Clinton’s Industrial Policy

IT IS an irony that today, just as most of the world is celebrating the triumph of capitalism over socialism and market forces over central planning, American voters appear to be preparing to take a step backward. The Clinton economic program is one of higher marginal tax rates, micro-meddling in the affairs of business, managed trade, and industrial policy—the misguided idea that a committee of wisemen in Washington will be able to make better decisions about which industries, technologies, and companies are critical to our country’s future welfare than the marketplace.

Last week I had a chance to spend several hours with Rob Shapiro of the Progressive Policy Institute, a Washington spend tank. Mr. Shapiro is a longtime member of Clinton’s inner circle, and is being touted as a possible OMB Director in a Clinton Administration. I have to admit going into the meeting as a skeptic. By the end of the meeting my skepticism was gone—I was terrified.

JR

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John Rutledge

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IT IS an irony that today, just as most of the world is celebrating the triumph of capitalism over socialism and market forces over central planning, American voters appear to be preparing to take a step backward. The Clinton economic program is one of higher marginal tax rates, micro-meddling in the affairs of business, managed trade, and industrial policy—the misguided idea that a committee of wisemen in Washington will be able to make better decisions about which industries, technologies, and companies are critical to our country’s future welfare than the marketplace.

Last week I had a chance to spend several hours with Rob Shapiro of the Progressive Policy Institute, a Washington spend tank. Mr. Shapiro is a longtime member of Clinton’s inner circle, and is being touted as a possible OMB Director in a Clinton Administration. I have to admit going into the meeting as a skeptic. By the end of the meeting my skepticism was gone—I was terrified.