The U.S. government is working at full speed to reindustrialize the country.

Thomas Kolbe | August 26, 2026

The U.S. government is working at full speed to reindustrialize the country. With tax cuts, deregulation, and hard-nosed tariff policy, German companies are also being persuaded to engage in the United States. And when persuasion is not enough, U.S. investors go shopping.

For the left and the German media mainstream, Elon Musk is the proverbial “Lord, help us.” An entrepreneur who takes a political stand. For many Germans, the free world ends right there, especially since the voices of entrepreneurs have largely disappeared from public view as soon as things become politically uncomfortable.

Despite all the disputes, Elon Musk still stands firmly behind U.S. President Donald Trump, another persona non grata in the German public sphere. Trump is pursuing perhaps the most aggressive form of reindustrialization policy we have seen since the German economic miracle after the end of the Second World War. With tariffs, deregulation of energy policy, and tax cuts, Trump is getting to work, and the numbers speak for him: Private-sector investment is rising by between 8 and 10 percent year-on-year. The U.S. economy is growing steadily at an annual real rate of 3.5 percent, roughly in line with the increase in labor productivity.

The situation in Germany is different. Here, private-sector investment, after depreciation, slipped into negative territory around the turn of the year. Labor productivity is stagnating or even eroding slightly. In Germany, the economy is now being held together only precariously by the debt hammer and the construction of a domestic war economy. Nothing economically innovative can emerge in such an environment. The consequence is that next year, once the municipal deficit and the special funds are included, the debt........

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