Joe Biden's policy achievements will be felt for years as the economic development derived from the passing of historic investment bills is driving the US to be the strongest post recovery economy in the G7 and arguable the best economy in the world right now. The inflation, Chips and science bills are all driving strong US investment (see first section below). Joe is building back better the American economy and woeful infrastructure without playing politics. You are seeing much of the investment heading to red states which will give him no credit (see second section below). Joe is apparently bumbling his way to a legacy of one of the most effective administrations in the last century.
www.theatlantic.com
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Centered on a trio of bills Biden signed in his first two years, the president’s economic program has triggered what could become the most concentrated burst of public and private investment since the 1960s. The twin bills Biden signed in 2022 to promote more domestic production of clean energy and semiconductors have already helped generate about $500 billion in private investment in new factories and expansion of existing plants, according to the administration’s tally. Simultaneously, the federal government is spending billions more repairing roads, bridges, and other facilities through some 32,000 projects already funded by the bipartisan infrastructure bill approved in 2021. Companies are spending twice as much on constructing new manufacturing facilities as they were as recently as two years ago, a recent Treasury Department analysis found.
the magnitude of the Biden boom in investment could be historic. Three bills are contributing to the upsurge. One is the Inflation Reduction Act, which provides sweeping subsidies for the domestic manufacture and deployment of clean-energy products such as electric vehicles. The second is the CHIPS and Science Act, which allocates billions of dollars to encourage the domestic production of semiconductors, now produced mostly abroad. The third is the bipartisan infrastructure bill, which funds not only traditional infrastructure projects such as roads and bridges but also new needs like the broadband program and a nationwide network of electric-vehicle chargers. Biden hopes to turbocharge the effect of these bills with other policies pushing companies to buy American in the materials they use in all of these projects.
(Notice this part below where Biden is refusing to play politics with investment)
Many Democrats see that as an important economic commitment and a powerful political argument. But portions of the party are grumbling that the administration is not showing enough concern as companies steer so much of the investment triggered by the new federal incentives toward Republican-leaning states and counties.
That concern is rooted partly in the belief that voters in those places are unlikely to credit Biden for promoting new factories and facilities or to punish Republicans who have opposed the incentives that made them possible. An even larger complication may be the fact that many of these new jobs are moving into states where workers have historically received lower wages and benefits than in the more heavily unionized blue states. “They are sending the money to the states with the lowest worker protections, lower worker standards,” Michael Podhorzer, the former longtime political director of the AFL-CIO, told me. “It’s putting pressure on blue-state employers to lower their standards to be competitive.”
Biden’s ‘Big Build’
The president’s investment agenda is already generating a huge economic impact. Will political benefits follow?
www.theatlantic.com
Pay wall reader: 12ft – Hop any paywall
Simply post the above link into that paywall reader to bypass subscription
Centered on a trio of bills Biden signed in his first two years, the president’s economic program has triggered what could become the most concentrated burst of public and private investment since the 1960s. The twin bills Biden signed in 2022 to promote more domestic production of clean energy and semiconductors have already helped generate about $500 billion in private investment in new factories and expansion of existing plants, according to the administration’s tally. Simultaneously, the federal government is spending billions more repairing roads, bridges, and other facilities through some 32,000 projects already funded by the bipartisan infrastructure bill approved in 2021. Companies are spending twice as much on constructing new manufacturing facilities as they were as recently as two years ago, a recent Treasury Department analysis found.
the magnitude of the Biden boom in investment could be historic. Three bills are contributing to the upsurge. One is the Inflation Reduction Act, which provides sweeping subsidies for the domestic manufacture and deployment of clean-energy products such as electric vehicles. The second is the CHIPS and Science Act, which allocates billions of dollars to encourage the domestic production of semiconductors, now produced mostly abroad. The third is the bipartisan infrastructure bill, which funds not only traditional infrastructure projects such as roads and bridges but also new needs like the broadband program and a nationwide network of electric-vehicle chargers. Biden hopes to turbocharge the effect of these bills with other policies pushing companies to buy American in the materials they use in all of these projects.
(Notice this part below where Biden is refusing to play politics with investment)
Many Democrats see that as an important economic commitment and a powerful political argument. But portions of the party are grumbling that the administration is not showing enough concern as companies steer so much of the investment triggered by the new federal incentives toward Republican-leaning states and counties.
That concern is rooted partly in the belief that voters in those places are unlikely to credit Biden for promoting new factories and facilities or to punish Republicans who have opposed the incentives that made them possible. An even larger complication may be the fact that many of these new jobs are moving into states where workers have historically received lower wages and benefits than in the more heavily unionized blue states. “They are sending the money to the states with the lowest worker protections, lower worker standards,” Michael Podhorzer, the former longtime political director of the AFL-CIO, told me. “It’s putting pressure on blue-state employers to lower their standards to be competitive.”
