Janet Yellen is a distinguished economist, but her tenure as Treasury Secretary hasn’t enhanced her reputation. Her lack of influence with President Biden has meant she couldn’t stop bad policy (student-loan cancellation), and now the White House is rolling her out in election season to portray the U.S. economy as a Valhalla of growth, fairness and optimism. It’s not believable even if you drive a Tesla and live in Montecito.
Ms. Yellen spoke at the Ford Rouge Electric Vehicle Center in Dearborn, Mich., and you know why. Ford is getting a gusher of new subsidies and regulatory favors under the Biden Administration’s new industrial policy. If you’re in a green business the White House likes, you’re in clover. If not, you’ll endure the costs of more regulation and taxes. In the Biden era, big government and big business are in political business together.
