In the grand circus of politics, where elephants and donkeys alike perform under the big top, there's one act that never fails to draw a crowd: the venerable "job creation" routine. Putting people back to work, especially those without college degrees and in the manufacturing world, is in the center ring. Unfortunately, when you look behind the smoke, mirrors, and rabbits hidden in hats, you'll see that promises to rebuild America through industrial policy are just plain old corporate welfare.
Industrial policy has made an amazing comeback. In its name, President Joe Biden's administration and Congress have authorized between $1.2 and $2.1 trillion in domestic subsidies for preferred manufacturing industries in sectors such as clean energy, advanced manufacturing, construction, transportation, and broadband. The ringmaster and his assistants assure the crowd that they'll deliver tens of thousands of new, high-paying jobs for workers with no more than high school diplomas. Meanwhile, on the right, industrial policy is being discussed as a way to boost manufacturing employment for men left behind in the Rust Belt.
