Opinion: Why ‘Buy American’ doesn’t do enough for the economy and national security
Last Updated: Feb. 4, 2021 at 4:48 p.m. ET
First Published: Feb. 4, 2021 at 7:20 a.m. ET
By Jerry McGinn
Domestic manufacturing in critical areas is lacking and production should be brought back to the U.S. from overseas
President Joe Biden is making America’s industrial base a top priority; since taking the oath of office he has issued a Buy American Executive Order and put out his plan to increase the use of the Defense Production Act.
While the goal of stronger American manufacturing is worth pursuing, a Buy American approach is unfortunately counterproductive. The Biden administration instead should focus on reshoring industrial capacity — with a little help from our friends — to bolster our supply chains in areas of greatest need.
Over the past 50 years, U.S. manufacturing capabilities have declined significantly as the country transitioned into an information-age economy while manufacturing shifted offshore to lower-cost labor markets such as China. While the global economic system has created great efficiencies, it has also led to dangerous industrial base weaknesses.
https://www.marketwatch.com/story/why-buy-american-doesnt-do-enough-for-the-economy-and-national-security-11612405671
