Ryan and Wolf: We are moderate capitalists and our presidential choice is simple.

The United States just heard competing economic speeches from Vice President Kamala Harris and former President Donald Trump that focused on manufacturing. This is not surprising, since we believe that whoever has a better plan for rebuilding and revitalizing industrial America will win the election.

Of course, we are big supporters of the Harris-Waltz campaign, but we write this as two clear-minded moderates and capitalists who know the stakes of this election. And we believe Ms. Harris has a much more convincing and credible argument to the American people.

why is that? That's because the Biden-Harris administration's bold and mostly bipartisan legislative victories have stemmed a 40-year trend of deindustrialization. Their administration is rebuilding America's decaying infrastructure by adding nearly 800,000 manufacturing jobs and investing more than $1 trillion to modernize roads, bridges, broadband, and ports. There's no better place to invest America's hard-earned tax dollars than in public infrastructure.

Former Republican senator supports Kamala Harris, says election will be 'tough choice'

We publicly praise and support the Biden-Harris bipartisan Infrastructure Investment and Jobs Act, CHIPS, and the Science Act, and consider them two of the most important legislative achievements of our lifetime. I am.

These bills have overwhelmingly broad support from labor unions, small businesses, large corporations, Republicans, Democrats, and independents (co-author Ryan, a former congressman, voted in favor of both). . And this is in stark contrast to President Trump's failures. He kept talking about Infrastructure Week throughout his term, but never even introduced a bill (and still keeps talking about it).

Not only does the American Reconstruction Plan resonate with the American public, but the American Society of Civil Engineers also gave America's infrastructure a D+ grade when Trump took office in 2017, and a C- grade when he left office, up from almost zero progress. Gave.

Currently, US infrastructure investment spending is less than 5% of annual GDP, one of the lowest compared to other countries. A funding gap of more than $1 trillion is expected over the next five years, and the deficit will only increase as we maintain, upgrade, and modernize our structures and systems. Infrastructure investment remains one of the best ways to strengthen the economy.

The 2023 Modeling the Impact of Public Infrastructure study found two major impacts on GDP. They are short-term (during the construction phase) and long-term (both directly and indirectly leading to private consumption). These investments also have significant multiplier effects, as new, high-paying jobs pay on average more than 20% more than the national median income.

So while Trump is talking, Biden-Harris is taking action. Since August 2024, approximately $564 billion has been committed to 56,000 projects in 4,500 communities in all 50 states and territories. Initial investment is being rolled out. Now it's time to double down.

The yin to the yang of infrastructure is manufacturing. In the first quarter of 2024, the White House released a “Future Made in America” fact sheet that showed incredible momentum.

The private sector has invested nearly $900 billion in the U.S. manufacturing and power sectors, and factory construction has doubled since the Trump administration to an all-time high.

Biden-Harris helped create 800,000 manufacturing jobs. Here, Gov. Tim Walz, Vice President Kamala Harris' running mate, speaks at Laborfest. (Fox News)

Skills training has begun with the spread of “labor bases.”

Manufacturing took a huge hit during the Trump administration, with a net manufacturing loss of 75,000 jobs, but the Biden-Harris administration saw an increase of hundreds of thousands of jobs. It's worth noting that the American Manufacturing Alliance, a nonpartisan nonprofit organization, attributes Trump's decline primarily to the unstable trade policies he enacted, rather than the pandemic.

The King of Chaos' policies were anti-business and anti-worker. Listen to the former president's speech in Georgia and you'll understand why. He randomly proposed onerous flat tariffs and Old World protectionist ideas, primarily targeting the iconic American company John Deere.

In response to this, the Wall Street Journal Editorial Board wrote an article titled “Dear is in the political headlines for Mr. Trump,'' and “Mr. …Meanwhile, his threats are helping Democrats argue that Harris will become friendlier.” For business. ”

Harris is business friendly. In a recent speech in Pittsburgh, she said one of the pillars of the “opportunity economy” is “leading the world in the industries of the future.” Her goal is to win against China with smart, pragmatic public investments and policies while working with businesses to strengthen economic, national and energy security.

We are seeing a construction employment boom because these types of capital-intensive projects, such as artificial intelligence and clean energy, take longer to build. Manufacturing jobs are coming back and are expected to see strong growth thanks to these policies. Look at what's already happening.

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In Arizona, Taiwan Semiconductor Manufacturing Company is building a new state-of-the-art semiconductor manufacturing facility. In Georgia, Qcells is expanding its solar panel and component manufacturing capacity. And Hyundai has broken ground on an EV and battery manufacturing facility.

Former US president and Republican presidential candidate Donald Trump was criticized by the Wall Street Journal for his protectionist ideas, which primarily targeted John Deere. (Angela Weiss/AFP via Getty Images)

In North Carolina, Wolf Speed ​​(unrelated) is investing in a semiconductor materials plant. CommScope and Corning are investing in building U.S.-made fiber optic cables. In Wisconsin, Microsoft is building a data center (on the same site where Trump planned to build the infamous Foxconn factory).

These successes have even been embraced by Republicans. A large group of House Republicans recently sent a letter to Speaker Mike Johnson urging him not to eliminate the IRA clean energy tax credit because it creates jobs and factories in their districts. The administration needs to boast of bipartisan support for this plan and build on it.

Manufacturing took a huge hit during the Trump administration, with a net manufacturing loss of 75,000 jobs, but the Biden-Harris administration saw an increase of hundreds of thousands of jobs. It's worth noting that the American Manufacturing Alliance, a nonpartisan nonprofit organization, attributes Trump's decline primarily to the unstable trade policies he enacted, rather than the pandemic.

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As we look to the future, our recommendations to the next president include a balanced “all of the above” energy mix, including natural gas, nuclear, and renewables, to help revive manufacturing. The focus will be on policy. and the creation of the National Infrastructure Financing Agency (NIFA) to foster continued public-private partnerships in transportation, energy, climate change, AI, and more.

Kamala Harris has the vision and experience to build on the work that is already revitalizing industrial America. In this election, the choice is clear. One candidate has a new vision for our future. And some have plans that are far more dangerous to our economic well-being than failing infrastructure.

Robert Wolff joined Fox News Channel (FNC) and Fox Business Network (FBN) as a contributor in 2016. Prior to joining FNC/FBN, Mr. Wolf spent 18 years at UBS, a global financial services company, where he held senior positions including Chairman and Chairman. CEO of UBS Americas and president and chief operating officer of the investment bank. He joined UBS in 1994 after 10 years at Salomon Brothers.