Why Biden’s surprise political win is also good for the economy
The recent success of the Chips and Science Act shows that the US can still govern itself, and it could save the country hundreds of billions of dollars.
Joe Biden’s political prospects have just built back better. Last week’s passing of the Chips and Science Act by Congress breathed new life into the White House’s plans for industrial policy and support for US manufacturing.
Meanwhile, the famously intransigent West Virginia Democrat Joe Manchin, the king of coal country, performed a shocking turnabout on climate change. He agreed to back clean energy investment and healthcare subsidies to be paid for, in large part, by a 15 per cent minimum tax on big corporations.
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Financial Times
Rana Foroohar is a global business columnist and an associate editor at the Financial Times, based in New York. She is also CNN’s global economic analyst.
