The Rachman Review
The problem with Bidenomics
Oct 5, 2023
In this podcast, Adam Posen discusses his objections to Bidenomics, including subsidies to private companies. The comparison between pandemic response and the climate emergency is explored, advocating for urgent action. The global implications of Bidenomics are analyzed, including concerns about the subsidy race and its impact on the poorest countries. The argument linking China's growth and subsidies is disputed, emphasizing the importance of domestic savings and investment.
23:33
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Quick takeaways
- Subsidizing private companies in Bidenomics may not generate expected manufacturing jobs and could lead to corruption and trade protection issues.
- Bidenomics should focus on tighter regulation, R&D subsidies, infrastructure, and consumer subsidies for green products, while prioritizing international cooperation to avoid harmful subsidy races and spread green technology globally.
Deep dives
Objections to Bidenomics
Adam Pozen raises several objections to Bidenomics. Firstly, he criticizes the idea of too much subsidies going directly to private companies, as it may not generate the expected manufacturing jobs. He also highlights the risk of corruption associated with entrenching companies as preferred providers with trade protections and government relationships. Additionally, Pozen expresses concerns about the escalating subsidies competition between countries and the preference for domestic production, which may hinder technological outcomes. Lastly, he warns against repeating the mistakes made with COVID vaccines by not prioritizing international side payments and grants in the green transition.
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