Friday, March 26, 2021

Joe Biden's Economic Agenda: An Early Appraisal

In environmental matters, nobody knows if Biden will move further toward the progressive wing of the Democratic Party.

Under EO 14008, the Biden administration is "Paus[ing] new oil and natural gas leases on public lands or in offshore waters pending completion of a comprehensive review." It will also "Ensure that Federal funding is not directly subsidizing fossil fuels," which would be good if it did not plan to subsidize its favorite clean energies either.

Industrial policy/ In many ways, Biden's economic agenda looks like an attempt at industrial policy.

With Trumpian accents, he declared to the New York Times in early December, "I want to make sure we're going to fight like hell by investing in America first." Like de Gaulle, Biden believes he and his advisers know the industries of the future: he mentioned energy, biotech, advanced materials, and artificial intelligence.

The Biden administration may not be less tough than Trump on high tech companies, including with antitrust actions.

There is little doubt that even if Biden remains a moderate Democrat, the pace of federal regulation will accelerate dramatically over the snail's pace of Trump's first three years, and even above Trump's activist fourth year.

There is one bit of good news: immigration is an area where President Biden will likely reduce regulation.

https://www.cato.org/regulation/spring-2021/joe-bidens-economic-agenda-early-appraisal 

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