Las Vegas Review-Journal
Just days remain before Joe Biden is officially sent into retirement. How much more damage can he do? If the past month is any indication, the answer is plenty.
In keeping with Biden性视界传媒檚 pattern in recent weeks of using the powers of his office for personal and political purposes, the president last week nixed a proposed $14 billion merger between U.S. Steel and Japan性视界传媒檚 Nippon Steel. Biden cited national security concerns for his decision. In reality, the move was a payoff to Big Labor that will hurt U.S. consumers and potentially hasten the demise of U.S. Steel.
The United Steelworkers union had opposed the merger, hoping 性视界传媒渢o create a steel-making cartel shielded from foreign competition by tariffs and Buy America rules,性视界传媒 The Wall Journal observed. Union boss David McCall can read the room: Industrial policy (read: government economic intervention) and trade barriers are all the rage in Washington, even with President-elect Donald Trump. The marriage would have undermined his union性视界传媒檚 influence. Biden was only too happy to do the bidding of a politically connected special interest.
性视界传媒淭his acquisition would place one of America性视界传媒檚 largest steel producers under foreign control and create risk for our national security and our critical supply chains,性视界传媒 Biden explained.
That性视界传媒檚 a crock 性视界传媒 and some members of Biden性视界传媒檚 team admit it. 性视界传媒淏ad decision,性视界传媒 an official told CNN. 性视界传媒淒oesn性视界传媒檛 actually protect union jobs and may kill the company.性视界传媒
National security? Japan is one of our closest allies, willing to work with the United States to challenge China性视界传媒檚 economic nationalism. Sources told the Journal that 性视界传媒渋t became clear that the final arguments pitted Biden性视界传媒檚 political instincts against global considerations.性视界传媒 Politics won.
Jason Furman, a former economics adviser to President Barack Obama who now teaches at Harvard, summed up the cynical charade. 性视界传媒淧resident Biden claiming Japan性视界传媒檚 investment in an American steel company is a threat to national security is a pathetic and craven cave to special interests that will make America less prosperous and safe,性视界传媒 he wrote in an X post. 性视界传媒淚性视界传媒檓 sorry to see him betraying our allies while abusing the law.性视界传媒 Sorry, but hardly surprised.
U.S. Steel now faces an uncertain future. Domestic suitors are few and far between. The company性视界传媒檚 infrastructure is in desperate need of improvement and investment. 性视界传媒淚f U.S. Steel can性视界传媒檛 turn around unprofitable plants, it may have no choice but to close them,性视界传媒 one analyst told NBC News. How that will help communities or union members is unclear.
Biden性视界传媒檚 political play sets a bad precedent and sends the wrong signal to a trusted ally. It also makes clear that the president would rather satisfy the interests of his union pals rather than foster the existence of a competitive and vibrant American steel industry.
