Category Archives: Economic Development

Economic Development, Economic Policies, Election 2024, Jobs, Manufacturing, News & Photo Features

Harris-Walz Campaign: A New Way Forward To Build American Industrial Strength, Powered by American Workers

Vice President Kamala Harris, campaigning for president, released details of additional plans as part of the Harris-Walz pragmatic agenda to invest in and rebuild America’s industrial capacity. This strategy builds on their core priorities of lowering costs for families, restoring families’ basic economic security and ensuring the middle class continues to be a source of growth for our economy, while investing in American innovation and entrepreneurship. © Karen Rubin/news-photos-features.com

Critics suggest that Vice President Kamala Harris has not detailed her plans as president (while not seeking the same detail from Donald Trump). Here, Harris documents “A New Way Forward” to build American industrial strength, powered by American workers. She intends to use new America Forward Tax Credits to incentivize investment in strategic industries critical to U.S. leadership in the global economy, removing barriers, while creating well-paying union jobs. This fact sheet was provided by the Harris-Walz campaign: – Karen Rubin/editor@news-photos-features.com

Vice President Harris and Governor Walz are committed to building a stronger economy where everyone has an opportunity to chase their dreams and aspirations, and where the United States continues to out-innovate and out-compete the world in the 21st century. Today, they are releasing additional plans as part of their pragmatic agenda to invest in and continue to rebuild America’s industrial capacity. This strategy builds on their core priorities of lowering costs for families, restoring families’ basic economic security and ensuring the middle class continues to be a source of growth for our economy, while investing in American innovation and entrepreneurship.

Vice President Harris and Governor Walz know that building our capabilities requires investments in our workforce, foundational research, incentives to deploy new technologies, and reforms to build factories and facilities across America at scale and speed. Their plan will do that. They will empower American workers—including union workers and those without a college degree—to surge America’s lead in the industries of the future, revitalize manufacturing communities so that they are at the cutting-edge of manufacturing growth, and cut red tape so America can build more and faster. These efforts will enable the United States to maintain its competitive edge in the industries that are strategic to our economic and national security.

In Vice President Harris and Governor Walz’s vision of an Opportunity Economy, America vigorously invests in and competes for the future, through a strategy that insists on creating opportunity for all and leaving no areas or set of workers behind. Vice President Harris and Governor Walz are calling for a New Way Forward for the middle class—where America invests in the most strategic industries of the future, with a plan to ensure workers and communities share in the benefits of those investments.

The American people face a choice in this election between two fundamentally different paths for our economy. Donald Trump and J.D. Vance’s Project 2025 agenda would weaken the economy and hurt the middle class. Vice President Harris and Governor Walz’s plan will build up the middle class and make sure our economy works for everyone. They know the American economy is the most powerful force for innovation and wealth creation in human history. Their pragmatic approach to strengthening the middle class, supporting workers and unions, and driving our economy forward is grounded in the fundamental values of fairness, dignity, and opportunity.

Launching “America Forward”—To Build America’s Industrial Base and Lead in the Industries of the Future. Vice President Harris and Governor Walz will create an America Forward strategy to drive a new era in American industry and help deploy technologies and manufacture them at scale. Across America Forward investments, a Harris-Walz Administration will focus on making products in America and supporting workers, manufacturing communities, and energy communities. Their strategy will build an economy where all Americans have the chance to compete and succeed.

Vice President Harris and Governor Walz’s America Forward strategy will accelerate our progress, building on the historic investments in the Bipartisan Infrastructure Law, the CHIPS and Science Act, and the Inflation Reduction Act. Those landmark laws have already spurred billions of dollars of new private investment in emerging technologies and public funding for clean energy technologies, basic research, semiconductor manufacturing, and more.

Creating America Forward Tax Credits. To build America’s industrial base and continue to lead the world, Vice President Harris and Governor Walz are proposing America Forward tax credits targeting investment and job creation in key strategic industries essential to our economic growth and national security. The America Forward tax credits will be linked to the treatment of workers, ensuring the right to organize, and supporting investments in longstanding manufacturing, energy, and agricultural communities.

Investments that would benefit from the America Forward tax credits include, for example:

  • Investments That Make Sure America—Not China—Leads in the Critical Industries of the Future. ​​Vice President Harris and Governor Walz’s strategy is designed to maintain and extend America’s edge in industries of the future. This includes modernizing and reducing emissions in steel and iron production, developing biotechnology that can help produce critical medicines and new sustainable materials, investing in Artificial Intelligence (AI) innovation and building new data centers for AI, expanding clean energy manufacturing and innovation, revitalizing America’s semiconductor industry, investing in aerospace, autos, and other forms of transportation, and producing industrial tools and machines critical to our national and economic security. America cannot sit on the sidelines and cede leadership to nations like China, jeopardizing our national security. From her work on the development and implementation of the White House executive order on AI to her global leadership on AI safety and the convenings she has hosted with labor and civil rights leaders, Vice President Harris has always prioritized innovation that not only keeps America in the lead but that strengthens America’s workforce, protects consumers, and keeps Americans safe.
    • Rewarding Investment That Brings All Areas and Workers Along. Vice President Harris and Governor Walz believe that no one who grows up in one of America’s great industrial or agricultural centers should be abandoned. The America Forward tax credits will provide significant additional benefits to investments made in longstanding manufacturing, energy, and agricultural communities, or longstanding steel and iron communities such as Pennsylvania’s Mon Valley. These new tax credits will also reward companies that work with unions and communities to support workers and to protect jobs.

