Kamala Harris’s economic address yesterday in Pittsburgh settled a question among the experts: Will she continue President Biden’s affinity for industrial policy?
If anything, it sounded like she will double down on government efforts to shape the economy by targeting assistance to specific industries, companies, or economic activities. The Biden-Harris version of industrial policy has led to more manufacturing of products such as computer chips, batteries and green technology.
“I’m a capitalist,” Harris said. “I believe in free and fair markets. I believe that most companies are working hard to do the right thing, and we must work with them to grow our economy.”
The Wall Street Journal took her seriously (will they sit out an endorsement, snubbing Donald Trump again?): “Wednesday’s speech signaled that Harris, if elected, would embrace industrial policy in a bid to use the tools of government to boost key sectors of the American economy.”
Yesterday morning the Journal’s Editorial Board trashed Trump’s obsession with protectionist economics: “These days he’s making tariffs his highest priority, and that won’t help the economy if he wins.”
Industrial Policy is not the stuff of snazzy TV ads, but I suspect a reason Harris is holding her ground in the Midwest is because that is where its benefits are widely felt. Harris opened her speech today citing many jobs and businesses helped by the administration.
“One of the recurring themes in American history is that when we make an intentional effort to invest in our industrial strength, it leads to extraordinary prosperity and security,” Harris said. She cited President Abraham Lincoln’s support for the transcontinental railroad and President Dwight D. Eisenhower’s support for the interstate highway system.
“From our earliest days, America’s economic strength has been tied to our industrial strength,” the vice president said. “I will recommit the nation to global leadership in the sectors that will define the next century.”
