Business
Apple Repatriating Billions In Overseas Money, Will Contribute $350 billion To The US Economy Over 5 Years
Published
9 years agoon
(Via CNBC)
Apple on Wednesday made a slew of announcements about its investment in and contribution to the U.S. economy in part because of the new tax law.
The headline from Apple is that it will make a $350 billion “contribution” to the U.S. economy over the next five years, although it’s unclear exactly how the company came to that number.
The company also promised to create 20,000 new jobs and open a new campus.
It said it expects to pay about $38 billion in taxes for the horde of cash it plans to bring back to the United States. This implies it will repatriate virtually all of its $250 billion in overseas cash.
Apple also said it will spend over $30 billion in capital expenditures over the next five years. About $10 billion in capital expenditures will be investments in U.S. data centers, the company said.
Apple added that it will spend $5 billion as part of an innovation fund, up from the $1 billion CEO Tim Cook announced last year on CNBC’s “Mad Money.”
The job creation will include direct employment and also suppliers and its app business, which it had already planned to grow substantially (app developers earned $26.5 billion in 2017.) The new campus will focus on customer support.
Wednesday’s announcement indicates that Apple will still have hundreds of billions of dollars in cash. It could spend that money on buybacks, dividends or acquisitions or moonshot projects.
The announcement raises the bar for the world’s most valuable company — now a huge driver of the economy — to continue its dominance and growth in the wake of political pressure on big tech companies. The plan calls for Apple to keep up 2018’s $55 billion “supercycle” spending rate with domestic suppliers and manufacturers.
“We have a deep sense of responsibility to give back to our country and the people who help make our success possible,” Cook said in a statement.
In 2016, then president-elect Donald Trump publicly called out Apple’s reliance on its Chinese supply chain, telling The New York Times that he would “get Apple to build a big plant in the United States, or many big plants in the United States.”
Apple shares were up about half a percent after the announcement, adding about $5.6 billion to the company’s market capitalization after the stock opened Wednesday’s trading session down 0.3 percent.
Here’s the full release:
Apple today announced a new set of investments to build on its commitment to support the American economy and its workforce, concentrated in three areas where Apple has had the greatest impact on job creation: direct employment by Apple, spending and investment with Apple’s domestic suppliers and manufacturers, and fueling the fast-growing app economy which Apple created with iPhone(R) and the App Store(R). Apple is already responsible for creating and supporting over 2 million jobs across the United States and expects to generate even more jobs as a result of the initiatives being announced today.
Combining new investments and Apple’s current pace of spending with domestic suppliers and manufacturers — an estimated $55 billion for 2018 — Apple’s direct contribution to the US economy will be more than $350 billion over the next five years, not including Apple’s ongoing tax payments, the tax revenues generated from employees’ wages and the sale of Apple products.
Planned capital expenditures in the US, investments in American manufacturing over five years and a record tax payment upon repatriation of overseas profits will account for approximately $75 billion of Apple’s direct contribution.
“Apple is a success story that could only have happened in America, and we are proud to build on our long history of support for the US economy, ” said Tim Cook, Apple’s CEO. “We believe deeply in the power of American ingenuity, and we are focusing our investments in areas where we can have a direct impact on job creation and job preparedness. We have a deep sense of responsibility to give back to our country and the people who help make our success possible.”
Apple, already the largest US taxpayer, anticipates repatriation tax payments of approximately $38 billion as required by recent changes to the tax law. A payment of that size would likely be the largest of its kind ever made.
Growing Apple’s US Operations
Apple expects to invest over $30 billion in capital expenditures in the US over the next five years and create over 20,000 new jobs through hiring at existing campuses and opening a new one. Apple already employs 84,000 people in all 50 states.
The company plans to establish an Apple campus in a new location, which will initially house technical support for customers. The location of this new facility will be announced later in the year.
Over $10 billion of Apple’s expanded capital expenditures will be investments in data centers across the US. Over the last decade, Apple has invested billions of dollars in data centers and co-located facilities in seven US states, including North Carolina, Oregon, Nevada, Arizona, and a recently announced project in Iowa.
Today, Apple is breaking ground on a new facility in downtown Reno, which will support its existing Nevada facilities.
All of Apple’s US facilities, including offices, retail stores and data centers, are powered by 100 percent renewable energy sources like solar, wind and micro-hydro power, which Apple generates or purchases from local projects. The new campus announced today will also be powered entirely by green energy.
