Supporters of Vice President Kamala Harris are surely experiencing disappointment, but one of the Biden-Harris administration's pillars—"industrial policy"—won big on Tuesday. That's because it's already been embraced by both parties. President-elect Donald Trump loves expensive tariffs, and Harris loves big subsidies to big businesses, and to some degree vice versa.
That, my friends, should disappoint us all. Industrial policy represents one of the most dangerous economic illusions of our time.
