Steel has been the backbone of the PA economy for a long time, but that is not the only region of our nation exactly where this is correct. Also outdoors of Chicago, “the Rust Belt” so it is some thing President Obama has observed, at a single time there was 17% unemployment in that area, it got devastated, big crime troubles, economic regional collapse.
Involving the initially economic stimulus and the second the US Steel Market told Congress they needed 2 Trillion Dollars of stimulus, which is about correct actually. So, when President Obama suggested that the US demand that only US steel was used for any infrastructure repairs as aspect of the stimulus, you can realize there was some cheering in that sector.
Perhaps you recall when President Bush set steel tariffs a protectionist trade move. It brought on Japanese steel makers to consolidate and is credited with saving the US steel sector, but some economists ask at what expense. Don’t forget the price of gear, truck beds, cars, SUVs, refrigerators, buildings, all went up. Some query the tariff move as political. And Supplier Baja can inform you that at 1 time the Saudi Royal Family owned a large stake in Bethlehem Steel if this provides you any clues.
Now the no cost-market economists are noting that this move to make steel purchases mandatory is going to price the US in trade relations, just to make the unions satisfied and the steel sector. They also tell us that the quantity of steel that will be produced right here for these projects is insignificant compared to what the steel business wants to survive and stay afloat. Please contemplate this.