Biden’s Second Term Promise
TL/DR –
The article discusses President Biden’s accomplishments during his first term, specifically his signing of three landmark pieces of legislation— the bipartisan infrastructure law, the Inflation Reduction Act, and the CHIPS Act— that have led to the creation of 15 million jobs in three years. Research from UMass Amherst’s Political Economy Research Institute suggests that these three programs could generate an average of 3 million jobs per year, particularly in occupations that did not require a four-year college degree. However, the article also highlights the challenges related to labor supply and workforce development in the face of increased demand for certain occupations, and points out the underrepresentation of women and people of color in these areas.
Biden’s Potential Second-Term Actions: A Look at Past Achievements
If you wish to understand possible Biden’s actions in a second term, and particularly with Democratic Congress, observe his past actions. From November 2021 to August 2022, Biden enacted three monumental laws – the bipartisan infrastructure law, the Inflation Reduction Act, and the CHIPS Act – with a razor-thin Democratic majority in both houses.
Biden’s job creation record is commendable, with 15 million jobs in just over three years, including 800,000 manufacturing positions. The three laws played a crucial role in implementing industrial policies to rejuvenate U.S. supply chains, modernize and green deteriorating infrastructure, and boost domestic employment in semiconductors under the CHIPS Act.
As per an authoritative report by Robert Pollin and colleagues from the UMass Amherst’s Political Economy Research Institute, the BIL, IRA, and CHIPS programs would generate about 3 million jobs per year, given sustained investment levels. The job expansion would significantly benefit occupations that don’t require a four-year college degree.
PERI’s follow-up report reveals the occupations experiencing the largest labor demand increase due to these programs and discusses potential labor bottlenecks and labor supply augmentation strategies. Biden’s three significant programs have created demand in 21 occupations with relatively low entry-level requirements and primarily on-the-job training, including laborers, pipelayers, and stock handlers.
Jobs with increased demand requiring significant training, such as crane operators, carpenters, electricians, sheet metal workers, wind turbine technicians, total 27. Success in job creation hinges on aligning large investment programs with workforce development, especially in tight labor markets and skilled occupations.
Biden has begun addressing this. The progress continuity hinges on his second term. The PERI authors highlight the underrepresentation of women and people of color in occupations needing more apprenticeship and training opportunities. They suggest these programs should focus on recruiting and retaining underrepresented groups.
Biden’s significant contributions haven’t been recognized as much as they should be. Achieving transformative success for the majority of working people would likely necessitate another term.
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