National Industrial Policy: The Cure for What Ails Us?

Harold Meyerson is the resident left-wing “economist” at the Washington Post. Since the Post’s columnists often run in the Albuquerque Journal, New Mexico readers often have the pleasure — or displeasure — of reading columns from writers including Meyerson, E.J. Dionne, Robert Samuelson, and George Will to name just a few.
Meyerson’s most recent piece which appeared in our papers on Monday of this week discusses the “fact” that the American economy no longer produces anything, rather, Americans simply consume goods produced in other countries. He blames both Wal Mart and our nation’s lack of a labor-driven “industrial policy” for these supposed problems.
The fact is, contrary to Meyerson’s assertions, that industrial production in the United States does continue to grow. Employment in the sector has shrunk over the years, but largely as a result of productivity gains. Can Meyerson really show that it is economically unhealthy for Americans to consume more of their domestic production than other nations? It would seem that our low unemployment and high personal incomes would be good things, not bad.
Of course, with some people, regardless of the problem, the solution must be bigger government. So it is with Meyerson who believes it is time to institute a National Industrial Policy. He seems to think that Obama and Hillary will do this, but I doubt these savvy politicians will fall prey to that siren song. National Industrial Policy didn’t work for the Soviet Union and it won’t work here.
Perhaps the Journal should more carefully screen what it accepts from the Washington Post?

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