You might have missed the segment in last night’s GOP debate where CNN’s Wolf Blitzer asked carefully prepared questions about what America’s industrial policy ought to be. That’s because he didn’t — not that I’m criticizing Wolf, who did much better than the pathetic Brian Williams and hapless John King — but the candidates nevertheless indirectly gave us their own ugly visions.

For the moment it looks like just three things have worked to create jobs: the MIC, QE2 and other policies favoring commodities, and actual industrial policy.

President Obama may really believe that we will “Win the Future” by out-innovating, out-building, and out-educating our competitors. Good. Because it’s increasingly clear the way to “Win the Future” is not by brutalizing other countries’ mobs through our investing unlimited amounts in military technology.

Wall Street is useless at capital allocation. Their dependence on trading income comes at the expense of investments in the future.

China believes that the US is weak state with unbridled capitalism. Chinese industrial policy reflects that belief. Both political parties in the US agree, and neither will change anything. No wonder we have a jobless recovery.