Mint Explainer: Can Biden bring hi-tech manufacturing back to the US?


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Profits drive capitalism, and the US is the poster boy of a free-market economy. In a rush for profits, US companies outsourced hi-tech manufacturing to low-cost destinations. The US manufacturing sector, too, cut corners. Indeed, US businesses have not capitalized on the country’s strength in manufacturing innovation and R&D in an effort to keep costs in check. It meant that Americans failed to become more efficient and productive than the Chinese or even the Germans. President Joe Biden hopes to change all that and give a big push to US hi-tech manufacturing. He’s funding small US businesses–the SMEs–and hopes to...