Thursday, July 28, 2022

Undoing Reagan

Undoing Reagan applies as the offshoring of manufacturing in order to gin profits for stockholders thanks to Reagan's push to deregulate is now being reversed thanks to a policy bill to counter China, the prime recipient of our manufacturing largess back when Ronnie was president.

WASHINGTON — The Senate on Wednesday passed an expansive $280 billion bill aimed at building up America’s manufacturing and technological edge to counter China, embracing in an overwhelming bipartisan vote the most significant government intervention in industrial policy in decades.

The legislation reflected a remarkable and rare consensus in a polarized Congress in favor of forging a long-term strategy to address the nation’s intensifying geopolitical rivalry with Beijing. The plan is centered around investing federal money into cutting-edge technologies and innovations to bolster the nation’s industrial, technological and military strength.

The measure passed 64 to 33, with 17 Republicans voting in favor. The bipartisan support illustrated how commercial and military competition with Beijing — as well as the promise of thousands of new American jobs — has dramatically shifted longstanding party orthodoxies, generating agreement among Republicans who once had eschewed government intervention in the markets and Democrats who had resisted showering big companies with federal largess.

Albeit not perfect but it's about time without question.

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