Creating Opportunity for All Workers, Including Those Without a College Degree. Vice President Harris and Governor Walz believe that anyone with the skills to do a job should be able to get the job, whether or not they have a formal degree. There are tens of millions of good-paying jobs that do not require a college degree—and their plan to invest in America’s industrial capacity will create even more. They will address barriers holding workers without a degree back from working in jobs that they can succeed in and earning a good salary where they live.

Vice President Harris and Governor Walz pledge to eliminate unnecessary degree requirements and promote meaningful pathways for those without college degrees for 500,000 federal jobs—and challenge the business community to do the same. They will also support partnerships with businesses, unions, school districts, community colleges, and faith-based groups to expand access to high-quality, evidence-based programs and create millions of new training opportunities such as registered apprenticeships, pre-apprenticeships, joint-labor management partnerships, and other training opportunities that lead to a good job. In particular, they will set a goal to double the number of registered apprenticeships in America by the end of their first term—in industries ranging from advanced manufacturing to the trades to teaching to health care to cybersecurity and more, as well as a focus on opportunities for youth. Vice President Harris and Governor Walz will also continue to invest in America’s public schools and strengthen STEM education as we prepare the next generation of workers and researchers to compete globally. And they remain committed to cutting red tape by reducing barriers to occupational licensing across state lines, as well as ensuring that workers continue to have good-paying jobs and opportunities amid technological advances.

In addition, Vice President Harris and Governor Walz will reform our tax laws to make it easier for businesses to let workers share in their company’s success, including through broad-based employee stock ownership, profit-sharing plans, and comparable arrangements, with appropriate guardrails to ensure these plans benefit and protect workers.

Invest To Develop and Secure America’s Research Base. Vice President Harris and Governor Walz know that America’s edge in the development of new technologies arises from our ability to lead in basic research while also commercializing at scale. They are proposing a significant investment to shore up our national and economic security by making sure the United States—not China—leads in AI, quantum computing, blockchain, clean technology, biomanufacturing, semiconductors, and other key technology research areas. They will do this by scaling up and making permanent the National Artificial Intelligence Research Resource, a shared public research infrastructure to give startups, researchers, and students access to the most advanced computing power, data, and analytical tools, to surge responsible discovery and innovation in AI and allow them to compete with large, privately funded AI companies. They will also ramp up investments in the National Science Foundation, the Department of Energy’s national labs, the National Institute of Standards and Technology, and other public research and development agencies to keep America at the forefront of technological development.

Safeguarding Access to Critical Minerals for American Manufacturing. Vice President Harris and Governor Walz’s strategy will build a U.S. stockpile and create incentives to build out domestic processing capacity of critical minerals necessary for our economic and national security, including by launching a national reserve for these resources and leveraging the Defense Production Act, Department of Energy resources, and other tools. Increased domestic production will be paired with innovative and sustainable steps to build stronger critical mineral supply chains alongside our allies and partners, including by incentivizing investments that expand U.S. and allied production of these resources. These efforts will reduce our dependence on China, which leads production on many critical minerals.

Building More—and Faster—by Cutting Red Tape. Vice President Harris and Governor Walz know that it takes too long and costs too much to build in America. They support reforms to build projects in the industries of the future more quickly and efficiently and that these projects reflect community input and protect our environment and public health.

Thanks to Vice President Harris’s leadership, we have already made tremendous progress in accelerating new manufacturing projects with strong community buy-in, including through Project Labor Agreements and Community Benefit Agreements. Vice President Harris cast the tie-breaking vote to secure $1 billion under the Inflation Reduction Act to speed permitting review, and she helped finalize a rule to modernize environmental reviews under the National Environmental Policy Act that creates new ways for projects to qualify for the simplest form of environmental review, promotes early public engagement, and accelerates project reviews while setting clear deadlines.

Vice President Haris and Governor Walz will be laser-focused on accelerating projects and unleashing the full potential of American industry by cutting red tape that slows projects down, including through permitting reform that ensures projects are built quickly and efficiently, reflect public input and public priorities, and protect our environment and public health.

Leveling the Playing Field. Vice President Harris won’t let other countries such as China undermine these investments in our workers and U.S. manufacturing. The Biden-Harris Administration has stood up to China when it breaks the rules—including when China threatens American workers and businesses by engaging in unfair trade practices such as flooding the global marketplace with artificially low-priced goods, undermining American shipbuilding, or engaging in forced technology transfer or intellectual property theft. As President, she will never hesitate to take swift and strong measures when China undermines the rules of the road at the expense of our workers, our communities, and our companies. She will also crack down on counterfeit and unsafe goods from China to protect American entrepreneurs, innovators, small businesses, and consumers. She believes in upholding and strengthening international economic rules and norms that protect fair trade and create predictability and stability.

Supporting American-Made Products. Vice President Harris and Governor Walz will enforce Buy America requirements and strengthen the work of the Made in America Office that launched three years ago. They will also focus on contracting with firms that produce in America. In contrast, under Donald Trump’s presidency, he awarded $425 billion—one in four dollars of all federal contracts—to companies engaged in offshoring.

Ensuring These Investments in American Innovation Are Paid For. Vice President Harris and Governor Walz are committed to fiscal responsibility—making investments that will support our economy, while paying for them and reducing the deficit at the same time. This plan will cost approximately $100 billion and will be paid for by a portion of the proceeds of international tax reform, which seeks to prevent a global race to the bottom and to discourage inversions, outsourcing, or international tax strategies designed by corporations to avoid paying their fair share to the United States.

