Biden’s Industrial Policy and an Incomplete Legacy: Supply Lines

Every US president has a legacy. So when Joe Biden announced a week ago that he wouldn’t seek a second term, the fight to define his became a predictable clash of extremes.

For every backer eager to portray Biden as a transformational patriot, there is a rival keen to declare him one of the worst leaders in US history. Rapidly approaching elections do that to political discourse.

For the sober-minded, however, there’s real grist to sort through. Biden clearly took a different economic policy path than his predecessors. It’s just not apparent yet what it will mean for the US ...