Joe Biden is using industrial policy to create jobs, cut emissions and boost manufacturing
Save time by listening to our audio articles as you multitaskOn October 20th Mr Biden returned to the site of the accident. Reconstruction would normally take at least two years. But thanks in part to a $1.2trn investment in infrastructure that he signed into law, Mr Biden could boast that this time the bridge would be back up by Christmas. “For too long, we talked about building the best economy in the world,” he said. “We didn’t do it, but we’re finally getting to it. We’re getting it done.
It is under Mr Biden, therefore, that the shift has taken full effect . The debate within government circles is no longer about whether to pursue industrial policy at all, but about how to make it most effective. By the same token, the administration is not seeking to revive untrammelled globalisation; instead, it wants to isolate rivals and recraft commercial ties with allies.
But whereas Mr Trump’s stimulus arrived when America was suffering the economic equivalent of cardiac arrest, Mr Biden’s came as it was staging a healthy recovery. He injected so much money into the economy that demand for goods swelled massively—and with it, inflation. Some of the pot will provide incentives for the manufacture of lithium batteries, offshore-wind installation vessels, carbon-capture facilities and more. Most tantalising, though, is the portion that will go into research and development. Even those sceptical about America’s capacity to implement a successful industrial policy are more optimistic about the government’s role in supporting innovation.
Democrats believe that these requirements will help generate both a bigger pool of skilled workers and a bigger supply of well-paid jobs. Even if the change is only marginal, a few high-profile investments in the rustbelt offer voters a glimmer of hope. Ohio is getting electric-vehicle battery factories; West Virginia wind farms and Pennsylvania robotics manufacturers.
For friend-shoring to work, the White House will have to make its buy-American rules more flexible. Promisingly, it has adjusted domestic-content requirements for electric vehicles to include parts made in Canada and Mexico, although not other countries with which America has free-trade deals.
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