{"id":17746,"date":"2022-11-22T11:06:43","date_gmt":"2022-11-22T16:06:43","guid":{"rendered":"https:\/\/jimbovard.com\/blog\/?p=17746"},"modified":"2022-11-22T11:06:43","modified_gmt":"2022-11-22T16:06:43","slug":"industrial-policy-returns-prior-pratfalls-notwithstanding","status":"publish","type":"post","link":"https:\/\/jimbovard.com\/blog\/2022\/11\/22\/industrial-policy-returns-prior-pratfalls-notwithstanding\/","title":{"rendered":"Industrial Policy Returns, Prior Pratfalls Notwithstanding"},"content":{"rendered":"
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American Institute for Economic Research, November 22, 2022<\/h3>\n

Industrial Policy Returns, Prior Pratfalls Notwithstanding<\/a><\/h1>\n<\/header>\n
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\"JamesJames Bovard<\/a><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

Jubilation erupted in Washington this summer as industrial policy came back into fashion. Congress passed Biden-backed legislation known as the CHIPS Act<\/a> to spend $52 billion subsidizing semiconductor production. But the new law is a reminder that politicians prosper in Washington by \u201clearning nothing and forgetting nothing,\u201d especially not forgetting how to buy votes and snare campaign contributions.<\/p>\n

The CHIPS Act\u2019s passage sparked euphoria at the dawn of sweeping new government interventions. Washington Post<\/em> columnist E.J. Dionne proclaimed, \u201cThe chips bill means the Era of Hands-Off Government<\/a> is over.\u201d Dionne invoked a cherished progressive illusion, despite the feds not being \u201chands-off\u201d since Grover Cleveland was president. Sen. Charles Schumer (D-NY), the Senate Majority Leader, huffed, \u201cThe old laissez-faire theory<\/a> is: Leave the companies alone, and they\u2019ll do great.\u201d Inside the Beltway, anything less than total federal domination of the economy is derided as \u201claissez-faire.\u201d Jared Bernstein, a member of the White House Council of Economic Advisers, declared, \u201cWhen it comes to establishing a lasting legacy in terms of existentially necessary economic transformation<\/a>, history may well put President Biden in the same sentence as FDR and LBJ.\u201d The exaltation occurred because \u201cmany politicians believe that Beijing\u2019s economic planning is superior<\/a> to the US free-market system,\u201d as a Wall Street Journal<\/em> editorial noted.<\/p>\n

The CHIPS Act made Biden the nation\u2019s Semiconductor Czar, and he promised that he would \u201cpersonally have to sign off on<\/a> the biggest grants\u201d to companies. What could possibly go wrong?<\/p>\n

If a picture is worth a thousand words, is a political photo opportunity worth $50 billion? Biden rushed to exploit the new law for a campaign event before the congressional midterm elections. Last month, Biden and New York Governor Kathy Hochul summoned the media to Syracuse, New York to celebrate subsidies<\/a> for a Micron semiconductor plant. That plant is not scheduled to even break ground until 2024, but Hochul is in a difficult re-election fight and Biden needed every victory lap his handlers could arrange. Hochul swayed the New York legislature to enact a subsidy of up to $10 billion for semiconductor producers. Micron is expected to pocket more than $5 billion\u2014the largest corporate handout in state history. Federal subsidies will be added next year when the CHIP Act starts dishing out goodies. The total subsidy per promised job exceeds $600,000 and could rise far higher.<\/p>\n

Biden boasted that Micron\u2019s investment in New York is \u201cthe largest American investment<\/a> of its kind\u2026ever, ever, ever in history.\u201d Because the plant will run solely on renewable energy, its production costs could be sharply higher than unsubsidized factories elsewhere in the world. Biden also boasted that the plant would be constructed solely by union members paid high wages dictated by the US Labor Department. The federal and state mandates effectively guarantee that the new plant will be uncompetitive even before the first spade of dirt is overturned. No wonder that Bloomberg News castigated the CHIPS Act as a \u201cboondoggle\u201d that could produce \u201cbloated, wasteful,<\/a> government-dependent chipmakers demanding yet more handouts a decade down the line.\u201d<\/p>\n

Biden bragged, \u201cWith Micron\u2019s $100 billion investment alone, we\u2019re going to increase America\u2019s share of global memory chips and production by 500 percent.\u201d But the prospects for the Syracuse plant may hinge more on world markets than on government handouts. The New York Times<\/em> reported that Micron recently \u201creported a 20 percent drop in fourth-quarter revenue\u201d and \u201cslashed planned spending on factories and equipment by nearly 50 percent<\/a> in the current fiscal year.\u201d The Philadelphia Semiconductor Index had declined by 35 percent from its high by the time the law was passed.<\/p>\n

