find that one must pay the patriotic folks at Whirlpool only $346,154 to create a job in the USA.
Such a deal.
Note to Wall Street Journal: In the first quote above, you proclaim a “shift by even export-driven U.S. manufacturers”. Maybe one day you can actually publish an article that supports your alleged “shift”. Personally, I won’t be holding my breath. As a matter of fact, if you were to drop the “f” out of your so-called “shift”, I think we might get closer to the truth.
