economicnationalism
In the pages of his best-selling memoir, Hillbilly Elegy, Sen. J.D. Vance (R–Ohio) uses his life story as a model for how the children of down-on-their-luck Americans from outside the country's political and cultural power centers can find success. It is, sincerely, a compelling personal story. One that Vance retold in vivid detail to cap the third night of the Republican National Convention (RNC) in Milwaukee. He got out of his childhood home of Middletown, Ohio—"a place that had been cast aside and forgotten by America's ruling class in Washington," he said—to join the Marines, attend colleg...
Reason
"I think it's been decided, as obviously as it possibly can be, that America First is the future direction of the Republican Party," former presidential hopeful Vivek Ramaswamy tells me. Given the close association of "America First" with tariffs, industrial policy, and calls to close the borders, even to legal immigration, this might not seem to augur promising things for libertarians. But Ramaswamy sees two distinct live possibilities for what the phrase should actually mean. "From where I sit," he says, "the most important debate for the country to have is the intra–Republican Party and eve...
Reason
During former President Donald Trump's term in office, he promised that higher tariffs on American imports would reduce the country's large trade deficit. At the time, many economists disputed that notion. Tariffs might marginally reduce the import side of the trade ledger, but they also reduce economic output (and therefore exports), so the net effect on the trade deficit was likely to be minuscule, they warned. No matter. In 2017, the White House's official Trade Policy Agenda highlighted how America's manufacturing trade deficit had grown from $317 billion in 2000 to $648 billion in 2016. T...
Reason
In an interview published this week by The New York Times, Sen. J.D. Vance (R–Ohio) calls for a more muscular federal government to intervene even more aggressively in the economy than it already does, to create what Vance calls "incentives" for American workers. In doing so, Vance inadvertently reveals one of the major flaws in this line of analysis. Vance's opinions about these things carry significant weight, in no small part because he's on the shortlist to be Donald Trump's running mate. With an eye towards that possibility, the Times' Ross Douthat asked Vance to explain his "populist eco...
Reason
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