There is also the danger that federal subsidies could help cartelize chip production in America. Massive subsidies to a few favored producers could award them dominance, perhaps for many years. And if federal subsidies create or worsen a surplus of chips, that could be ruinous for unsubsidized competitors. The same pattern has repeated since the 1930s for federal agricultural subsidies that favored the largest farmers and helped drive small farmers out of business.<\/p>\n

Politicians\u2019 boasts about the job benefits of corporate subsidies are not covered by the Securities and Exchange Commission\u2019s rules on fraudulent statements<\/strong>. Hochul claimed her handouts to Micron will generate more than 50,000 jobs<\/a> in New York. But the governor\u2019s office refused to disclose<\/a> the private study from which that estimate was concocted. A study by Reinvent Albany, a nonprofit organization, noted, \u201cNew York State spends roughly $5 billion every year subsidizing big businesses\u2026There is overwhelming evidence<\/a> that government subsidies to businesses are a very poor way to create good jobs and local economic growth.\u201d The study noted that \u201cthe state\u2019s oversight of the Excelsior jobs program\u2014under which Micron will receive the tax breaks\u2014is notoriously poor.\u201d<\/p>\n

Micron and other chip makers who pocket government subsidies could find themselves junior partners to political appointees and unions, who nowadays have more influence in Washington than private companies. Maybe future green legislators will require semiconductor subsidy recipients to rely solely on windmills to make chips. Commerce Secretary Gina Raimondo boasted that \u201cthere\u2019s a lot of strings attached<\/a>\u201d in the CHIPS Act.<\/p>\n

But Commerce bureaucrats have repeatedly disrupted high-tech industries by rotely applying formulas from protectionist laws (such as the antidumping statutes) Congress passed. In 1986, Commerce fabricated unfair trade charges<\/a> against Japanese semiconductor exports. Those charges were used to browbeat Japan into signing a pact seeking to restrict world-wide semiconductor trade<\/a>, a shady deal that was extended in 1991. That agreement politically impaled one of America\u2019s most competitive industries. The Commerce Department decreed that imported semiconductor prices must rise by 200 percent, at a time when domestic semiconductor producers could not satisfy domestic demand. That deal destroyed more than 10,000 jobs in companies using chips, according to<\/a> the Center for the Study of American Business. In 1991, Commerce rubber stamped punitive taxes on the import of computer flat panel displays that devastated American computer makers. But as long as the trade restrictions made a few domestic companies happy, politicians reaped windfall profit in campaign contributions.<\/p>\n

fter the CHIPS Act passed, Brian Deese, Biden\u2019s National Economic Council director, declared, \u201cThe question should move from \u2018Why should we pursue an industrial strategy<\/a>?\u2019 to \u2018How do we pursue one successfully?\u2019\u201d Unfortunately, Biden policymakers are unlikely to learn from previous and ongoing industrial policy trainwrecks.<\/p>\n

Since the Nixon era, the US government has throttled steel imports, relying on periodic quotas, special tariffs, contrived anti-dumping penalties, and other deals. A 1984 Federal Trade Commission study estimated that steel quotas cost the US economy $25<\/a> for each additional dollar of profit of American steel producers. Professor Hans Mueller estimated that the quotas resulted in thirteen jobs lost in steel using industries for each steelworker\u2019s job saved. The US International Trade Commission concluded in 1989 that steel import quotas actually increased the US trade deficit, causing a significant increase in manufactured goods containing steel and a decrease of US exports of steel products.<\/p>\n

Steel producers kept banging their tin cups in Washington and President Trump obliged them in 2018 by slapping a new 25 percent tariff on steel imports. Federal policymakers intentionally endangered six million jobs in industries relying on steel to shelter the jobs of 135,000 steel<\/a> workers. President Biden pretended to end the Trump tariffs late last year. But he actually replaced them with convoluted tariff rate quotas<\/a> that could quickly become full-scale import restrictions.<\/p>\n

Actually, federal trade policy rulings can amount to a \u201creverse industrial policy,\u201d as Ron Cass, the vice chairman of the US International Trade Commission (ITC), told me in 1990<\/a>. The weaker the American industry, the more likely it is that the ITC will blame foreign companies for its problems and approve penalty tariffs. Since falling profits are taken as a sign of injury, the ITC\u2019s method tends to sacrifice the strongest, most profitable American industries to the weakest. US trade law pretends the feds can boost the economy by relieving every industrial straggler from the necessity of competing.<\/p>\n

