THREAD. Vice President Biden's campaign further shows that economic nationalism has bipartisan appeal. It’s also a threat to recovery and prosperity.

My latest Bloomberg column: https://www.bloomberg.com/opinion/articles/2020-07-14/biden-s-populist-economic-plan-could-bust-gridlock-and-hurt-u-s?sref=QK42wmXj @bopinion

2/ If elected in November, Biden would have a chance to draw Republican support for substantial parts of the agenda he laid out in a speech last week in Pennsylvania. But that’s largely because of the influence Trumpian populism and economic nationalism have had on the GOP.

3/ A key part of Biden’s populist economic vision involves reviving manufacturing. He called for $400 billion in spending on materials and products made in the U.S. as part of a “Buy American” program, along with $300 billion in research and development...

4/ ...to spur domestic innovation and support domestic production. He touted the crafting of a national industrial policy and downplayed the role of finance in creating prosperity. “It’s way past time we put an end to the era of shareholder capitalism,” Biden declared.

5/ To the conservative ear, this sounded familiar. Ever since Trump’s 2016 victory, some Republicans have taken similar positions. Senator Marco Rubio, for example, is also critical of shareholder capitalism.

6/ Rubio has called for “a 21st-century pro-American industrial policy,” in part to revive domestic manufacturing. In response to the coronavirus pandemic, Rubio joined with Senator Elizabeth Warren and others on a bill calling for strengthening “Buy American” provisions.

7/ Senator Josh Hawley, a rising star of conservative populism, announced a proposal to offer government-backed, low-interest loans for capital expenditures to businesses that bring production back to the U.S. from abroad.

8/ Rubio and Hawley have praised labor unions, as Biden did in Pennsylvania. Senator Tom Cotton recently joined Hawley and several others to introduce the American Foundries Act of 2020 that aimed to boost the domestic production of semiconductor chips.

9/ The collapse of the free-trade consensus that has dominated U.S. economic policy for decades would give a President Biden a chance to muster bipartisan support for his pro-manufacturing, industrial-policy agenda.

Fin/ Mr. Biden bemoans partisan division, and aspires to bring Republicans and Democrats together. If Biden’s first year as president does bring bipartisan success, he will have President Trump to thank.

My column: https://www.bloomberg.com/opinion/articles/2020-07-14/biden-s-populist-economic-plan-could-bust-gridlock-and-hurt-u-s?sref=QK42wmXj @bopinion