feels like the right channel to ask for an ELI5 of Biden blocking the purchase of U.S. Steel

helping build farcaster | surfing @ venice, ca | eating @ gjusta / gjelina | “lucky me, lucky mud”

US Steel is very inefficient. This investment from Japan might have helped improve it, but the union was opposed to it. Without it, they might be in trouble. Biden didn’t want to be perceived as betraying union workers, so he blocked the deal. Not great. Trump would probably have done the same thing.

biden has always been incredibly fond of unions, afaik

I wonder what statement he would’ve drafted if this denial occurred in the Trump admin because it’s one of the few things they both agree on

there does seem to be a simple, valid justification of not ceding this kind of critical supply chain corporation to the free market.

sort of a "no too big to fail that isn't ours" that coincidentally doesn't hurt unions.