* * *

Vice President Harris and Governor Walz are charting a New Way Forward—to a future where everyone has the opportunity not just to get by, but to get ahead. They will invest in the competitive advantages that make America the strongest nation on Earth—our workers, innovation, and industry—so that America remains a leader in the industries of the future.

Donald Trump, by contrast, failed to deliver for American manufacturing. His presidency was a tale of broken promises. His signature legislative achievement was a $2 trillion tax law that overwhelmingly favored the wealthiest Americans and the largest corporations, making the rich richer.

As a result of Trump’s trade war and his disastrous mismanagement of the pandemic response, by the end of his presidency he wiped out more than half of the manufacturing jobs gained from nearly a decade before. He let China seize the advantage in the production of key technologies, stood by while factories closed and jobs were lost, and tried to cut funding for the loan and research programs that have been advancing American technology. He failed to pass serious legislation that could have boosted our infrastructure or advanced American manufacturing—but the Biden-Harris Administration got it done.

A second Trump presidency would be even worse. His Project 2025 agenda would repeal the Bipartisan Infrastructure Law and the Inflation Reduction Act, threatening hundreds of thousands of new manufacturing jobs. And he would establish what is effectively a national sales tax on everything from groceries to prescription drugs, costing middle-class families nearly $4,000 a year.

Biden Administration, Civil Rights, Criminal Justice, Economic Development, Justice Agenda

FACT SHEET: President Biden and Vice President Harris Are Delivering for Black Americans

President Joe Biden and Vice President Kamala Harris implement the SAFE Communities Bipartisan Safer Communities Act (BSCA), the most significant gun violence reduction legislation enacted in nearly 30 years, which has had a measureable effect in the administration achieving record declines in gun violence including murder rates. © Karen Rubin/news-photos-features.com via MSNBC).

The fact sheet detailing the actions the Biden-Harris administration has taken to better the lives of Black communities, delivering historic results, was provided by the White House:

Over the past four years, President Biden and Vice President Harris have taken action to ensure the promise of America reaches every community—including Black communities. These actions have delivered historic results, enabling more Black Americans to access a quality education, obtain a good-paying job, start a business, and buy a home—driving significant gains in wealth. From growing economic and educational opportunities to improving health outcomes, from enhancing public trust and public safety to advancing equity, civil rights, and racial justice, the Biden-Harris Administration has demonstrated its deep commitment to ensuring equal opportunity for all and investing in the future of Black Americans.
 
Securing Economic Mobility, Educational Opportunity, and the American Dream for Black Communities
 
President Biden and Vice President Harris believe that the promise of America—the American Dream—is that everyone should have a fair shot at getting ahead. Under the Biden-Harris Administration, we have made progress: 

  • Achieved the lowest Black unemployment rate on record and created 2.4 million jobs for Black workers as of August 2024
    • Lifted 400,000 Black children out of poverty by increased SNAP benefits through updating the Thrifty Food Plan, and continuing to call on Congress to restore the full expanded Child Tax Credit—which, during the COVID-19 pandemic, cut Black child poverty in half benefitting 600,000 and brought racial poverty disparities to a record low Grew Black American business ownership at the fastest rate in over three decades Tripled the number of SBA-backed loans to Black-owned businesses Awarded a record $10 billion in federal contracts to Black-owned small businesses in Fiscal Year 2023 Invested a record of more than $16 billion in Historically Black Colleges and Universities Secured a $900 increase to the maximum Pell Grant award—the largest increase in the past 10 years—and $23 million in first-ever funding to the Augustus F. Hawkins Centers of Excellence Program to increase the number of teachers of color and multilingual educators across the country Approved the cancellation of almost $170 billion in student loan debt for nearly 5 million borrowers, including a significant number of Black borrowers who are disproportionately burdened by student debt  Took on racial bias in home appraisals and closed the Black-white home misevaluation gap by 40% Reduced mortgage insurance premiums for FHA loans, saving 76,000 Black households an average of $900/year Cut costs for high-speed internet to 5.5 million Black households with the Affordable Connectivity Program Distributed $2.2 billion in financial assistance to over 43,000 farmers who experienced discrimination 
    • Led a historically equitable economic recovery—Black wealth, even after adjusting for inflation, is up 60% relative to pre-pandemic levels—the largest increase on record

 
Ending Health Disparities
 
President Biden and Vice President Harris are committed to keeping health care costs down for individuals and families and improving access to health care to address disparities in Black communities. To improve health outcomes for the Black community, the Biden-Harris Administration has:
 

  • Ensured more Black Americans have health care than ever before by lowering premium costs by an average of $800 for millions of Americans, increasing Black enrollment in Affordable Care Act coverage by 95%, or over 1.7 million people since 2020
    • Lowered monthly premiums for health insurance, capped the cost of insulin at $35 and all out-of-pocket drug costs at $2,000 for people on Medicare, and announced new negotiated prices for the first ten prescription drugs for Medicare price negotiation—expected to save $1.5 billion in out-of-pocket costs in the first year of the program alone Made sickle cell disease the first focus of the new Centers for Medicare & Medicaid Services models, aimed to lower the high cost of drugs, promote accessibility to drug therapies, and improve patient care Expanded Medicaid postpartum coverage from 60 days to 12 months in 46 states and Washington, D.C., covering 700,000 more women in the year after childbirth Secured an additional $1.5 billion for Head Start 
    • Delivered $1 billion to help meet the mental health needs of young people by preparing and hiring a projected 14,000 additional mental health professionals to serve America’s schools

