For Manufacturers, Bidenomics Tops Maganomics Every Time
The evidence is mounting that tax incentives are better than tariffs as a way to protect and spur US industrial investment.
Tax incentives are superior to tariffs.
Photographer: Scott Olson/Getty Images
Joe Biden has laid it on the line, asking voters to make a head-to-head comparison between him and Donald Trump. Who, the President asked, has been more successful at bringing manufacturing jobs back to America? Simply comparing new investment in factories under the two administrations gives the clear edge to Biden. Still, Trump could argue that Biden’s incentive programs are larger and enjoyed the backing of Congress, while he had to fight the free traders within his own Republican party.
A fairer comparison would be between Bidenomics as practiced and the more comprehensive tariff plan Trump says he would implement if he were to regain the White House than what he enacted during his first administration. Unfortunately for the former President, economic analysis still comes out against him. The broad tariffs envisioned by Trump simply don’t provide the same bang for the buck as Biden’s targeted incentives.