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November 25, 2024
Biden-Harris Administration's Investing in America Agenda
Main Theme: The Biden-Harris administration's Investing in America agenda has successfully catalyzed over $1 trillion in private sector investments in clean energy, semiconductors, and other advanced manufacturing sectors. This government-enabled, private-sector-led approach is driving economic growth, job creation, and U.S. competitiveness in key industries of the future.
The People’s Ledger is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.
Key Findings:
* Investment Boom: Since 2021, announced private sector investments in these key sectors have surpassed $1 trillion. This includes:
* $446 billion for semiconductors and electronics
* $91 billion for clean energy manufacturing
* $182 billion for electric vehicles and batteries
* $54 billion for biomanufacturing
* $49 billion for heavy industry
* $188 billion for clean power
* Real Investment Growth: Beyond announcements, actual investment in factory construction has more than doubled since President Biden took office, exceeding pre-agenda forecasts and reaching record highs for nine consecutive quarters.
* "As of the third quarter of 2024, investment in manufacturing structures is at an all-time high and has broken record highs for the past nine quarters."
* Targeted Investments: Investments are flowing into disadvantaged communities, with a focus on areas with below-average incomes, graduation rates, and employment rates.
* "Early indications are that this is working: a recent Department of the Treasury report shows that clean energy investments are largely taking place in counties where median incomes, graduation rates, and employment rates are below the respective national aggregate rates."
* Job Creation: The surge in investment has led to significant job growth:
* Construction employment is at an all-time high, adding 947,000 jobs since 2021.
* Nonresidential construction job growth accelerated following the passage of key legislation.
* 400,000 clean energy jobs have been created.
* Manufacturing employment is projected to increase by up to 8%.
* Good Jobs: The administration emphasizes creating good jobs with higher compensation and strong safety standards, particularly union jobs. This is expected to reduce turnover, increase productivity, and benefit workers and the economy overall.
Key Legislation:
The Investing in America agenda comprises three landmark legislative acts:
* Bipartisan Infrastructure Law: Provides billions in investments for roads, bridges, water systems, and other critical infrastructure.
* CHIPS and Science Act: Offers grants and incentives to semiconductor companies to bolster domestic production and technological advancement.
* Inflation Reduction Act: Includes tax credits, grants, and loans to spur investment and widespread deployment of clean energy technologies.
Conclusion:
The Investing in America agenda is a strategic and successful approach to revitalizing American manufacturing, fostering clean energy innovation, and creating good jobs across the country. By leveraging public investment to attract private capital, the administration is building a more competitive, resilient, and sustainable economy for the future.
Source: The White House, "The Biden- Harris Administration Has Catalyzed $1 Trillion in New U.S. Private Sector Clean Energy, Semiconductor, and Other Advanced Manufacturing Investment".
What you need to know
What is the Biden-Harris Administration's Investing in America agenda?
The Investing in America agenda is a series of strategic public investments in American manufacturing, infrastructure, and clean energy. Its aim is to revitalize U.S. manufacturing leadership, drive economic growth, address the climate crisis, and create good-paying jobs.
What key pieces of legislation make up the Investing in America agenda?
The agenda consists of three landmark pieces of legislation: the Bipartisan Infrastructure Law, the CHIPS and Science Act, and the Inflation Reduction Act. These laws provide grants, loans, tax credits, and other incentives to stimulate private investment across various sectors.
How has the Investing in America agenda impacted private sector investment?
Since the launch of the agenda, private sector investment announcements in clean energy and manufacturing have exceeded $1 trillion. This includes significant investments in semiconductors, clean energy manufacturing, electric vehicles and batteries, biomanufacturing, heavy industry, and clean power.
What evidence suggests these announced investments are translating into actual spending?
The Bureau of Economic Analysis (BEA) tracks private investment in factory construction, a key indicator of actual spending. Data shows that real investment in factory construction has more than doubled since President Biden took office, reaching an all-time high and breaking records for the past nine quarters.
Where are these investments happening geographically?
The Investing in America agenda includes programs that encourage investment in disadvantaged communities. Reports indicate that clean energy investments are largely taking place in counties with below-average median incomes, graduation rates, and employment rates, demonstrating the agenda's commitment to inclusive growth.
How has the Investing in America agenda affected employment?
The agenda has contributed to a rise in employment, with construction employment reaching an all-time high. The economy has added nearly 950,000 construction jobs since the start of the Biden-Harris Administration. Additionally, 400,000 clean energy jobs have been created, growing at twice the rate of overall job growth.
What is the administration doing to ensure these are "good" jobs?
The administration emphasizes empowering workers with well-paying jobs, especially union jobs. The Investing in America agenda includes provisions for prevailing wages and registered apprenticeships, promoting higher compensation, better safety standards, and opportunities for career advancement.
What is the long-term impact of the Investing in America agenda?
The Biden-Harris administration believes the agenda will promote inclusive economic growth across the country for decades to come. The $1 trillion in private sector investments is expected to lead to increased manufacturing employment, a thriving clean energy sector, and economic revitalization in communities across the U.S.
