Being in the US and experiencing the pre-election excitement and frenzy is an incredible experience.
Unlike in our country, where economic and business activities usually see an upward trend during the run-up to elections, the situation in the US is quite the opposite. In Michigan, particularly in Detroit—known as the “Motor City”—industrial and manufacturing activities have come to a standstill.
Car manufacturers have paused their assembly lines, awaiting the outcome of the election, as automobile policies could drastically change. If Trump comes to power, combustion engine vehicles may be favored, whereas a Harris administration is more likely to support electric vehicle manufacturing. This period is extremely challenging for the job market.
Factories are shutting down, and even regular employees are being laid off, forcing them to look for odd jobs to make ends meet. I visited a Pakistani-owned Pak machine factory that specializes in manufacturing high-precision leads and pins for the high-tech automobile industry, employing around 30 to 50 highly skilled workers.
Unfortunately, due to the election-induced slowdown, the factory has ceased operations, and employees have been laid off.
The factory plans to resume operations only after the presidential election results are finalized and a clear automobile policy is announced. While this economic slowdown before elections is considered normal, it leaves employees with a bitter experience and uncertainty about their future.
Another interesting trend we’ve observed while living in Macomb County, about 30 miles from Detroit, the capital of Michigan, is that almost all households display placards on their lawns showing their support for either Trump or Harris.
In our peaceful locality, every placard we saw during our morning and evening walks bore Trump’s name, with the slogan “Take Back America.” Though Michigan is a swing state that can lean either way, its residents are primarily concerned about rising commodity prices, property price escalation, interest rate hikes, and mortgage challenges.
These issues are symptomatic of increased government spending and excessive currency printing, which exceed the economy’s capacity and ultimately erode the value of wages and salaries. This trend seems typical of incumbent governments, whether in Pakistan or the US, as they often resort to spending sprees to expand their vote banks without considering the greater national interest or adopting a long-term vision.
Qamar Bashir
Copyright Business Recorder, 2024
Comments
Comments are closed.