Odd Lots Brian Deese on the Legislative Legacy of President Biden's First Two Years
Feb 17, 2023
Brian Deese, the former head of the National Economic Council, navigated the complexities of shaping ambitious legislation under President Biden. He discusses the transformative impact of the CHIPS Act, Inflation Reduction Act, and infrastructure bill. Deese explores how these laws aim to enhance America's industrial strategy, tackle supply chain vulnerabilities, and shift the economy towards clean energy. He also touches on the intricate dynamics of corporate behavior and the balance between regulation and innovation in fostering economic growth.
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Renewed Focus on Industrial Strategy
- The Biden economic strategy, especially the Infrastructure Bill, CHIPS Act, and Inflation Reduction Act, represents a renewed focus on industrial strategy.
- It uses public investment to stimulate private investment in key sectors like clean energy and semiconductors.
Historical Examples of U.S. Industrial Strategy
- Brian Deese points out America has a history of industrial strategy, citing Hamilton's support for domestic manufacturing.
- He also mentions Lincoln's investment in the intercontinental railroad and post-WWII investments in infrastructure and R&D.
Factors Increasing Public Support for Industrial Strategy
- Public support for industrial strategy increases with a clear narrative linking domestic capacity-building to national security.
- Place-based investments, focusing on areas needing revitalization, also garner greater support.
