The best guarantee of jobs in the industry isn’t subsidies for the losers, but the prospect of profits for the winners.

When Hugo Chavez nationalized Venezuela’s oil industry and created a huge welfare state funded by declining oil revenues, he unleashed huge social problems that have reduced the nation to poverty. The Trump administration’s recent actions against Venezuela will make things much worse.

Billy Joel memorialized the workers of the steel industry in his 1982 song “Allentown.” While popular culture seems to dwell on tragedy, the creative-destruction of the market process also involves progress.