Investing in Apple’s Domestic Suppliers and Manufacturing Partners
Building on the initial success of the Advanced Manufacturing Fund announced last spring, Apple is increasing the size of the fund from $1 billion to $5 billion. The fund was established to support innovation among American manufacturers and help others establish a presence in the US. It is already backing projects with leading manufacturers in Kentucky and rural Texas.
Apple works with over 9,000 American suppliers — large and small businesses in all 50 states — and each of Apple’s core products relies on parts or materials made in the US or provided by US-based suppliers.
Preparing Students for the App Economy
Apple, which has a 40-year history in education, also plans to accelerate its efforts across the US in support of coding education as well as programs focused on Science, Technology, Engineering, Arts and Math (STEAM).
The iOS app economy has created more than 1.6 million jobs in the US and generated $5 billion in revenue for American app developers in 2017. With demand for coding skills stronger than ever, today there are more than 500,000 unfilled programming-related positions across the country, and the US Bureau of Labor Statistics predicts that by 2020 there will be 1.4 million more software development jobs than applicants qualified to fill them.(1)
To address the coding skills gap and help prepare more people for jobs in software development, Apple created a powerful yet easy-to-learn coding language called Swift(TM), the free Swift Playgrounds(TM) app and a free curriculum, App Development with Swift, which are available to anyone and are already being used by millions of students at K-12 schools, summer camps and leading community colleges across the country. Over 100,000 students and teachers have also attended coding classes at Apple retail stores.
Apple will expand these initiatives and add new programs to support teachers and teacher training. The company is also increasing funding for its ConnectED program, so students in historically underserved communities have a chance to learn app coding skills and enjoy other benefits of technology in the classroom.
Apple revolutionized personal technology with the introduction of the Macintosh in 1984. Today, Apple leads the world in innovation with iPhone, iPad, Mac, Apple Watch and Apple TV. Apple’s four software platforms — iOS, macOS, watchOS and tvOS — provide seamless experiences across all Apple devices and empower people with breakthrough services including the App Store, Apple Music, Apple Pay and iCloud. Apple’s more than 100,000 employees are dedicated to making the best products on earth, and to leaving the world better than we found it.
(1)According to code.org, there are currently 503,338 open computing jobs nationwide.
This press release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include without limitation those about Apple’s plans for future investments and expansion, taxes, Apple’s plans for managing its cash balances, and repatriation of overseas cash. These statements involve risks and uncertainties, and actual results may differ. More information regarding potential risks and other factors that could affect Apple’s financial results is included in Apple’s filings with the SEC, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of Apple’s most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings. Apple assumes no obligation to update any forward-looking statements or information, which speak as of their respective dates.
This is breaking news. Please check back for updates.
Clarification: This story was revised to clarify that Apple said the $350 billion would a “contribution” to the U.S. economy. An earlier version mischaracterized the statement.
— CNBC’s Josh Lipton contributed to this report.
Business
President Trump Secures Iowa Largest Steel Plant in U.S. History
Published
1 week agoon
September 28, 2026
WASHINGTON — President Donald Trump announced Monday that Mesabi Metallics will build a roughly $15 billion steel mill in southeast Iowa — a project the White House calls the largest steel plant ever constructed in the United States.
Speaking in the Oval Office alongside company executives and administration officials, Trump framed the deal as proof that American manufacturing is coming back.
“Today, we’re thrilled to announce that Mesabi Metallics will be building the largest steel plant in American history in the great state of Iowa,” Trump said. “It’s the largest plant, one of the largest plants in the world, but it’s the largest plant in America by far.”
“In other words, this steel will be mined, melted and made right here in the USA,” he added. The project is expected to create up to 6,000 construction jobs, nearly 2,000 manufacturing and mining jobs, and $95 billion in economic activity, according to the White House.
The mill is planned for Lee County in southeast Iowa, near the Mississippi River, which the company intends to use to move iron ore from Minnesota. Rep. Mariannette Miller-Meeks, whose district includes the county, confirmed the location and said she joined the Oval Office announcement. Iowa lawmakers have discussed a possible special session to consider tax incentives before the November midterms.
Mine to mill, all in America
Mesabi Metallics, based in Nashwauk, Minnesota, and owned by India’s Essar Group, will feed the Iowa plant with iron ore from its new mine on Minnesota’s Mesabi Iron Range — the first new U.S. iron ore mine in about 50 years. The mine represents more than $2.5 billion in investment and is expected to produce about 7.5 million tons of direct-reduction-grade pellets a year and support roughly 350 jobs. Combined with the Iowa mill, the two projects total nearly $18 billion.