 
Making Communities Safer and Strengthening America’s Commitment to Justice
 
The Biden-Harris Administration is committed to using every available federal lever to advance effective, accountable policing, build trust, and improve public safety so that the promise of equal justice under the law is a reality for all. To enhance equal justice and public safety for all communities, including the Black community, the President has:
 

  • Signed an Executive Order on police reform when Congressional Republicans would not pass the George Floyd Justice in Policing Act; restricted the use of force, banned chokeholds, restricted the use of no-knock warrants and created the first-ever national database of federal law enforcement misconduct
    • Created the first-ever White House Office of Gun Violence Prevention U.S. Surgeon General named gun violence a public health crisis and issued a public health advisory on how to reduce violence. Signed into the law the Bipartisan Safer Communities Act (BSCA), the most significant gun violence reduction legislation enacted in nearly 30 years, and taken more meaningful executive action than any other president to make our schools, churches, grocery stores, and communities safer Secured $400 million in funding dedicated specifically for community violence interventions that invests in evidence-informed strategies to prevent violence Cracked down on the source of illegal firearms by making it illegal to manufacture “ghost gun” kits, enacting the first-ever federal gun trafficking law, taking a “zero tolerance” approach to rogue gun dealers, and regulating the number one source of guns involved in gun trafficking investigations – unlicensed sellers. Pardoned thousands of Americans under federal and D.C. law for simple possession of marijuana 
    • Helped bring violent crime to its lowest level in 50 years—lower than during any year of the previous administration

 
Restoring the Soul of Our Nation
 
President Biden believes that advancing equity, civil rights, racial justice, and equal opportunity is the responsibility of the whole of our government and requires sustained leadership and partnership with all communities. To make the promise of America real for Black communities, the President has:
 

  • Signed two Executive Orders directing the federal government to address inequality
    • Protected Black history as American history Signed the Juneteenth National Independence Day Act, the first new federal holiday since MLK DayDesignated Springfield 1908 Race Riot and Emmett Till and Mamie Till-Mobley National Monuments Signed the Emmett Till Anti-Lynching Act to classify lynching for the first time as a federal hate crime 
    • Worked to protect the sacred right to vote through executive actions and continued calls for legislation 

Appointed the first Black woman to the Supreme Court, more Black women to federal circuit courts than all previous presidents combined, and more Black judges in a single term than any other president

Biden Administration, Economic Development, Economic Policies, Economy, Employment & Labor Issues, Jobs, Joe Biden, News & Photo Features

FACT SHEET: Biden-Harris Administration Issues Executive Order to Promote Good Jobs Through Investing in America Agenda

“Wall Street did not build America; the middle class built America, and unions built the middle class.” – President Biden on Labor Day, 2024

This fact sheet on President Biden’s Executive Order on Investing in America and Investing in American Workers was provided by the White House:

Just days after Labor Day 2024, President Biden traveled to Michigan to sign a landmark Executive Order on Investing in America and Investing in American Workers(“Good Jobs EO”), which will help ensure that the Biden-Harris Investing in America agenda continues to promote good, high-quality jobs with paths to the middle class. The Good Jobs EO promotes strong labor standards such as family-sustaining wages, workplace safety, and the free and fair opportunity to join a union, and encourages agencies to implement these standards through their Investing in America programs.

President Biden signed the Good Jobs EO during a visit to UA Local 190’s Job Training Center, where he met with union workers and apprentices who have benefitted from the President’s agenda. The event was part of a broader tour to profile the workers and communities across America who are reaping the rewards of the Biden-Harris Administration’s Investing in America agenda.

The Biden-Harris Administration is the most pro-union administration in American history. The President and Vice President’s Investing in America agenda—including the American Rescue Plan, Bipartisan Infrastructure Law, CHIPS and Science Act, and Inflation Reduction Act—have already created hundreds of thousands of jobs, and the President and Vice President have been clear that their Administration will use every tool at their disposal to ensure these jobs are good-paying jobs with the free and fair chance to join a union.

The President’s Good Jobs EOcalls on agencies to adopt a series of high-road labor standards that have long been recognized to lead to both better jobs and on-time, high-quality delivery of federally funded projects. With this Executive Order, the Biden-Harris Administration is the first in history to specify a clear list of labor standards that all Federal agencies should look to prioritize.

By mobilizing once-in-a-generation public- and private-sector investments, the Biden-Harris Investing in America agenda is transforming our economy—onshoring manufacturing, modernizing our nation’s infrastructure, and building a clean energy economy. The United States has created nearly 16 million jobs since President Biden and Vice President Harris took office, with the lowest average unemployment rate of any administration in 50 years. Already, their Investing in America agenda has catalyzed over $900 billion in private-sector investment in clean energy and manufacturing. Last year, clean energy jobs grew at double the rate of job growth in the rest of the economy and clean energy unionization rates reached the highest level in history. The Good Jobs EO builds on that momentum and will ensure that these investments continue to improve opportunities for millions of Americans.

