As much as I hate to agree with the loathsome fucking Nazi, Steve Bannon, he has a point on China.
(CNN)Embattled White House chief strategist Steve Bannon declared in an interview published Wednesday that the US is at “economic war with China,” promised aggressive trade actions against Beijing and said he is “fighting” other top White House aides “every day.”
“Economic War” is stupid language, but we are certainly engaged in tough competition with China and it is a competition we are losing. China is investing heavily in high technology design and manufacturing across the board. From solar, to silicon, to aerospace, China is putting billions into building the jobs of the future. We aren’t.
Unlike China, we don’t have a coordinated industrial policy, and so we allow companies to invest where ever they decide they can achieve the best returns THIS QUARTER. For the past 20 years that investment has been in climate change denial, moving money around, and Malaysian sweatshops.
It is s stupid short-sighted, losing strategy that one candidate last year tried to address. That candidate’s name was Hillary Clinton. 