America Needs An Industrial Policy 2

Wall Street Journal  (John Hofmeister, the former president of Shell Oil Company) -The US needs to adopt an industrial policy to protect its manufacturing base. Hofmeister says the US has whittled away its industrial leadership through free market policies, and has only four leading industries: Entertainment, information technology, energy, and financial services. To protect these industries and to revive manufacturing industries, Hofmeister calls for incentives such as lowering the corporate tax structure. Hat Tip: NAM

"Create manufacturing incentives like other governments do. Lower repressive corporate tax structures, accelerate depreciation, defer income and inventory taxes, tax abate existing and new jobs, pay for worker training, incentivize new, and the conversion of former, manufacturing sites"

Mr. Hofmeister, former president of Shell Oil Company, is founder and CEO of Citizens for Affordable Energy, and author of "Why We Hate the Oil Companies: Straight Talk from an Energy Insider," due out in May by Palgrave Macmillan.