The Good Jobs EO calls upon agencies to adopt the following labor standards:

  • Promoting worker voice, through Project Labor Agreements (PLAs), Community Benefits Agreements, voluntary union recognition, and neutrality with respect to union organizing. These instruments, which agencies are encouraged to prioritize where appropriate and consistent with law, mark the strongest package of priorities that any Administration has taken to help promote the free and fair choice to join a union through federally funded and federally supported projects.
    • Providing tools to promote high-wage jobs,through prevailing wage standards and other equitable compensation practices, such as prioritizing equal pay and pay transparency. This Administration is taking ground-breaking steps to raise wages by directing agencies to consider incentivizing specific high-wage standards for manufacturing grants—going beyond long-standing Davis-Bacon requirements that only apply to construction jobs.
    • Promoting worker economic security, by directing agencies to consider prioritizing projects that supply the benefits that workers need—including child and dependent care to health insurance, paid leave, and retirement benefits.
    • Supporting workforce development through registered apprenticeships, pre-apprenticeships, labor-management partnerships, and partnerships with training organizations including community colleges, public workforce boards, and the American Climate Corps.
    • Leveling the playing field, by encouraging grantees to develop equitable workforce plans and offering project supports that promote fair hiring and management practices as the projects develop.
    • Supporting workplace safety by encouraging agencies to prioritize reporting structures that help ensure compliance with all workplace health and safety laws.

To oversee agencies in their implementation of these labor standards, the Good Jobs EO creates a new Investing in Good Jobs Task Force (Task Force) in the Executive Office of the President. The Task Force will coordinate policy development that drives the creation of high-quality jobs and ensures project delivery. The Task Force will be co-chaired by the Secretary of Labor and the Director of the National Economic Council and include Seniors Advisors to the President and members of the President’s Cabinet.

In addition, the Good Jobs EO outlines strategies for agencies to enact these standards across their grant programs, consistent with applicable law:

  • Incentivize these strong labor standards to the greatest extent possible by including application evaluation criteria related to strong labor standards. This includes, consistent with relevant statutes, prioritizing applicants who employ Project Labor Agreements and Community Benefit Agreements in funding opportunities.
    • Issue guidance or best practices to promote and implement these priorities.
    • Collect data on job quality to further encourage best practices and increase accountability. This includes embedding checkboxes on high-road labor standards into grant applications—a proven strategy that has yielded 22 PLA commitments and 34 new registered apprenticeship programs during a pilot study at the Department of Transportation.
    • Conduct pre-award negotiations for key programs and projects as appropriate, and include ensuing commitments in grant agreements.
    • Develop staff expertise to ensure every agency has in-house knowledge of strong labor standards and how their investments can promote and support good jobs.

These actions build on many previous Biden-Harris Administration actions to support good jobs, including union jobs, such as:

  • Launched the first-ever White House Task Force on Worker Organizing and Empowerment, chaired by Vice President Harris, which resulted in over 70 actions to promote worker organizing and collective bargaining for federal employees and workers employed by public- and private-sector employers.
    • Created the Made in America office, to ensure that American-made construction materials are used on infrastructure projects.
    • Published a final rule from the Department of Treasury implementing prevailing wage and apprenticeship bonus credits for clean energy projects funded by the President’s Inflation Reduction Act to ensure clean energy workers are paid good wages and that these projects create equitable pipelines to these good jobs.
    • Implemented a new rule to require Project Labor Agreements on nearly all major federal construction projects of over $35 million, so federal construction projects will be delivered on time and on budget with good wages and well-trained workers.
    • Signed the Butch Lewis Act as part of the American Rescue Plan to save the pensions of more than one million hard-working union workers and retirees.
    • Designated nine Workforce Hubs across the country to ensure we have the skilled, diverse workforce needed to carry out this Administration’s historic investments.
    • Published a new rule restoring and extending overtime pay protections to millions of workers.
    • Published the first update to Davis-Bacon prevailing wages in nearly 40 years, which will increase pay for one million construction workers over time.
    • Proposed a new rule from the Department of Labor that would protect 36 million indoor and outdoor workers from extreme heat on the job.
    • Signed a Registered Apprenticeship Executive Order to bolster apprenticeships in the federal workforce. Since then, federal agencies including the Departments Agriculture, Defense, Education Health and Human Services, Housing and Urban Development, Interior, Labor, Transportation, and Treasury, and the Architect of the Capitol and U.S. Agency for Global Media have identified potential opportunities for developing new and scaling existing registered apprenticeships to create pathways to good jobs, including in mission-critical occupations.
    • Through the CHIPS Act, provided $200 million in dedicated CHIPS funding for training and workforce development to ensure local communities have access to the jobs of the future in upcoming projects and introduced a requirement that companies receiving grants under the CHIPS Act over $150 million create a plan to ensure access to quality, affordable child care for their employees.
    • Invested nearly $730 million in Registered Apprenticeships, leading to more than 1 million registered apprentices receiving earn-as-you-learn training for in-demand jobs.
    • Vocally supported unions, including becoming the first sitting President to walk a picket line.
    • The NLRB expanded remedies available to workers when their employers engage in unionbusting, to now include all direct and foreseeable pecuniary harm, such as financial loss from credit card debt, medical bills, or missed rent payments.

The NLRB overhauled the process for union representation elections by requiring an employer to bargain if it commits an unfair labor practice during the election process, and by reducing unnecessary delays before workers can vote.

Economic Development, Economic Policies, Economy, Election 2024, News & Photo Features

VP Harris in Major Speech Detailing Plans for ‘Opportunity Economy’: ‘We Need to Grow Our Middle Class,’ ‘Invest in Innovation’

Vice President Kamala Harris stands with hospitality union workers in New York City. In a speech in Pittsburgh speech, she detailed her “Opportunity Opportunity” agenda, designed to grow the middle class, invest in innovation and small business, and create sustainable economic growth that helps families not just get by but thrive © Karen Rubin/news-photos-features.com

It infuriates me when people say “what has Kamala Harris done as Vice President? What is her plan for the economy? ” when in fact, they typically are willfully ignorant.

