Braking Down The News

New Climate, Tech Bills Expand Role of Government in Private Markets

After two decades of crises, the muscular arm of Washington replaces Adam Smith’s invisible hand

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With two bills advanced through Congress in recent weeks, the Biden administration has grown the federal government’s imprint on major sectors of the U.S. economy—including semiconductors, energy and health—and further buried the idea once widely held in Washington that private markets should be left alone, without government involvement.

The shift grew out of two decades of economic crises, rising national populism, a deepening economic rivalry with China, and concerns about the long-run effects of climate change.

 

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