White House Economists Defend Industrial Policy in New Paper
- Document says key sectors suffered from decades of neglect
- GOP critics says Biden’s agenda will drive up national debt
The White House in Washington, DC.
Photographer: Joshua Roberts/BloombergThis article is for subscribers only.
The White House began offering a more detailed defense of its industrial policy against critics who doubt its effectiveness, saying it will deliver clear benefits for the US economy.
Officials from the National Economic Council and Council of Economic Advisers wrote in a new paper that hundreds of billions of dollars President Joe Biden approved for infrastructure, the energy transition and domestic semiconductor manufacturing are essential for keeping the US competitive, and that those fields suffered from decades of private sector neglect.