Joe’s War On Inflation In Time Warp Ala War On Business

WSJ reports “Biden Plan to Combat Inflation with US Mfg Faces Skepticism.” Presumably Joe’s using “experts” again to “drive” his business policy, this time, Dem economists, not unlike the Dem “scientists” he used to “snuff out” Covid & global warming. How did that go again?

Apparently, the “real economists” the WSJ consulted are warning No. 46 that not only will upping USA’s manufacturing capacity naturally take some time as the world turns in its usual way, “low-cost foreign goods helped keep costs down for decades.” But, not forever, certainly not now as pandemic-related supply-chain disruptions were only “contributors” to the price increases we’re witnessing. Opined, for instance, U of Chicago Prof Chad Syverson, “If it already were the case that it’s [suddenly] massively cheaper to produce that stuff here rather than offshore, they would have already moved production back.”

You’ll recall that a major part of Pres Trump’s “America First” policy was to give incentives to bring manufacturing plants back to the US after decades of fleeing our high taxes, arcane & expensive regulations & unprofitable labor costs. The policy worked to an impressive extent. But, hello, Joe has spent the first year in the WH reversing that mantra by promising higher taxes, more Green New Deal regulations & higher wages. Somehow Mr. Biden’s invoking his favorite “Defense Production Act” to “help” aka force domestic production of such futuristic products like “electric vehicles and other clean-energy technology” is going to drive down today’s 8% inflation rate? Maybe by 2030 or 2040. But, not in time for the November, 2022 elections.

Davd Soul