The economic mind of JD Vance

🌈 Abstract

The article discusses the selection of Sen. JD Vance, R-Ohio, as the Republican vice presidential candidate and his economic policy views, which depart from traditional Republican conservatism.

🙋 Q&A

[01] Vance's Background and Policy Views

1. What is Vance's background and how does it differ from traditional conservative views?

• Vance has a résumé that includes being a former Marine, Yale-educated lawyer, bestselling author, and successful venture capitalist, which would typically appeal to old-school conservatives.
• However, Vance has undergone a political transformation over the last decade and emerged as one of the leading figures in the "New Right" or "national conservatism" movement, which departs from the free-market fundamentalism and foreign policy hawkishness of the traditional Republican Party.

2. What are some of Vance's key policy positions that differ from traditional conservative views?

• Vance opposes free trade and advocates for mass deportation of undocumented immigrants, arguing these policies will help American workers despite mainstream economists' warnings about the negative economic impacts.
• Vance supports industrial policy and government intervention to boost and protect domestic industries, particularly manufacturing.
• Vance supports a higher federal minimum wage, including potentially raising it to $20 per hour.
• Vance has questioned the value of the U.S. dollar as the international reserve currency, suggesting a weaker dollar could benefit American producers.
• Vance is a self-proclaimed antitrust warrior and has expressed support for the Biden administration's aggressive antitrust enforcement efforts.

3. How has Vance worked with progressive lawmakers on economic policy issues?

• Vance has partnered with prominent progressive lawmakers like Sen. Elizabeth Warren on efforts to take on the financial industry and claw back pay of bank executives.
• Vance has also worked with Sen. Sherrod Brown, D-Ohio, on rail safety legislation following the East Palestine train derailment.

[02] Vance's Potential Role as Vice President

1. How does Vance's selection as Trump's running mate signal the ascendance of the "New Right" within the Republican Party?

• Vance's selection as Trump's running mate suggests the "New Right" or "national conservatism" movement, which departs from traditional Republican conservatism, is gaining prominence within the party.

2. How might Vance's role as vice president differ from that of Trump's former VP, Mike Pence?

• Unlike Pence, who was largely selected to shore up Trump's support with traditional conservatives, Vance seems more like a pick to shore up Trump's legacy and help intellectualize Trumpism into a more coherent policy program.

3. What uncertainties exist around how Vance's economic policy views would be implemented if he and Trump were to win the election?

• There is uncertainty around how the ideological schism between Vance's "New Right" views and the more traditional, pro-business wing of the Republican Party would play out if Trump and Vance were to win.
• Trump has previously made policy moves that contradicted his populist rhetoric, such as passing the Tax Cuts and Jobs Act, which provided significant tax cuts to corporations and the wealthy.