In a major address in Pittsburgh laying out her vision for the economy and her economic philosophy, Vice President Kamala Harris vowed to “grow America’s middle class” and build an “opportunity economy” focused on lowering costs, investing in innovation, and winning the industries and creating the manufacturing jobs of the future.

She contrasted her optimistic vision to build the middle class, which she grew up in, with Donald Trump’s plan to look out only for himself and billionaires like him. Trump “has no intention of growing our middle class. He’s only interested in making life better for himself,” she said. “For Donald Trump, our economy works best if it works for those who own the big skyscrapers. Not those who build them. Not those who wire them. Not those who mop the floors.

“I have a different vision for our economy,” she declared. “I believe we need to grow our middle class.”

Here is an edited and highlighted transcript of Harris’ remarks and a fact sheet provided by the Harris-Walz campaign:– Karen Rubin, editor@news-photos-features.com

We gather at a moment of great consequence.

In this election, we have an extraordinary opportunity.

To make our middle class the engine of America’s prosperity.

To build a stronger economy where everyone has a chance to chase their dreams and aspirations.

And to ensure that the United States of America continues to out-innovate and out-compete the world.

Over the past three and a half years, we have taken major steps forward to recover from the public health and economic crisis we inherited.

Inflation has dropped faster here than the rest of the developed world.

Unemployment is near record lows.

We have created almost 740 thousand manufacturing jobs—including 650 at the battery manufacturing plant over in Turtle Creek.

And we have supported another 15 thousand jobs at Montgomery Locks.

Last week, for the first time in four and a half years, the Federal Reserve cut interest rates, which will make it a little easier for families to buy a home. Or a car. Or pay down their credit card bill.

But let’s be clear: for all these positive steps, the cost of living in America is still too high.

You know it, and I know it.

And that was true long before the pandemic hit.

Many Americans who aspire to own a home are unable to save enough for a down payment on a house. And starting to think that maybe home ownership isn’t within their reach.

Folks who live in factory towns and rural communities who have lost jobs, are wondering if those jobs will ever come back.

Many Americans are worried about how they’ll afford the prescription drugs they depend on.

And all of this is happening at a time when many of the biggest corporations continue to make record profits while wages haven’t kept pace.

I understand the pressures of making ends meet.

I grew up in a middle class family…

Every day, millions of Americans are sitting around their own kitchen tables. And facing their own financial pressures.

Because over the past several decades, our economy has grown better and better for those at the very top. And increasingly difficult for those trying to attain, build and hold on to a middle-class life.

In many ways, that is what this election is about.

The American people face a choice between two fundamentally different paths for our economy.  

I want to chart a New Way Forward. And grow America’s middle class.  

Donald Trump intends to take America backward. To the failed policies of the past.

He has no intention of growing our middle class.

He’s only interested in making life better for himself.

And people like himself. The wealthiest of Americans.  

You can see it spelled out in his economic agenda.

An agenda that gives trillions of dollars in tax cuts to billionaires and big corporations. While raising taxes on the middle class by almost $4,000 a year. Slashing overtime pay. Throwing tens of millions of Americans off health care. And cutting Social Security and Medicare.

In sum, his agenda would weaken the economy and hurt working- and middle-class people.

For Donald Trump, our economy works best if it works for those who own the big skyscrapers.

Not those who build them. Not those who wire them. Not those who mop the floors.

Well, I have a different vision for our economy.

I believe we need to grow our middle class and make sure our economy works for everyone.

For people like those in the neighborhood where I grew up. And the hardworking Americans I meet across our nation.

I call my vision, the Opportunity Economy.

And it’s about making sure everyone can find a job and more.

I want working Americans and families to be able to not just get by. But be able to get ahead. To thrive.

I don’t want you to have to worry about making your monthly rent if your car breaks down.

I want you to be able to save up for your child’s education.

Take a vacation once in a while.

And buy Christmas presents for your loved ones without feeling anxious looking at your bank account. I want you to be able to build up some wealth.

Not just for yourself. But for your children and grandchildren. And here’s the thing.

We know how to build an economy like that.

We know how to unlock strong, shared economic growth for the American people.

History has shown it. Time and again.

When we invest in those things that strengthen the middle class—manufacturing, housing, health care, education, small businesses, and our communities—we grow our economy and catalyze the entire country to succeed.

I have pledged that building a strong middle class will be a defining goal of my presidency.

And the reason is not about politics or ideology. It’s just common sense. It’s what works.

When the middle class is strong, America is strong.

And we can build a stronger middle class.

The American economy is the most powerful force for innovation and wealth creation in human history. We just need to move beyond the failed policies of the past.

And, like generations before us, be inspired by what’s possible.

As President, I’ll be grounded in my fundamental values of fairness. Dignity. And opportunity.

And pragmatic in my approach.

I’ll engage in what Franklin Roosevelt called “bold, persistent experimentation.”

I believe we shouldn’t be constrained by ideology.

We should seek practical solutions to problems. Realistic assessments of what’s working and what’s not.

And stay focused. Not only on the crises at hand. But on our big goals.

On what’s best for America over the long term.

And part of being pragmatic means taking good ideas from wherever they come.

I am a devout public servant. And I also know the limitations of government.

