Soviet central planners mandated quotas for steel production, regardless of demand. Obama’s industrial policy is a bit more subtle. Tax breaks for manufacturing — but double tax breaks for high-tech manufacturing, which for some reason is considered more virtuous, despite the fact that high tech is less likely to create blue-collar jobs. Its main job creation will be for legions of lawyers and linguists testifying before some new adjudicating bureaucracy that the Acme Umbrella Factory meets their exquisitely drawn criteria for “high tech.
— State of the Union Flop - Charles Krauthammer - National Review Online
