Summary: Officially, the United States has no industrial policy. But in practice, it has had one in place for decades that has shrunk America’s manufacturing sector and blunted its technological edge: Tax and regulatory policies that discourage capital-intensive investment, subsidies for white-collar professionals rather than skilled workers, and shrinking support for the basic scientific research that sustains productivity. As a result, the US depends on China and other countries for strategic goods and runs chronic deficits that have swollen our obligations to foreigners. All nations have industrial policies, and America need one that fosters industry rather than stifles it.

Officially, the United States has no industrial policy. But in practice, it has had one in place for decades that has shrunk America’s manufacturing sector and blunted its technological edge. @davidpgoldman explains: https://t.co/y8KgaaLF7H

— Center for the American Way of Life (@CenterForAWL) January 4, 2024