In an astonishing display of economic defeatism, former Treasury Secretary Janet Yellen told CNBC this week that returning American manufacturing to its former strength is not only unrealistic—it might not even be worthwhile. The former Fed Chair-turned-Biden economic architect dismissed President Donald Trump’s pro-industry tariff strategy as a “pipe dream,” directly contradicting one of the central pillars of the America First agenda.
Speaking on Squawk Box, Yellen lamented the state of the global trade environment under Trump’s newly reimposed tariffs, describing it as “chaotic” and “paralyzing” for both businesses and consumers. But the line that stunned viewers came when she questioned the very premise of American industry revival:
“Perhaps it’s to bring back American manufacturing, but I really think that’s a pipe dream… and we could even raise questions about whether or not, in a broad-based way, that’s a desirable goal.”
Let that sink in. A former top U.S. economic official openly wondering whether revitalizing domestic manufacturing—the foundation of America’s middle class—is even desirable.
Meanwhile, in the real world of job creation and technological advancement, companies are reaching a very different conclusion.
The same politicians who sold American workers out to foreign countries for decades now say an American manufacturing renaissance is a “pipe dream” that isn’t even a “desirable goal.”
1) @POTUS doesn’t accept that.
2) That attitude is how we got here.
3) They hate you. pic.twitter.com/BbtyVABSGb
— Rapid Response 47 (@RapidResponse47) April 14, 2025
Just as Yellen delivered her comments, Nvidia—the global leader in artificial intelligence and semiconductor design—announced it would invest up to $500 billion in U.S.-based production. That includes the development of AI supercomputers in Texas, a massive vote of confidence in American labor, engineering, and infrastructure.
“The engines of the world’s AI infrastructure are being built in the United States for the first time,” Nvidia CEO Jensen Huang said. “Adding American manufacturing helps us… strengthen our supply chain and boost our resiliency.”
The contrast could not be clearer. While Biden-era officials and leftwing economists cling to outdated globalist assumptions—insisting America can’t or shouldn’t make things—companies like Nvidia, Tesla, and Intel are proving them wrong in real time. The future isn’t in offshoring. It’s in re-shoring.
Yellen’s comments are more than tone-deaf—they’re revealing. They lay bare the mindset of a ruling class that never believed in American workers in the first place. From NAFTA to China’s WTO entry to the decades-long outsourcing of our factories, the economic elite haven’t just watched this industrial exodus happen—they orchestrated it. And now that Trump is turning the tide with bold tariff policies and strategic pressure on foreign adversaries like China, they’re panicking.
The very same leftwing elites who are responsible for gutting our manufacturing base, screwing over our workers and building up the Chinese Communist Party are upset because President Trump is committed to putting America First and ending their globalist agenda. https://t.co/ZwIvUhgpk4
— Nate Morris (@NateMorris) April 14, 2025
Yellen even told CNN that Trump’s tariffs were “the worst self-inflicted policy wound” she’d seen in her career. That’s rich coming from a member of the administration that presided over the worst inflation in four decades, drove interest rates sky-high, and watched the working class fall further behind.
Meanwhile, real results are piling up. American chipmaking is returning. Steel and auto investments are surging. AI—the single most disruptive technology in the world—is planting roots in U.S. soil. And it’s no accident. It’s policy. It’s pressure. It’s leadership.
As Kentucky businessman and likely Senate contender Nate Morris put it,
“The very same leftwing elites who are responsible for gutting our manufacturing base, screwing over our workers, and building up the Chinese Communist Party… are upset because President Trump is committed to putting America First and ending their globalist agenda.”
Yellen may think American manufacturing is a fantasy. But for the workers on the floor in Texas, for the engineers designing chips in Phoenix, and for the voters watching it all happen—it’s the future. And this time, it’s being built here at home.