I’ve always been and always will be a strong supporter of workers and unions.

I also believe we need to engage those who create most of the jobs in America.

Look, I am a capitalist. I believe in free and fair markets.

And consistent and transparent rules of the road to create a stable business environment.

And I know the power of American innovation.

I’ve been working with entrepreneurs and business owners my whole career.

And. I believe companies need to play by the rules. Respect the rights of workers and unions. And abide by fair competition.

If they don’t, I will hold them accountable.

And if anyone has any doubt about that, just look at my record as Attorney General in California.

Taking on: Big banks for predatory lending. Big health care companies for conspiring to jack up prices. And big, for-profit colleges for scamming veterans and students.

At the same time, I believe that most companies are working hard to do right by their customers and the employees who depend on them.

And we must work with them to grow our economy.

I believe an active partnership between government and the private sector is one of the most effective ways to fully unlock economic opportunity.

And that’s what we will do when I am President.

We will target the major barriers to opportunity.

And remove them.

We will identify common sense solutions to help Americans buy a home.

Start a business. And build wealth.

And we will adopt them.

Let’s start with the first pillar of the Opportunity Economy.

Lowering costs.

I made that our top priority because if we want the middle class to be the growth engine of our economy, we need to restore basic economic security for middle class families.

To that end, the most practical thing we can do right now is to cut taxes for the middle class.

So that’s what we will do.

Under my plan, more than 100 million Americans will get a middle class tax break.

That includes $6,000 for new parents during the first year of a child’s life. To help families cover everything from car seats to cribs.

And we’ll also cut the cost of childcare and elder care.

And finally give all working people access to paid leave.

Which will help everyone caring for children, caring for aging parents, and the sandwich generation caring for both.

I have personal experience with caregiving. I remember being there for my mother when she was diagnosed with cancer. Cooking meals for her. Taking her to her appointments. Trying to make her comfortable. And telling her stories.

I know caregiving is about dignity.

And when we lower the costs, and ease the burdens people face. We not only make it easier for them to meet their obligations as caregivers. We also make it more possible for them to go to work, and pursue their economic aspirations.

And when that happens, our economy as a whole grows stronger.

Now, middle class tax cuts are just the start of my plan.

We will also go after the biggest drivers of costs for the middle class. And work to bring them down.

One of those big costs is housing.

So here is what we will do.

We will cut the red tape that stops homes from being built.

Take on corporate landlords who are hiking rental prices.

And work with builders and developers to construct 3 million new homes and rentals for the middle class.

Because increasing the housing supply will help drive down the cost of housing.

We will also help first-time homebuyers get their foot in the door with a $25,000 down payment assistance.

So more Americans can afford to buy a home. A critical step in building wealth.

And we will work to reduce other big costs for middle class families.

We will take on bad actors who exploit emergencies to drive up grocery prices. By enacting the first-ever federal ban on corporate price gouging.

And take on Big Pharma to cap the cost of prescription drugs for all Americans.

Just like we did for seniors.

By contrast, Donald Trump has no intention of lowering costs for the middle class.

In fact, his economic agenda would actually raise prices.

And that’s not just my opinion.

A survey of top economists by the Financial Times and University of Chicago found that by an overwhelming 70 to 3 percent margin, my plan would be better for keeping inflation low.

The second pillar of the Opportunity Economy is investing in American innovation and entrepreneurship.

For the last century, the United States of America has been a beacon around the world.

Not only for our ability to come up with some of the most breakthrough ideas.

But our ability to turn those ideas into some of the most consequential innovations the world has ever known.

I believe the source of our success is the ingenuity, dynamism, and enter-prising spirit of the American people.

To paraphrase Warren Buffett: Since our founding as a nation, “there has been no incubator for unleashing human potential like America.”

And we need to guard that spirit.

Including by solving the problems that small business owners face.

As I travel the country, what I hear time and again from those who own small businesses, and those who aspire to start them, is that too often, an entrepreneur has a great idea.

And the willingness to take the risk.

But they don’t have access to the capital to make it real.

Well, we can make it easier for them to access capital.

On average, it costs about $40,000 to start a new business. But currently, the tax deduction for startup costs is only $5,000.

In 2024, it’s almost impossible to start a business on $5,000.

That’s why, as President, I will make the startup deduction ten times richer.

We will raise it from $5,000 to $50,000.

And provide low- and no-interest loans to small businesses that want to expand.

All of which will help achieve our ambitious goal of 25 million new small business applications by the end of my first term.

Small businesses help drive our economy.

They create nearly 50 percent of private sector jobs. And they strengthen our middle class.

And if we can harness the entrepreneurialism of the American people, and unlock the full potential of aspiring founders, and small business owners, I am optimistic no one will ever outpace us.

By contrast, when Donald Trump was President, one of the nation’s leading experts on small businesses published a piece in a major paper. The title, “Does Donald Trump hate small businesses?” Their answer was yes.

Because at the same time Donald Trump was giving a tax cut to big corporations and billionaires, he tried to slash programs for small businesses.

And raise borrowing costs for them.

Instead of making it easier, he actually made it more difficult for them to access capital.

And that’s not surprising.

Because Donald Trump does not prioritize small businesses. He does not seem to value the essential role they play.  

Well, when I look at small business owners, I see some of the heroes of our economy.

Not only entrepreneurs.

But civic leaders.

I see the glue that holds our communities together.

The third pillar of the Opportunity Economy is leading the world in the industries of the future.

And making sure America—not China—wins the competition for the 21st Century.

