Industrial Policy

The United States spends more on defense than any nation on earth, yet shipyards, missile plants, and foundries cannot keep pace with China. Rebuilding the defense industrial base is an economic problem that determines whether America can deter war in the Pacific.

The United States spends nearly $900 billion on national defense each year, yet it cannot pass an audit, build ships quickly, or keep pace with China's military production. That failure endangers both national security and the industrial economy.

The CBO and the Federal Reserve have both updated their assessments of the tariff strategy's effect on domestic production. The updates contain findings the critics of the strategy did not anticipate.

While bureaucrats debate billion-dollar chip subsidies, the market already knows where the money is going. Micron's surge tells the real story.