Article Summary –
Dave McCormick, a former hedge fund CEO and the Republican Party of Pennsylvania’s endorsed candidate for a U.S. Senate seat, has expressed indifference to job outsourcing except in key industries he deems critical. Notably, during his time as an executive at Bridgewater Associates, the company accepted $52 million in state subsidies on the promise of job retention and creation, but then laid off over 400 employees. McCormick has previously overstated his job creation record and encouraged outsourcing, despite claiming he has never been involved in job outsourcing to foreign countries.
Dave McCormick Supports Outsourcing Non-Critical U.S. Jobs
Republican Senate hopeful Dave McCormick from Connecticut expressed his approval for outsourcing U.S. jobs provided they are not part of critical industries. As the endorsed Republican Party candidate for Pennsylvania, McCormick aims to challenge Democratic Sen. Bob Casey in November’s election.
During a campaign appearance at Penn State University, audio revealed McCormick’s belief that the U.S. erred in outsourcing jobs since the 1990s. However, he stressed that subsidizing industries to retain jobs would hamper capitalism.
McCormick’s Stand on Specific Industries
McCormick emphasized that critical industries like pharmaceuticals, advanced manufacturing, and steel should remain domestically. Yet, he expressed indifference towards the outsourcing of jobs in non-essential industries.
Despite Pennsylvania being a significant textile hub, McCormick didn’t seem concerned if such jobs are outsourced.
McCormick’s Background Raises Questions
McCormick, still residing in a $16 million mansion in Connecticut, brands himself as a “Pennsylvania job creator and business leader”. Nonetheless, his history indicates accepting government subsidies, overstating job creation, and encouraging outsourcing.
A HuffPost report highlighted the layoffs of over 400 employees at Bridgewater Associations during McCormick’s tenure, despite promising to maintain 1,402 jobs and add 750 new ones.
Despite these controversies, McCormick’s 2022 financial disclosure reveals his annual compensation as Bridgewater CEO surpassed $22 million.
McCormick’s Past Senate Nomination Attempt and Inaccurate Job Creation Claims
In 2022, McCormick narrowly lost the GOP nomination for Pennsylvania’s Senate seat to Mehmet Oz. During his campaign, he falsely claimed to have created 1,000 jobs in Pittsburgh between 1999 and 2004 at a software company, FreeMarkets.
McCormick also denied outsourcing jobs to China or any other country, contradicting his 2005 statement to the Pittsburgh Tribune-Review.
McCormick’s Indifference to Outsourcing Jobs Criticized
Democratic U.S. Senator John Fetterman mocked McCormick’s outsourcing stance, calling him “indifferent to outsourcing American jobs” in a tweet.
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