Ana Swanson

Yeah, I think that's right. Biden has spent a lot of money to start quite a few new factories, and that has created a relatively small number of jobs. And Trump spent very little money. He used tariffs instead. But that, you know, economists... think did not create a lot of new jobs overall.

Yeah, I think that's right. Biden has spent a lot of money to start quite a few new factories, and that has created a relatively small number of jobs. And Trump spent very little money. He used tariffs instead. But that, you know, economists... think did not create a lot of new jobs overall.

So it really depends on your willingness to spend government money, how much you're willing to spend to get those new factories and that manufacturing work.

So it really depends on your willingness to spend government money, how much you're willing to spend to get those new factories and that manufacturing work.

Yeah, and that's important. So many of Trump's tariffs have extended into the Biden administration. Many of Biden's investments will outlive him into the next Trump administration. Trump may be the one going to the opening ceremonies, getting the credit potentially as these investments come online. So these policies are definitely going to exist side by side.

Yeah, and that's important. So many of Trump's tariffs have extended into the Biden administration. Many of Biden's investments will outlive him into the next Trump administration. Trump may be the one going to the opening ceremonies, getting the credit potentially as these investments come online. So these policies are definitely going to exist side by side.

And I think one thing is clear that they're both protectionist policies. They're both setting up more barriers around the U.S. economy to try to protect factories inside the country. So the question is, is that enough to counteract these longer-run forces that we've seen that have been taking manufacturing jobs away from the U.S. economy?

And I think one thing is clear that they're both protectionist policies. They're both setting up more barriers around the U.S. economy to try to protect factories inside the country. So the question is, is that enough to counteract these longer-run forces that we've seen that have been taking manufacturing jobs away from the U.S. economy?

Yeah, absolutely. It's pretty remarkable that it was only a few decades ago that U.S. presidents were welcoming China into the world economy and everyone was proclaiming that the world is flat and that free trade should be the highest goal. And there's just been this big paradigm shift.

Yeah, absolutely. It's pretty remarkable that it was only a few decades ago that U.S. presidents were welcoming China into the world economy and everyone was proclaiming that the world is flat and that free trade should be the highest goal. And there's just been this big paradigm shift.

And the only argument now is about which approach tariffs or industrial policy works better and has bigger upsides and fewer downsides. So we don't know exactly yet what all this will mean for the U.S. economy. Will these policies lead to this manufacturing renaissance or will we see more inefficiencies, higher prices, inflation? Can we go too far with this approach?

And the only argument now is about which approach tariffs or industrial policy works better and has bigger upsides and fewer downsides. So we don't know exactly yet what all this will mean for the U.S. economy. Will these policies lead to this manufacturing renaissance or will we see more inefficiencies, higher prices, inflation? Can we go too far with this approach?

But even before we have all those answers, there's no sign yet that this is turning around. We're clearly headed for even more tariffs and more protectionism in the years to come.

But even before we have all those answers, there's no sign yet that this is turning around. We're clearly headed for even more tariffs and more protectionism in the years to come.

We appreciate it. Thanks for having me.

We appreciate it. Thanks for having me.