The recently passed Tax Bill continues to enhance the MAGAnomic policy of the Trump administration, leading to more great economic and jobs news amid the headlines.
Do the math. The three single-day announcements below will add more than 6,500 new jobs, average around $50,000 per job, and contribute tens-of-billions to a revitalized new America-First economy. This is MAGAnomics in action. This is a direct result of economic policies initiated by President Trump. This is part of the reason why the U.S. GDP will easily exceed 4% growth in the next three years of Trump’s first term.
Economic Nationalism – America’s largest private employer, Walmart, has announced their plan to increase their minimum wage to $11/hr and give out bonuses between $200 to $1,000 to each of their more than one million employees:
CNBC – […] “We are early in the stages of assessing the opportunities tax reform creates for us to invest in our customers and associates and to further strengthen our business, all of which should benefit our shareholders,” he added. “However, some guiding themes are clear and consistent with how we’ve been investing — lower prices for customers, better wages and training for associates and investments in the future of our company, including in technology.”
Walmart said the changes will benefit the retailer’s more than 1 million hourly employees across the country and will go into effect as soon as February. (read more)
Additionally, as a direct result of the new tax landscape in combination with the one-time write-offs for investment, Chrysler has announced they are moving the majority of their Heavy Truck manufacturing from Mexico to Michigan:
DETROIT — Fiat Chrysler is moving production of heavy-duty trucks from Mexico to Michigan and paying bonuses to U.S. workers in response to the passage of U.S. tax reform late last year.
The automaker will invest $1 billion in its Warren Truck Assembly Plant to make the Ram Heavy Duty Truck starting in 2020. That truck is currently made in Saltillo, Mexico, where workers will continue to make commercial vehicles.
FCA says the Warren plant will add 2,500 new jobs.
The company also plans to pay $2,000 bonuses this spring to about 60,000 hourly and salaried U.S. employees. Senior executives won’t get the bonus.
FCA CEO Sergio Marchionne says the company should adjust its manufacturing footprint to reflect “improvement in the U.S. business environment.” He says employees should also share in the tax savings. (read more)
Capping off the trifecta of good news, Toyota/Mazda has announced a massive $1.6 BILLION investment in new manufacturing in Alabama that will employ 4,000 U.S. workers:
Toyota Motor Corp (TM) and Mazda Motor Corp announced on Wednesday they will build a $1.6 billion joint assembly plant in Alabama that will employ up to 4,000 workers, a boost for President Donald Trump, who wants automakers to expand U.S. production.
Toyota President Akio Toyoda and Mazda President and Chief Executive Officer Masamichi Kogai joined Alabama Governor Kay Ivey in Montgomery at an event to announce the decision.
“Welcome to sweet home Alabama,” Ivey said to the two executives, after saying that the anticipated 4,000 workers at the plant to be built in Huntsville would earn an average of $50,000 a year.
The plant will produce 300,000 vehicles a year and should open on a 2,500-acre former cotton field in 2021, about 14 miles from Toyota’s engine plant in Huntsville. (link)