What happens when Bidenomics gets in the way of Bidenomics? This is an issue the country could encounter more and more.
The panoply of credits and subsidies in President Biden’s core economic policies, the bipartisan infrastructure law, the Chips Act and the Inflation Reduction Act, are supposed to promote investment in infrastructure, in semiconductors and in green energy, respectively.
The entanglement of policy and political motivations, each at odds with the other, visible in Mr. Biden’s Nippon Steel positioning reflects the broader weakness in Bidenomics, a grab bag of objectives and policies the administration hopes to. It wants to decarbonize the economy, boost manufacturing and employment, and please unions. It hopes to “friendshore,” to curb China’s access to advanced tech, and to somehow stay on good terms with America’s friends as new threats emerge around the world.
These things do not mix well. And though some elements of Mr. Biden’s policies are extremely important, such as his green energy plans, they would be much more effective at, say, cutting carbon emissions if the law weren’t also written to coddle a select group of politically favored domestic companies and unions.
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