November 7, 2013: Diamond Joe touts rail in Ohio
And happy Thursday! DC felt a little empty yesterday, and the Alliance for American Manufacturing (AAM) couldn’t quite put its collective finger on why. Then we remembered: Vice President Joe Biden was out of town! Don’t worry, his buddy Worm filled in ably in Biden's absence.
The veep was visiting a rail terminal in Northwest Ohio to tout the important role infrastructure plays in the national economy. David Patch from the Toledo Blade covered Biden’s visit to CSX’s new $175 million rail facility:
Citing initial skepticism about the Obama Administration’s economic-stimulus efforts during the 2008-09 national economic slump, Mr. Biden said the $48 billion spent on public works projects under the American Recovery and Reinvestment Act has been vindicated. But even with the success of projects like National Gateway, ‘there’s still this sort of myth out there that somehow investing in infrastructure is wasteful,’ he said.
Yeah, we need to put that thinking to bed. As we noted yesterday, investing in infrastructure, and especially in rail, has a ton of economic potential. So kudos to you, Vice President Biden. Keep spreading the good word.
Elsewhere around the web:
70 percent. That’s how much Toyota’s net profits surged in the third quarter, report Phred Dvorak and Yoshio Takahashi for the Wall Street Journal. The reason? The Japanese car company has benefited from currency manipulation that has led to a weak yen. And it’s exactly the reason why Detroit automakers have called for provisions against currency manipulation in the Trans-Pacific Partnership.
In Massachusetts? Mark your calendar:
The same old hacking out of China. The U.S.-China Economic and Security Commission says that the Chinese military continues cyber intrusions, which leads to theft of intellectual property and industry secrets. Reuters reporters Deborah Charles and Paul Eckert spoke to the American-based private security firm that first uncovered China’s hacking. The tools have changed, says Mandiant, but not much else:
'From what we can tell, they are still stealing the same type of data from the same industries,' Mandiant spokeswoman Susan Helmick said on Wednesday.
We've got a suggestion: Want to get China’s attention on hacking? Stop funding its military with friendly trade terms.
A mixed bag. The Commerce Department reported a 2.8 percent rise in GDP in the third quarter. That piece of good news could overshadow underlying problems in the economy, report Josh Mitchell and Sarah Portlock for the Wall Street Journal: “But those developments masked worrisome trends—namely, weaker overall spending by consumers and companies' cutting back on equipment purchases.” Emphasis added, because that’s no good.
Holy smokes, tomorrow is jobs day!
But there’s more to the monthly jobs report than just numbers. There are people behind the data, and their stories deserve to be heard. Do you have one to tell? Have you – or your friends, family, or neighbors – started looking for work recently? Have you stopped? Send in your jobs report to info [at] aamfg [dot] org, tweet it to us at @keepitmadeinUSA, or contact us via Facebook. And read the ever-updating report right here.
Have a good one out there, America.
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