Vance's Populist Vision: Reshaping the Republican Economic Agenda

The selection of Sen. JD Vance, R-Ohio, as the Republican vice presidential candidate has sent shockwaves through the traditional conservative establishment. Vance, a former Marine, Yale-educated lawyer, bestselling author, and successful venture capitalist, has emerged as a leading voice in the "New Right" or "national conservatism" movement, which departs from the free-market fundamentalism and foreign policy hawkishness of the Republican Party's past.

Challenging the Status Quo: Vance's Heterodox Economic Approach

Opposing Free Trade and Embracing Protectionism

Vance's economic views stand in stark contrast to the Reagan-era conservatism that has long dominated the Republican Party. He opposes free trade and advocates for the mass deportation of undocumented immigrants, arguing that these policies will benefit American workers by reducing competition from cheap foreign and immigrant labor. Vance dismisses the concerns of prominent economists who warn that such measures would lead to higher prices, reignite inflation, and harm the overall economy.

Embracing Industrial Policy and Government Intervention

Traditionally, conservatives have been skeptical of the federal government using tools like tariffs, taxes, and subsidies to protect and boost strategic American industries, fearing that this would distort the industrial landscape and result in waste and inefficiencies. Vance, however, is a strong advocate for using federal power to revitalize strategic industries, particularly manufacturing, in an effort to rebuild America's industrial base and create more good jobs for American workers.

Advocating for a Higher Minimum Wage

Vance's support for a higher federal minimum wage also sets him apart from the Republican mainstream. Last year, he co-sponsored legislation to raise the minimum wage to per hour, and he has expressed openness to the idea of much higher minimum wages, arguing that this would lead to higher wages for workers and the automation of certain tasks, ultimately benefiting the economy.

Embracing Cryptocurrency and Opposing Regulation

Vance's support for the cryptocurrency industry, including his personal ownership of over 0,000 worth of bitcoin, further demonstrates his willingness to depart from traditional conservative economic orthodoxy. He has advocated for the cryptocurrency industry and opposed efforts by the Biden administration and others to regulate it, aligning himself with the crypto enthusiasts who have celebrated him as the first "bitcoiner" to be on a presidential ticket.

Sending Mixed Signals on Unions

Vance's stance on unions is somewhat ambiguous. While he has expressed support for workers and even walked a United Auto Workers picket line, he has opposed protections for workers that are widely supported by labor unions and activists, such as the Protecting the Right to Organize (PRO) Act. This has led to criticism from the AFL-CIO, which has given him a zero percent score on its legislative report card.

Questioning the Dollar's Reserve Currency Status

Vance has also questioned the value of the U.S. dollar's status as the international reserve currency, suggesting that a weaker dollar could benefit the American economy by boosting domestic producers, even though this "exorbitant privilege" has long been supported by both Republicans and Democrats.

Embracing Deregulation and Antitrust Activism

Despite his unorthodox economic views, Vance is supportive of efforts to deregulate various industries, from artificial intelligence to energy. He has also emerged as a self-proclaimed antitrust warrior, expressing support for Biden's head of the Federal Trade Commission, Lina Khan, and arguing that the lack of competition in the tech industry has harmed innovation and workers.

Forging Alliances with Progressives

Vance's willingness to work with prominent progressive lawmakers, such as Sens. Sherrod Brown and Elizabeth Warren, on economic policy issues has further blurred the lines between traditional conservative and progressive economic agendas. This alliance, however, appears to be fraying as Vance's selection as Trump's running mate has drawn criticism from the left.As the Republican Party grapples with the ascendance of this new populist wing, the selection of Vance as Trump's heir apparent suggests that the party's economic vision is undergoing a profound transformation. Whether Vance's heterodox approach will ultimately prevail or be subsumed by the traditional pro-business, low-tax wing of the party remains to be seen. But one thing is clear: Vance's vision for American economic policy represents a significant departure from the conservatism of the past.