China’s rise exposes America’s own failures

American politicians of both parties would like Americans to believe that the reason China keeps gaining on the United States is that Beijing is a nest of currency sorcerers, subsidy alchemists and bureaucratic pickpockets. That is a comforting theory because it allows Americans to preserve their favorite national hobby: losing focus while maintaining moral superiority. It is also a wonderful arrangement for politicians. When factories age, schools stagnate, infrastructure decays, savings collapse and industrial policy consists mainly of election-year chest-thumping, it is enormously convenient to point across the Pacific and shout, “There’s the villain.” That way elected officials can avoid…