Biden sets stage for debate on area’s economic future

Vice President Joe Biden is right when he says that the Mahoning Valley has been through “hell,” but he’s jumping the gun in declaring that the region is “back.” To be sure, we’ve come a long way from the dark days following the collapse of the steel industry three decades ago, but we aren’t close to where we should be. The diversification of the Valley’s economy, with a continued emphasis on manufacturing and a new emphasis on high technology, is a work in progress.

Biden’s comments about the Valley came Wednesday during a campaign stop at M7 Technologies, an advanced manufacturing facility in Youngstown. Cheered on by Democratic Party faithful and other supporters of President Barack Obama’s re-election bid, the vice president sought to contrast the administration’s economic recovery plan with the one being put forth by Mitt Romney, the presumptive Republican nominee for president and former governor of Massachusetts.

“There’s Obama Economics, which values the role of workers in the success of a business, and values the middle class in the success of the economy,” Biden said. “A philosophy that believes everyone deserves a fair shot and a fair shake, and everybody should play by the same rules.”

By contrast, “Romney Economics” is founded on the belief that so long as government helps those at the very top to do well, “workers and small businesses and communities can be left to fend for themselves.”

“Nobody knows better than the people of the Valley the consequences of that kind of philosophy,” Biden said. “You’ve been through hell and back.”

There can be no argument that the Valley has directly benefited from some of the Obama administration’s economic recovery programs, foremost of which is the federal financial rescue of General Motors and Chrysler. As a result of the White House’s intervention, both auto makers have not only recovered financially, but are having record years.

No other GM plant reflects the company’s success more than the Lordstown manufacturing facility that is producing the highly successful Chevrolet Cruze.

The announcement this week that Lordstown workers will be receiving a $1,000 bonus and that hourly wages are going up stand in stark contrast to the uncertainty that surrounded the facility and the Mahoning Valley when Obama was sworn in as president in January 2009.

Romney’s opposition

Romney opposed government intervention as the auto companies were collapsing in 2008. The ramifications of a collapse would have been enormous, especially for regions like the Valley.

We look forward to the Republican candidate for president visiting this region and defending his position.

Vice President Biden, in his appearance at M7 Technologies, also pointed out that when China dumped cheap tires in the U.S., the administration fought back “and we won.”

He noted that Romney called the action “protectionism” and argued that standing up to China would somehow hurt American workers.

Given that the Valley has suffered the economic consequences of outsourcing of jobs, residents would certainly be interested to hear Romney’s take on unfair trade practices that not only hurt American companies, but American workers as well.

The November election will pivot on the economy, with Obama and Romney offering vastly different visions of what will ensure long-term prosperity.

Vice President Biden began the debate with his visit Wednesday to the Valley.