The company describes the supply chain as “100% American steel: mined, melted and poured in Minnesota and Iowa.” The U.S. Export-Import Bank has provided major financing for the Minnesota expansion.
The Iowa plant’s first phase is designed for 7.5 million tons of steel a year, with capacity later rising to 10 million tons — more than any other U.S. mill, according to the White House. First steel is targeted for 2030. Officials say it will use modern direct-reduced iron (DRI) and electric-arc furnace technology and can supply high-grade steel for defense, vehicles, shipbuilding, energy, and infrastructure.
Mesabi CEO Joe Broking called it “a major moment for U.S. made steel, combining the highest quality direct-reduction grade iron ore pellet from Minnesota’s Iron Range with the most advanced DRI to EAF steelmaking technology in Iowa.”
Permanent employment at the Iowa mill is projected at least 1,750 jobs. Some local reports put pay above $49 an hour. Construction is expected to begin soon.
Political and industrial context
The announcement comes weeks before the Nov. 3 midterm elections and after the administration raised steel tariffs to 50%. The White House is presenting the project as the first “mega” steel plant built in the United States since the 1960s and as evidence that tariffs and an America-first industrial policy are drawing capital back home.
White House spokeswoman Taylor Rogers said: “President Trump is delivering on his promise to rebuild American industry, reshore manufacturing, and create new jobs. Today’s announcement underscores the President’s historic efforts to revitalize the U.S. steel industry — supporting local communities, strengthening supply chains, and protecting our national security.”
Iowa Gov. Kim Reynolds welcomed the news: “American steel is BACK! … We’re proud to be the future home of the largest steel investment in US history—creating thousands of quality jobs, strengthening our economic trajectory, and ensuring strategic goods are Made in America.”
Commerce Secretary Howard Lutnick, EXIM Bank Chairman John Jovanovic, Mesabi Chairman Rewant Ruia, and Iowa officials including Sen. Joni Ernst attended the event.
U.S. raw steel output was about 82 million tons in 2025. A 10-million-ton Iowa mill would represent a significant share of national capacity and shift more production toward the Midwest.
The project still faces the usual hurdles of a multi-year industrial build: permitting, infrastructure, power supply, and state incentives. Production is four years away. But the administration and the company presented Monday’s announcement as a completed deal and the start of construction, not a concept.
For Iowa’s southeast corner and for a steel industry that has spent decades watching mills close, the numbers are large: billions in private capital, thousands of jobs, and a fully domestic mine-to-mill chain the White House says will not rely on foreign ore or foreign mills.
Business
Enjoy Your Tasty Wheat: How AI Corporate Greed is Killing Humanity
Published
8 months agoon
February 16, 2026
Why the elite have decided it’s better to feed machines than humans.
We have a lower class of CEOs. And AI is making it worse.
In the past, these titans of industry would invest in their communities: libraries, public works projects, parks, or actual philanthropy.
Today’s C-suite “geniuses” engage in fake activism, bribery disguised as donations, and a complete nihilism from the communities they proclaim to serve at the safety of their gated communities.
It used to be a source of great pride for an owner to discuss how many employees they have. They would boast about how they put food on the table for families. They would talks about benefits, and how well they take care of their workers. Hell, they used to even describe them as “family.”
Now, they can’t wait to tell shareholders how they automate everything themselves, outsource to foreign countries for pennies on the dollar, and utilize AI to cut their entire labor force (we will get to this soon.)
The common thread is that those at the top are completely divorced from their workforce, the very people that happen to also be their consumers.
This was the situation largely even before AI. It’s gotten worse. They are absolutely foaming at the mouth to displace workers.
The only way to describe it is a race to the bottom. Investing millions into replacing humans with AI. This is already happening, and the reward has been big short-term gains from cutting jobs that look like more profitability to investors.
What’s more is that these AI data centers need billions of gallons of water, insane amounts of electricity, and tons of facilities to expand growth. It’s so astronomical they’re talking about moving it into space.
Think about it for a minute: companies would rather provide “drinking” water, “feed” electricity, and pay to “house” MACHINES instead of paying a living wage to people.
In fact, it might even be cheaper to pay a living wage. That isn’t stopping industry leaders from chasing their human-less dreams, despite it taking less energy and resources for humans. Yet they’re still choosing machines.
