THINK


TANK An Occasional Series


Series X Bonds Will Make


America


‘Make’ Again Let ordinary investors finance our manufacturing rebirth.


by partha chakraborty


THE ISSUE: IT WILL TAKE YEARS AND SIGNIFICANT FINANCIAL RESOURCES TO BRING


MANUFACTURING BACK TO THE U.S.


P


resident Donald Trump has made tariffs a corner- stone of his plan


to rebuild America’s eco- nomic core. Research by Stephen


Miran, chair of the Council of Economic Advisers, lays out how tariffs can be used to bring manufacturing jobs back, a key promise of the Trump administration. There is every indication


that Trump is staying the course, notwithstanding near-term economic costs. A weak point in the anal- ysis is that it takes inor-


36 NEWSMAX | JULY 2025


dinately long for manufac- turing capacity to build up, even when there is an obvi- ous economic opportunity brought about by strategic use of tariffs. Mismatch between


demand and supply can drive up prices. Infla- tionary pressure creates political realities that may undermine their efficacy as an economic cudgel.


THE SOLUTION: ALLOW INDIVIDUAL INVESTORS TO FINANCE REBIRTH OF DOMESTIC MANUFACTURING.


R


apid build-up of production capacity faces two primary


roadblocks. The Trump administration


is on course to address the first — regulatory minefields and bureaucratic apathy. The second roadblock


— availability of financial resources — calls for a rein- carnation of a program the U.S. has previously used successfully in times of an existential threat. Almost 60% of the spend


for U.S. war efforts during World War II came from debt, much of it from ordi- nary citizens through Series E bonds, also known as “War Bonds.” A version is still in circu-


lation as Series EE bonds; in the decade after the 9/11 attacks, a special edition was sold as “Patriot Bonds” to fund antiterrorism efforts. These instruments are tar- geted at individual inves- tors and can offer a low-risk investment opportunity. It is time to bring them


back to help make America make again. I am proposing Series


X Bonds, or “Make Amer- ica Make Again” bonds, to bring the message of a manufacturing rebirth to every doorstep. These bonds will earn a


monthly coupon, so inves- tors can see a cash return on a regular basis. We can make these


bonds redeemable for cash on a predetermined sched- ule over a reasonably long maturity period, thus giving investors an opportunity to realize capital appreciation should they have a reason to cash out. Projects financed by


these funds will feature prominently as key driv- ers to America’s comeback story, complementing their economic appeal. These bonds will not be


tradable, ensuring a long- term horizon for any inves- tor and helping protect the program from the vagaries of the market. Money raised can be


invested in rebuilding national capacities in prior- ity areas, including energy, steel, aluminum, lumber, chips, rare earth minerals, and technical education. Recipient entities, all pri-


vate enterprises, will have to adhere to a set of the highest standards that reflect com- mon sense, e.g., prioritizing use of American-made mate-


WANG AN QI/SHUTTERSTOCK


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