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Corporate America's disconnect

Pablo Martinez Monsivais / AP

Intel's Brian Krzanich last week became the latest CEO to appear alongside President Trump, pledging to create thousands of new, high-paying American manufacturing jobs. Never mind that Intel last year laid off thousands of workers. Or that it had requested thousands of H1-B visas. Or that the factory in question was actually built long before the election (albeit not put online). That was all rear-view. Looking forward, Intel would invest under the aegis of tax and regulatory reforms aimed at improving its domestic bliss.

And it all makes sense, except for one pesky problem: Almost none of these reforms have been formally proposed yet, let alone become law. And at least some other CEOs seem to have noticed, judging by the relative paucity of corporate mergers and acquisitions so far this year.