Is Big Tech a government creation—as the American Conservative recently claimed—or is it the result of entrepreneurs employing a mechanism created for noncommercial uses? It is both, writes Michael Rectenwald.
While both the Left and Right celebrate the government's new drive to subsidize American microchip manufacturing, we should remember that political "investments" always result in crony capitalist disasters.
One doubts that the so-called Inflation Reduction Act will reduce inflation. However, it will wreak havoc on the US economy with its lethal mix of taxes, regulations, subsidies, and outright crony capitalism.