Get full access to Ryan Kennedy at thepeoplesledger.substack.com/subscribe
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By Taylor BrooksBiden-Harris Administration's Investing in America Agenda
Main Theme: The Biden-Harris administration's Investing in America agenda has successfully catalyzed over $1 trillion in private sector investments in clean energy, semiconductors, and other advanced manufacturing sectors. This government-enabled, private-sector-led approach is driving economic growth, job creation, and U.S. competitiveness in key industries of the future.
The People’s Ledger is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.
Key Findings:
* Investment Boom: Since 2021, announced private sector investments in these key sectors have surpassed $1 trillion. This includes:
* $446 billion for semiconductors and electronics
* $91 billion for clean energy manufacturing
* $182 billion for electric vehicles and batteries
* $54 billion for biomanufacturing
* $49 billion for heavy industry
* $188 billion for clean power
* Real Investment Growth: Beyond announcements, actual investment in factory construction has more than doubled since President Biden took office, exceeding pre-agenda forecasts and reaching record highs for nine consecutive quarters.
* "As of the third quarter of 2024, investment in manufacturing structures is at an all-time high and has broken record highs for the past nine quarters."
* Targeted Investments: Investments are flowing into disadvantaged communities, with a focus on areas with below-average incomes, graduation rates, and employment rates.
* "Early indications are that this is working: a recent Department of the Treasury report shows that clean energy investments are largely taking place in counties where median incomes, graduation rates, and employment rates are below the respective national aggregate rates."
* Job Creation: The surge in investment has led to significant job growth:
* Construction employment is at an all-time high, adding 947,000 jobs since 2021.
* Nonresidential construction job growth accelerated following the passage of key legislation.
* 400,000 clean energy jobs have been created.
* Manufacturing employment is projected to increase by up to 8%.
* Good Jobs: The administration emphasizes creating good jobs with higher compensation and strong safety standards, particularly union jobs. This is expected to reduce turnover, increase productivity, and benefit workers and the economy overall.
Key Legislation:
The Investing in America agenda comprises three landmark legislative acts:
* Bipartisan Infrastructure Law: Provides billions in investments for roads, bridges, water systems, and other critical infrastructure.
* CHIPS and Science Act: Offers grants and incentives to semiconductor companies to bolster domestic production and technological advancement.
* Inflation Reduction Act: Includes tax credits, grants, and loans to spur investment and widespread deployment of clean energy technologies.
Conclusion:
The Investing in America agenda is a strategic and successful approach to revitalizing American manufacturing, fostering clean energy innovation, and creating good jobs across the country. By leveraging public investment to attract private capital, the administration is building a more competitive, resilient, and sustainable economy for the future.
Source: The White House, "The Biden- Harris Administration Has Catalyzed $1 Trillion in New U.S. Private Sector Clean Energy, Semiconductor, and Other Advanced Manufacturing Investment".
What you need to know
What is the Biden-Harris Administration's Investing in America agenda?
The Investing in America agenda is a series of strategic public investments in American manufacturing, infrastructure, and clean energy. Its aim is to revitalize U.S. manufacturing leadership, drive economic growth, address the climate crisis, and create good-paying jobs.
What key pieces of legislation make up the Investing in America agenda?
The agenda consists of three landmark pieces of legislation: the Bipartisan Infrastructure Law, the CHIPS and Science Act, and the Inflation Reduction Act. These laws provide grants, loans, tax credits, and other incentives to stimulate private investment across various sectors.
How has the Investing in America agenda impacted private sector investment?
Since the launch of the agenda, private sector investment announcements in clean energy and manufacturing have exceeded $1 trillion. This includes significant investments in semiconductors, clean energy manufacturing, electric vehicles and batteries, biomanufacturing, heavy industry, and clean power.
What evidence suggests these announced investments are translating into actual spending?
The Bureau of Economic Analysis (BEA) tracks private investment in factory construction, a key indicator of actual spending. Data shows that real investment in factory construction has more than doubled since President Biden took office, reaching an all-time high and breaking records for the past nine quarters.
Where are these investments happening geographically?
The Investing in America agenda includes programs that encourage investment in disadvantaged communities. Reports indicate that clean energy investments are largely taking place in counties with below-average median incomes, graduation rates, and employment rates, demonstrating the agenda's commitment to inclusive growth.
How has the Investing in America agenda affected employment?
The agenda has contributed to a rise in employment, with construction employment reaching an all-time high. The economy has added nearly 950,000 construction jobs since the start of the Biden-Harris Administration. Additionally, 400,000 clean energy jobs have been created, growing at twice the rate of overall job growth.
What is the administration doing to ensure these are "good" jobs?
The administration emphasizes empowering workers with well-paying jobs, especially union jobs. The Investing in America agenda includes provisions for prevailing wages and registered apprenticeships, promoting higher compensation, better safety standards, and opportunities for career advancement.
What is the long-term impact of the Investing in America agenda?
The Biden-Harris administration believes the agenda will promote inclusive economic growth across the country for decades to come. The $1 trillion in private sector investments is expected to lead to increased manufacturing employment, a thriving clean energy sector, and economic revitalization in communities across the U.S.
Get full access to Ryan Kennedy at thepeoplesledger.substack.com/subscribe