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Element Electronics, a consumer electronics company in South Carolina, says it will be closing its plant in Winnsboro due to tariffs imposed by President Trump.

The State reported Tuesday that the company was one of the largest remaining employers in Fairfield County after the local Walmart, which used to be the largest grocery store in the county, closed its doors two years ago.

The news also comes after plans were canceled to build two nuclear reactors in the area, terminating 5,000 construction jobs.

“When you think you’ve reached rock bottom, to get kicked in the gut like http://thehill.com/policy/finance/400761...mp-tariffs
Good riddance to a company that was probably going under anyway and just wants someone to blame for their own failure.
That's interesting and all, but it's untrue...Here is another story you might want to read concerning your post, OP:

https://www.fitsnews.com/2018/08/07/elem...list-fail/

Unfortunately, there is much more to this story than Trump tariffs …

Longtime readers of this new site will recall that Element Electronics never intended to locate its facility in Fairfield County, and that its decision to do so was part of crony capitalist negotiations with former governor Nikki Haley.

What happened?  In the thick of what many expected to be a fierce fight for reelection, Haley desperately wanted to claim that she had created jobs in all forty-six South Carolina counties.

Originally, Element wanted to locate its facility in Sumter County – but Haley reportedly talked company executives into building the plant in Fairfield County instead (the final county she needed to check off of her list).  And yes, the deal was done just days before Haley kicked off her 2014 reelection campaign (which included the “jobs in all forty-six counties” spiel).

Geography aside, there is a lot more to this story …

First, Element pledged during its announcement to bring 500 jobs to Fairfield County (250 of them within the first year of operations), but that clearly didn’t happen.  As usual, taxpayer-funded “economic developers” overpromised and underdelivered.

Also, as reporter Rick Brundrett of The Nerve reported several months later, the total amount of taxpayer-funded incentives awarded to this company wound up being more than twice its capital investment.

Element stood to make $14.8 million in government subsidies as part of its deal – well above the $7.5 million it claimed to have invested in South Carolina.  In addition to this money, the company received a property tax break that wound up shifting the tax burden even further onto local residents and existing businesses.

The left-leaning Columbia, South Carolina State newspaper is currently engaged in some serious fearmongering/ handwringing in response to a recent announcement by Minnesota-based Element Electronics.

According to the crony capitalist television manufacturer – which opened a television manufacturing facility in Winnsboro, S.C. five years ago – it is closing its Palmetto State plant in response to recent tariffs imposed by U.S. president Donald Trump.

All told, 126 full-time jobs will be lost … which will further compound South Carolina’s atrocious employment situation.  It will also do particular damage in Fairfield County, which was ground zero for the #NukeGate debacle that cost the state roughly 5,600 jobs last July.

Terrible news?  Absolutely … and we feel bad for state senator Mike Fanning, who told reporter Avery Wilks of The State that Element’s announcement was another “kick in the gut” for his district.

It is, of that there is no doubt …

Also worth recalling?  Michael O’Shaughnessy, Element’s CEO, was implicated in a $3.7 billion, 14-year Ponzi scheme run by Thomas Petters – who owned several companies O’Shaughnessy managed.

Specifically, O’Shaughnessy was alleged to have received an estimated $9.4 million in proceeds from these scams.

Shady stuff, huh?  Absolutely … and not a word of it was ever mentioned by the state’s mainstream media.


Now that Element is tanking, though, the company is hoping South Carolinians will forget all of this sketchy history and blame Trump.  Exclusively.

That strikes us as unfair … and we aren’t the only ones who think so.

“Trump’s tariff policies are part of rebalancing the world trade order, and it’s unfortunate that some with other interests are seeking to pin the blame for their own failures on the president’s efforts to make our nation more competitive in the global market,” said Rick Manning, president of Americans for Limited Government (GetLiberty.org).

Manning is correct …

This news site has acknowledged that there will be some pain associated with Trump’s trade policies (and that South Carolina may disproportionately feel that pain).  But to reflexively blame those policies in every instance – especially when there are clearly other factors at play – is disingenuous.

The real enemy in this case isn’t Trump, it is crony capitalism … a command economic system in which investment decisions are made on the basis of favors doled out by politicians to connected companies, not the principles of the free market.

The bottom line?  Element leeched off of the state of South Carolina’s taxpayers until it was no longer profitable for the company to do so … and is now pointing the finger of blame in an effort to evade accountability for its actions.

Enough is enough …

It is past time to get government out of the business of speculative economic investment … and restore responsibility for these job creation functions to the free market.

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(08-07-2018, 05:41 PM)Kadosh Wrote: [ -> ]Good riddance to a company that was probably going under anyway and just wants someone to blame for their own failure.

They look more like a retailer trying to compete with Best Buy.
Profiting from cheap Chinese slave labor, furthering encouraging slavery.

https://www.elementelectronics.com/

Guest

I was wrong. They relied on Chinese parts to assemble tv's here?

Meet a few of the hundreds of people who are redefining American quality.
https://www.elementelectronics.com/company/our-story/

There’s not just history in Winnsboro.
There’s a future.

It’s a monumental order to bring TV assembly back to our shores, but we’re ready. And we started with the re-invigoration of a deserving American city.

Here in Winnsboro, SC we’ve made a real-world investment in skill, at scale. Creating a community that is once again gaining momentum through excellence of craft and pride in a job well done. Join us as we take the first step to reclaiming our country’s rightful place as a leader in the TV industry.




Guest

*Some Element Electronics televisions sold in the United States are Assembled in the United States from foreign parts and components. For a list of models Assembled in the USA, click here.
https://www.elementelectronics.com/produ...egory/tvs/




If I would have KNOWN about them, I would have bought one of theirs over one that floated over here.

Guest

Seems they deal HEAVILY with Walmart... A store I avoid at all costs...

Maybe it was WALMART demanding lower costs from manufacturer so WALMART could profit.

Guest

[Image: spu-ea68c8-ogi2-3cwn3bmfojjlb56e?size=80...2F33844084]

Guest

Their tv is $119...

Two tv's listed as comparison on Walmarts site.

Vizio 32 Full-array Led Hdtv $190
Walmart # 553660816


RCA LED32G30RQ $170