The good economic news for America this week was headlined by international electronics maker Foxconn’s decision to build a massive $10 billion plant in Wisconsin.
Reports say the 1.6-square-mile plant will be three times the size of the Pentagon and employ 3,000 initially, potentially expanding to 13,000 jobs. It will make LCD displays for televisions and computers.
Perhaps the Taiwan company’s biggest claim to fame is its assembly of iPhones in China.
The president trumpeted the announcement in a cheerful White House gathering, claiming his election led to the decision.
Perhaps. But we know for certain how he and his friends in Congress can ensure future such happy occasions. Get health care done. Get tax cuts done. The failing Affordable Care Act must be replaced. And while the clunky, confining federal tax code is in desperate need of reform — tax rates and Dodd-Frank compliance regulations are smothering businesses large and small — we’ll settle for substantial cuts at this point. Republicans today or Friday were expected to announce broad goals for tax cuts, hopefully for the middle class and corporations. It would be nice if they could get tax cuts passed in September.
Agreement on a new health care system may take much longer, though it’s clear something has to be done to take the place of the Affordable Care Act, which seems designed to fail from the start.
As evidenced by happenings in Wisconsin and here in Augusta (see editorial above), the American economy appears past ready to break out.
Folks in Washington should lead, follow or get out of the way. Now.