ANALYSIS: Bidenomics: Big Government, Industrial Policy and Centralized Control

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Advocates and critics debate merits of government directing Americaโ€™s economy

With an eye toward the upcoming presidential elections, the White House has launched a new public relations campaign called โ€œBidenomics,โ€ to define President Joe Bidenโ€™s economic agenda.

โ€œI donโ€™t know what the hell that is, but itโ€™s working,โ€ Biden stated at a June 17 union rally in Philadelphia, begging the question: what is Bidenomics, and is it working? 

According to a White House statement, Bidenomics rests on three pillars: massive โ€œsmartโ€ government spending on renewable energy and semiconductors, support for unions and domestic manufacturing, and promoting competition. As a result, the White House states, โ€œour economy has added more than 13 million jobsโ€”including nearly 800,000 manufacturing jobsโ€”and weโ€™ve unleashed a manufacturing and clean energy boom.โ€ 

The Creating Helpful Incentives to Produce Semiconductors and Science (CHIPS) Act of 2022 allocates $280 billion in federal spending to bolster U.S. semiconductor manufacturing. The Infrastructure Act of 2021 allocated more than $65 billion for โ€œclean energyโ€ projects. And the 2022 Inflation Reduction Act allocated an additional $394 billion for clean energy in the form of tax incentives, loans, and grants. 

โ€œI would define it as trickle-down big government,โ€ Jonathan Williams, chief economist at the American Legislative Exchange Council, told The Epoch Times. โ€œThe common thread of this administration has been growth and expansion of government power, and certainly big government spending.โ€

According to National Security Advisorย Jake Sullivan, when Biden took office, โ€œAmericaโ€™s industrial base had been hollowed out. The vision of public investment that had energized the American project in the postwar yearsโ€”and indeed for much of our historyโ€”had faded.โ€œ

โ€œThere was one assumption at the heart of all of this policy: that markets always allocate capital productively and efficiently,โ€ Sullivan said during an April speech at the Brookings Institution.

โ€œPresident Biden โ€ฆ believes that building a twenty-first-century clean-energy economy is one of the most significant growth opportunities of the twenty-first century,โ€ he stated. โ€œBut that to harness that opportunity, America needs a deliberate, hands-on investment strategy to pull forward innovation, drive down costs, and create good jobs.โ€

Despite the administrationโ€™s argument that government is best positioned to direct private industry, some critics say that waste and failure are the hallmarks of government industrial policy.

Byย Kevin Stocklin

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