"Econ 102" with Noah Smith and Erik Torenberg Case for Biden, Biden vs Trump, China
15 snips
May 15, 2024 The conversation dives into Joe Biden's economic policies, assessing their effectiveness and impact on inflation. A comparison of Biden's strategies against Trump's reveals distinct approaches to government spending and industrial growth. They tackle the significance of the CHIPS Act and the Inflation Reduction Act for U.S. dominance in technology. Additionally, the challenges of solar project permits and tariffs on Chinese electric vehicles are explored, highlighting the complexities of international trade and domestic innovation.
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Biden's Spending Problem
- Biden's main problem is excessive spending, particularly subsidizing overpriced services like healthcare, housing, and higher education.
- This fuels inflation and weakens the fiscal position without increasing supply.
Biden's Industrial Policy
- Biden fundamentally changed economic policy by implementing industrial policy, unlike previous presidents who only talked about it.
- This resulted in a significant boom in factory construction, a first in decades.
Trump and China's Influence
- Noah Smith supports Biden's reelection partly due to concerns that Trump might reverse progress on industrial policy if elected.
- Trump's susceptibility to influence from China poses a risk to American economic interests.
