Biden touts high-tech manufacturing resurgence ahead of midterms

President Joe Biden was traveling to New York on Thursday to tout giant investments in semiconductor manufacturing, part of a final hour bid ahead of midterm elections to persuade Americans that the economic future is bright.

Biden, whose Democrats are forecasted to lose the House of Representatives and possibly also the Senate in the November 8 polls, was leaving the White House for Syracuse, New York, buoyed by new data showing that the overall economy rebounded in the third quarter, staving off fears of recession.

In New York, he will celebrate the pledge by Micron to pour $100 billion over the next two decades into semiconductor factories.

The project is part of a renaissance in high-end manufacturing that has been a cornerstone of Biden's presidency -- and he hopes will ultimately woo a broad section of voters to believe in the Democratic stewardship of the economy.

Read also

US economy grows for first time this year in third quarter

"For years, regions like central New York and the industrial Midwest have been hollowed out as manufacturing jobs have been shipped overseas. This administration is changing that," the White House said in a statement.

In an indicator of how difficult the environment is for Democrats less than two weeks before voting day, even longtime stronghold New York is creaking. Governor Kathy Hochul, who will be with Biden in Syracuse, is among those finding herself in an unexpectedly tough race.

With time running out, Biden is leading an intensified campaign to paint Republicans as reckless and readying to slash social spending for the poor.

"The president will deliver remarks that contrast his vision for the economy with that of congressional Republicans, who want to raise costs for working people and put Medicare and Social Security on the chopping block," the White House said.

Read also

Asian markets rally with Wall St on rate hope, healthy earnings

Voter anger is largely driven by the highest inflation in four decades. The administration points out that many of the world's big economies are suffering similar price rises, linked to the post-pandemic disruptions and the invasion of Ukraine by major energy producer Russia.

Biden got some good news before departure.

Gross domestic product rose at an annual rate of 2.6 percent in the July to September period, according to the latest Commerce Department data.

The better-than-expected performance was helped by strong trade, even as housing investment plunged and weaker consumer spending on goods casts a pall on growth as higher prices bite.

"Our economic recovery is continuing to power forward," said Biden in a statement.

Source: AFP