how far she will go to compete with the massive subsidies in Joe Biden’s grand industrial policy?
It is fitting that U.S. President Joe Biden will be in Canada this week because his economic policy will be here next week.
At least, that’s the way it seemed when Ms. Freeland spoke in front of a group of workers at a union training centre, then told reporters that the government not only should spend money in that kind of industrial strategy, but that it must. It is, as Ms. Freeland suggested, a big issue for Canada. But weirdly, opposition politicians don’t seem to have strong opinions on the topic. Perhaps they will when the Finance Minister reveals the price tag.
The first is a political no-brainer, in the sense Prime Minister Justin Trudeau’s Liberal politics involve telling folks that government will help them out, and the parliamentary deal with New Democrats makes it necessary to include a few NDP requests on that score. But the big issue is industrial strategy required to compete with the economic transformation being engineered by the U.S. to create a green economy and attract advanced manufacturing there.
In short, she argued it’s reckless not to pour money into industry now. Certainly, competing with U.S. subsidies means spending big.
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