They are even willing to operate at a loss simply for the idea that they can save the cost of paying a wage.
There are a few outcomes that are possible:
Best case: AI hype is exposed as overblown and companies understand that it’s simply a tool and they need actual operators behind the steering wheel. AI starts creating more jobs. It seems unlikely, but given that AI in actuality produces more slop than creative, it’s possible.
Worst Case: The arms race of displacing workers continues. Their greed hasn’t ever really showed signs of waning. To supplement the slop it creates, they will use freelance labor from countries like India to extinguish the fires it creates and justify not needing a full time employee. They will stop at nothing to chase their goal of a technocracy to increase profits. (Note: They think they don’t need you to even buy their products with the top 1% buying 50% of the goods.)
They trained AI on your work, fired you to save money, flooded the world with soulless garbage, empty warehouses, and call it innovation.
To them I say: enjoy your tasty wheat.
Title: America’s Transition: From Shopping Mall to Manufacturing Hub 2.0
In the past few decades, America has often been described metaphorically as a giant shopping mall or auction house, where consumption and commercialism have dominated the landscape. However, with the rise of the Trump administration and the ambition to “Make America Great Again,” a new vision is emerging—one that aims to transform the nation into the world’s greatest manufacturing hub ever seen, leveraging AI, blue-collar labor, and a combination of innovative technologies.
The shift from a consumer-driven economy to a production powerhouse signifies a strategic move towards self-sufficiency, economic resilience, and global competitiveness. This transformation is not merely about revitalizing industries of the past but embracing cutting-edge technologies and sustainable practices to redefine the future of manufacturing.
At the heart of this evolution lies the integration of artificial intelligence (AI) into manufacturing processes. AI-driven automation streamlines production, enhances efficiency, and reduces costs, enabling American manufacturers to compete on a global scale. By harnessing the power of machine learning and predictive analytics, businesses can optimize supply chains, minimize waste, and customize products to meet diverse consumer demands.
However, the vision for America’s manufacturing renaissance extends beyond technological innovation. It embraces a diverse workforce, blending the traditional blue-collar skillset with the expertise of engineers, data scientists, and software developers. This fusion of talent creates a dynamic ecosystem where creativity, problem-solving, and collaboration drive continuous improvement and sustainable growth.
Moreover, the resurgence of American manufacturing is not confined to a single sector but encompasses a broad spectrum of industries, from automotive and aerospace to electronics and renewable energy. By leveraging cross-disciplinary expertise and fostering strategic partnerships, the United States can position itself as a global leader in advanced manufacturing, setting new standards for quality, innovation, and sustainability.
One of the key strengths of this manufacturing transformation is its adaptability and resilience. In contrast to the volatility of global markets and supply chains, a robust domestic manufacturing base provides stability and security, mitigating risks associated with geopolitical tensions, trade disputes, and natural disasters. By decentralizing production and embracing local sourcing, America can reduce its dependence on foreign imports and safeguard its economic sovereignty.
Furthermore, the transition towards a manufacturing-centric economy aligns with broader societal goals, such as job creation, workforce development, and regional revitalization. By investing in vocational training programs, apprenticeships, and re-skilling initiatives, the United States can empower individuals from diverse backgrounds to thrive in the digital age and secure meaningful employment opportunities in the manufacturing sector.
As America embarks on this journey towards manufacturing excellence, it must also prioritize sustainability and environmental stewardship. By embracing eco-friendly practices, renewable energy sources, and circular economy principles, manufacturers can minimize their carbon footprint, reduce waste generation, and preserve natural resources for future generations.
In essence, the vision of America as the world’s greatest manufacturing hub represents a paradigm shift—one that transcends partisan politics and embraces a collective aspiration for progress, prosperity, and shared prosperity. By harnessing the transformative power of AI, blue-collar ingenuity, and interdisciplinary collaboration, the United States can reclaim its status as an industrial powerhouse and pioneer a new era of manufacturing innovation on the global stage.
As the nation embarks on this ambitious journey, it must remain steadfast in its commitment to inclusivity, sustainability, and technological leadership, ensuring that the benefits of the manufacturing renaissance are felt by all Americans and resonate across borders, shaping a brighter and more prosperous future for generations to come.
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President Trump Secures Iowa Largest Steel Plant in U.S. History
President Trump’s $5,000 Dividend is Populist Genius
Iowa’s Great Awakening has the Old Guard Crumbling
