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Why I believe in industrial policy — done right
U.S. Senator Marco Rubio (R-FL)
April 2, 2024
…[T]he Biden administration has tried to reclaim industrial policy through the Chips and Science Act and the Inflation Reduction Act…. Unfortunately, the results aren’t living up to the rhetoric.
The Chips Act was supposed to help the United States compete with China on semiconductors, but because of lobbyist pressure, the bill was watered down…. In addition, absurd diversity, equity and inclusion requirements and environmental regulations have hamstrung Chips’s implementation….
The Inflation Reduction Act is doing even worse than Chips…. The law has created the “green manufacturing boom” the president promised, but in China, not in the United States.
There is a temptation, especially in the Republican Party, to respond by reverting to the old consensus — to resume a pre-2017 economic mind-set…. But that mind-set is why our industrial communities are dying and our military is in danger of being swamped….
[T]o chart a new course…without merely ceding the lead to China, we can’t abandon industrial policy. Rather, we must strengthen it with genuine conservative insights.
This means focusing on the domestic industrial base and the working class, not fantasies such as the “green transition.” It means supporting critical industries such as mining, oil and gas, and metallurgy….
It [also] means tying generous subsidies to performance requirements such as export quotas. Finally, it means getting serious about deregulation and permitting reform….