We use cookies to provide some features and experiences in QOSHE

More information  .  Close
Aa Aa Aa
- A +

Bidenomics Is ‘America First’ With a Brain

7 13 0
18.06.2021

If former U.S. President Donald Trump had not been so incapable of governing, and felt so threatened by his own civil servants, his administration might have done what his successor, President Joe Biden, did last week: Create a blueprint for an “America first” economic policy that consigns decades of liberal internationalism to the ash heap of history.

With a 250-page White House report on “supply chain resilience,” and the U.S. Senate’s approval of a $250-billion bill to compete with a rising China, the administration is trying to launch the United States on a new path toward rebuilding economic self-sufficiency, jump-starting innovation, and spreading economic benefits more broadly among Americans. Trump promised in his first speech as president to “remove the rust from the rust belt and usher in a new industrial revolution,” and then accomplished nothing of the sort. Biden may usher in that revolution.

If former U.S. President Donald Trump had not been so incapable of governing, and felt so threatened by his own civil servants, his administration might have done what his successor, President Joe Biden, did last week: Create a blueprint for an “America first” economic policy that consigns decades of liberal internationalism to the ash heap of history.

With a 250-page White House report on “supply chain resilience,” and the U.S. Senate’s approval of a $250-billion bill to compete with a rising China, the administration is trying to launch the United States on a new path toward rebuilding economic self-sufficiency, jump-starting innovation, and spreading economic benefits more broadly among Americans. Trump promised in his first speech as president to “remove the rust from the rust belt and usher in a new industrial revolution,” and then accomplished nothing of the sort. Biden may usher in that revolution.

The new White House report is ostensibly focused on supply chain security in four technologies: semiconductors, advanced batteries, critical minerals, and pharmaceuticals. But the document offers a far-reaching critique of the last several decades of U.S. international economic policy, arguing that both government and the private sector have “prioritized efficiency and low costs over security, sustainability and resilience.” It calls for a fundamental redirection with an ambitious set of goals: revitalizing U.S. manufacturing, speeding up deployment of green technologies, improving supply security and resilience in critical sectors, creating new union jobs, reducing economic and racial inequality, and spreading wealth regionally across the country.

The Senate legislation—the U.S. Innovation and Competition Act—is a first step in putting some of those ideas into action. Most notably, the bill includes $52 billion in subsidies aiming to reshore fabrication of high-end semiconductors, a business now dominated by Taiwan and Korea, and a more modest sum to roll out wireless broadband. It funnels billions into new research at the U.S. Department of Energy, NASA, and other agencies on technologies like 5G, artificial intelligence, and quantum computing, and expands funding for scientific and technical education.........

© Foreign Policy


Get it on Google Play