A little-noticed speech by Commerce Secretary Gina Raimondo last week was a rousing endorsement of industrial strategy by a senior Biden administration official as the way forward for the U.S. economy. Raimondo minced no words as she called for the private sector and America’s educational institutions to join the fight to position the U.S. as…
The theory of free trade is so familiar and so often quoted, you might think there is ample evidence proving its accuracy. But there isn’t. In fact, there is scarcely any evidence at all. On the other hand, there is abundant evidence showing the theory is wrong. In an academic article recently published in the…
The top 5% and top 20% of U.S. households have enjoyed most of the gains in U.S. GDP since 1970. Bottom 20% have seen almost no gains in 50 years.
$22 Billion of Investment to Create 15,000 Jobs The manufacturing incentives tucked into the Inflation Reduction Act have unleashed a tidal wave of investment in U.S. manufacturing unlike any we have seen in decades. According to CPA calculations, and our calculations are a work in progress, so far $22 billion of investment dollars have been…
The foreign exchange value of the U.S. dollar is soaring on an almost daily basis, causing problems here at home and abroad. There is growing talk of international coordination to stem the rise of the dollar and bring more stability to currency markets. Meanwhile there is support in Congress for the CPA proposal of a…
ecKey Points China’s global trade surplus is heading for a new all-time high this year. Based on the first seven months of data, we estimate the full-year surplus will reach a record $886 billion. The U.S trade deficit will also set records this year, at an estimated $1.13 trillion trade deficit and a $1.34 trillion…
In my 15 years in Silicon Valley, I found venture capitalists to be the shrewdest and smartest individuals there. The best of them have had previous experience as engineers or managers, sometimes both. They had experience at some of the best, most successful companies but also experience at some of the worst-managed companies (which far…
The economy is moving from growth to contraction, as Thursday’s 0.9% decline in GDP tells us. The debate over whether we are in a recession today is mostly pundits rehearsing their political messages for television, with the November election looming. We are almost certain to be in recession by year-end or early next year. I’m…
This article is an expanded version of testimony delivered by Mr. Ferry to the U.S. International Trade Commission on July 22, 2022. The Section 232 steel tariffs have benefited the U.S. steel industry and its workforce American steelworkers earned an average of $117,200 last year, making steel one of the best-paying industrial sectors in…
President Biden’s Executive Order to waive solar tariffs on Southeast Asia effectively puts an existing trade case against those countries on hold.
