by subsidizing more expensive and less efficient green energy. The energy efficiency of a combined cycle natural gas plant can reach 60%. The energy efficiency of a solar farm is around 20%. The subsidies harm America’s hydrocarbon industry, which employs over 100,000 workers and pays wages about two times the national average.
Free trade is also fundamental to capitalism. With free trade, the law of comparative advantage maximizes economic prosperity for the U.S. and other countries. But Biden chooses to pursue his climate change policies through protectionism, trade barriers that harm the U.S., our trading partners in Europe, as well as in the democratic economies of Asia. A global trade war is breaking out because Biden is anti-capitalist.
Even about his semiconductor policies, Biden is an anti-capitalist. The U.S. is uncompetitive regarding semiconductor fabrication facilities because U.S. taxes on semiconductor companies are too high and U.S. regulations regarding the construction of fabrication facilities are too onerous. It costs 30% more to construct and maintain a fabrication facility in the U.S. than it does in Taiwan. Biden subsidizes the semiconductor industry.
Top line: Biden’s anti-capitalism harms the country and the global economy. He should read Adam Smith.
Can he read a cereal box?
I mean I would prefer David Ricardo given that smith leaves out certain assumptions but oh well.
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