Corporate subsidies are basically bribes to businesses that routinely spur corruption scandals.<\/strong> A decade ago, President Barack Obama visited New York and proclaimed, \u201cRight now, some of the most advanced manufacturing work in America is being done right here in upstate New York. Cutting-edge businesses from all over the world are deciding to build here and hire here.\u201d Gov. Andrew Cuomo appointed Alain Kaloyeros \u201cto build a semiconductor corridor across upstate,\u201d Politico<\/em> noted<\/a>. The promised bonanza never occurred. The program collapsed after Kaloyeros and three other officials were convicted for bid-rigging<\/a> in 2018 and sent to federal prison. But that scandal vanished down the memory hole, clearing the way for a repeat Salvation Show in 2022. Could history repeat with the latest deluge of subsidies?<\/p>\n

Politicians don\u2019t learn from mistakes committed with other people\u2019s money. Letting politicians pick winners is the surest recipe for shafting consumers and every unsubsidized business. Unfortunately, there will always be enough pundits who failed Econ 101 to whoop up every boneheaded intervention.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

American Institute for Economic Research, November 22, 2022 Industrial Policy Returns, Prior Pratfalls Notwithstanding James Bovard Jubilation erupted in Washington this summer as industrial policy came back into fashion. Congress passed Biden-backed legislation known as the CHIPS Act to spend $52 billion subsidizing semiconductor production. But the new law is a reminder that politicians prosper […]<\/p>\n","protected":false},"author":1,"featured_media":9833,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[149,2124,2787,3045,3386,3364,3384,3368,3066,3410,2610,3366,1822,506,3409,708],"class_list":["post-17746","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-agriculture","tag-biden","tag-commerce-department","tag-federal-trade-commission","tag-gina-raimondo","tag-hochul","tag-jared-bernstein","tag-micron","tag-pundits","tag-ron-cass","tag-schumer","tag-semiconductor","tag-steel","tag-subsidies","tag-tariff","tag-trump"],"yoast_head":"\nIndustrial Policy Returns, Prior Pratfalls Notwithstanding - James Bovard<\/title>\n<meta name=\"description\" content=\"Biden administration subsidies for semiconductor factories epitomize how Washington never learns from prior mistakes\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/jimbovard.com\/blog\/2022\/11\/22\/industrial-policy-returns-prior-pratfalls-notwithstanding\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Industrial Policy Returns, Prior Pratfalls Notwithstanding - 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The Wall Street Journal called Bovard \"the roving inspector general of the modern state\" and Washington Post columnist George Will called him a \"one-man truth squad.\" His 1994 book, Lost Rights: The Destruction of American Liberty, received the Free Press Association\u2019s Mencken Award as Book of the Year. His Terrorism & Tyranny won the Lysander Spooner \"Best Book on Liberty in 2003\" award. He received the Thomas Szasz Award for Civil Liberties work, awarded by the Center for Independent Thought and the Freedom Fund Award from the Firearms Civil Rights Defense Fund of the National Rifle Association. Bovard\u2019s writings have been publicly denounced by FBI director Louis Freeh, the Secretary of Agriculture, the Secretary of Housing and Urban Development, the Postmaster General, and the chiefs of the U.S. International Trade Commission, the Drug Enforcement Administration, the Equal Employment Opportunity Commission, and the Federal Emergency Management Agency, as well as by many congressmen and other malcontents.","sameAs":["http:\/\/www.jimbovard.com","https:\/\/www.facebook.com\/jim.bovard","https:\/\/x.com\/jimbovard"],"url":"https:\/\/jimbovard.com\/blog\/author\/admin\/"}]}},"_links":{"self":[{"href":"https:\/\/jimbovard.com\/blog\/wp-json\/wp\/v2\/posts\/17746","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/jimbovard.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/jimbovard.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/jimbovard.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/jimbovard.com\/blog\/wp-json\/wp\/v2\/comments?post=17746"}],"version-history":[{"count":1,"href":"https:\/\/jimbovard.com\/blog\/wp-json\/wp\/v2\/posts\/17746\/revisions"}],"predecessor-version":[{"id":17747,"href":"https:\/\/jimbovard.com\/blog\/wp-json\/wp\/v2\/posts\/17746\/revisions\/17747"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/jimbovard.com\/blog\/wp-json\/wp\/v2\/media\/9833"}],"wp:attachment":[{"href":"https:\/\/jimbovard.com\/blog\/wp-json\/wp\/v2\/media?parent=17746"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/jimbovard.com\/blog\/wp-json\/wp\/v2\/categories?post=17746"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/jimbovard.com\/blog\/wp-json\/wp\/v2\/tags?post=17746"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}