2023: Biden’s America Investment Agenda Benefits US Families
TL/DR –
President Biden’s administration highlights the progress made from his “Investing in America” agenda, including laws like the American Rescue Plan, Bipartisan Infrastructure Law, CHIPS and Science Act, and Inflation Reduction Act. These laws paved the way for significant achievements such as affordable healthcare and reduced medication costs for seniors, job creation in the clean energy and construction fields, substantial investments in clean energy and manufacturing, and wage gains for various industries. The White House has also launched initiatives like the American Climate Corps and the Affordable Connectivity Program, leading to increased clean energy jobs and affordable internet access for millions of households respectively.
President Biden’s Economic Achievements – The Power of ‘Investing in America’
President Biden’s first two years in office were marked by significant economic achievements. Working closely with Congress, Biden introduced hallmark laws that form the backbone of his ‘Investing in America’ agenda, a major aspect of Bidenomics. The American Rescue Plan, the Bipartisan Infrastructure Law, the CHIPS and Science Act, and the Inflation Reduction Act have been instrumental in lowering costs, boosting job creation, rejuvenating American manufacturing, and empowering workers.
Implementation of these laws was swift and effective, particularly targeting communities that have been historically overlooked. To demonstrate the power of Biden’s agenda, the administration organized over 40 ‘Investing in America’ tours across the United States and launched invest.gov, a new website that showcases the direct impact of Biden’s initiatives on local communities.
Top 10 Achievements of ‘Investing in America’ 2023
1. The Inflation Reduction Act resulted in savings of $800 on health insurance for 15 million Americans, capped insulin at $35 for seniors on Medicare, and reduced drug prices, saving seniors hundreds per medicine dose.
2. Over 210,000 new clean energy jobs were created since August 2022, and over 252,000 new construction jobs in 2023, as a result of the Inflation Reduction Act.
3. Mobilization of nearly $180 billion in private sector investments in clean energy and manufacturing, totaling $628 billion since Biden took office, with 81% of investments located in counties with below-average wages.
4. Surpassing forecasts for manufacturing construction investments, largely driven by Biden’s Investing in America agenda initiatives like the Bipartisan Infrastructure Law, the CHIPS and Science Act, and the Inflation Reduction Act.
5. BAE Systems, Inc. in New Hampshire was shortlisted for the first CHIPS award, marking the beginning of the CHIPS implementation that will stimulate investment and job creation while strengthening American supply chains and national security.
6. Over 33,000 infrastructure projects, including $30 billion for world-class rail and seven regional clean hydrogen hubs, were announced in 2023 alone under the Bipartisan Infrastructure Law.
7. Workers, particularly union workers, achieved unprecedented wage gains, with raises ranging from 21% for healthcare workers to up to 55% for UPS Teamsters.
8. To align with the Investing in America agenda, five Workforce Hubs were launched nationwide to foster job creation in areas receiving significant public and private investments. These hubs have already secured commitments to train thousands of workers in construction and semiconductor manufacturing and introduced new apprenticeship programs.
9. The American Climate Corps was launched to mobilize a new generation of clean energy, conservation, and resilience workers, attracting interest from over 40,000 people in the first few weeks.
10. Seven million households were enrolled in the Affordable Connectivity Program in 2023, bringing total enrollment to over 22 million households, resulting in internet bill savings of $30 to $75 per month over the previous year.
—
Read More US Economic News