One of the recurring themes of American history is that when we make an intentional effort to invest in our industrial strength, it leads to extraordinary prosperity and security.

Not only for years. But for generations.

Think of Alexander Hamilton having the foresight to build the manufacturing capabilities of our new nation.

Lincoln and the transcontinental railroad.

Eisenhower and the interstate highway system.

Kennedy, committing America to win the space race and spurring innovation across our society.

From our earliest days, America’s economic strength has been tied to our industrial strength.

The same is true today.

So, I will recommit the nation. To global leadership in the sectors that will define the next century.

We will invest in biomanufacturing and aerospace.

Remain dominant in AI, quantum computing, blockchain, and other emerging technologies.

Expand our lead in clean energy innovation and manufacturing.

So the next generation of breakthroughs—from advanced batteries to geothermal to advanced nuclear—are not just invented, but built here in America by American workers.

And we will invest in the industries that made Pittsburgh the Steel City, by offering tax credits for expanding good union jobs, in steel, iron, and manufacturing communities like here in Mon Valley.

And across all these industries of the future, we will prioritize investments for:

Strengthening factory towns. Retooling existing factories. Hiring locally. And working with unions.

Because no one who grows up in America’s greatest industrial or agricultural centers should be abandoned.

And here is what else we will do when I am President.

We will double the number of registered apprenticeships by the end of my first term.

Eliminate degree requirements while increasing skills development for half a million federal jobs.

And challenge our private sector to make a similar commitment to emphasizing skills, not just degrees.

We will reform our tax laws to make it easier for businesses to let workers share in their company’s success.

And I will challenge the private sector to do more to lift up workers through equity, profits, and benefits. So more people can share in America’s success.

Not only must we build the industries of the future in America.

We must build them faster.

The simple truth is, in America, it takes too long and costs too much to build.

Whether it’s a new housing development, a new factory, or a new bridge, projects take too long to go from concept to reality.  

It happens in blue states and red states. And it’s a national problem.

I will tell you this. China is not moving slowly. And we can’t afford to, either.

As President, if things are not moving quickly, I will demand to know why.

And I will act. I will work with Congress, workers and businesses, cities and states, community groups and local leaders, to reform permitting.

Cut red tape. And get things moving faster.

Patience may be a virtue. But not when it comes to job creation. Or America’s competitiveness.

The Empire State Building was built in a year.

The Pentagon, 16 months.

No one can tell me we can’t build quickly in our country.

Now, Donald Trump makes big promises on manufacturing.

Just yesterday, he went out and promised to bring back manufacturing jobs.

If that sounds familiar, it should. In 2016, he went out and made that very same promise about the Carrier plant in Indianapolis. You’ll remember, Carrier then offshored hundreds of jobs to Mexico under his watch.

And it wasn’t just there. On Trump’s watch, offshoring went up, and manufacturing jobs went down across our economy.

All told, almost 200,000 manufacturing jobs were lost during his presidency, starting before the pandemic hit.

Making Trump one of the biggest losers ever on manufacturing.

Donald Trump also talked a big game on our trade deficit with China. But it is far lower under our watch, than any year of his Administration.

While he constantly got played by China, I will never hesitate to take swift and strong measures when China undermines the rules of the road at the expense of our workers, our communities, and our companies—whether it’s flooding the market with steel.

Unfairly subsidizing ship-building. Or hurting our small businesses with counterfeits.

Recall Donald Trump actually shipped advanced semiconductor chips to China to upgrade their military.

I will never sell out America to our competitors or adversaries.

I will always make sure we have the strongest economy and most lethal fighting force of any nation in the world.

At this pivotal moment, we have an extraordinary opportunity. To chart a New Way Forward. One that positions the United States of America—and all of us blessed to call this home—for success and prosperity in the 21st Century.

There is an old saying, that “The best way to predict the future is to invent it.”

Well, that is the story of the Steel City.

The city that helped: Build the middle class. Birth America’s labor movement. And power the rise of American manufacturing.

And the city where Allen Newell and Herbert Simon launched the first AI research hub at Carnegie Mellon.

And created entirely new fields. Like machine learning. And Carnegie Mellon is now home to the largest university robotics center in America.

The proud heritage of Pittsburgh reveals the character of our nation.

A nation that harnesses the ambitions, dreams, and aspirations of our people.

Seizes the opportunities before us. And invents the future.

That is what we have always done. And that is what we must do now.

New Independent Economic Analysis Finds Trump Plan Will Lead to ‘Permanently Higher Inflation’

The Peterson Institute for International Economics: “Manufacturing taking the biggest hits—the opposite of Trump’s stated goals”

“Does more damage to the US economy than to any other in the world”

In contrast to Harris’ defined plan for sustainable economic growth, yet another independent economic analysis concludes that Donald Trump’s second term agenda would send inflation skyrocketing, crush growth, and eliminate American jobs.

Key findings:

  • “Scenarios combining individual policies show that the changes cause a large inflationary impulse and a significant loss of employment (particularly in manufacturing and agriculture) in the US economy.”
  • “We find that ironically, despite his ‘make the foreigners pay’ rhetoric, this package of policies does more damage to the US economy than to any other in the world. They result in lower US national income, lower employment, and higher inflation than otherwise. In some cases, foreign countries benefit from the inflow of capital leaving the United States.”
  • “Both of Trump’s tariff plans—imposing 10 percentage point additional tariffs on US imports from all sources and 60 percentage point tariffs on imports from China—hurt US GDP and employment by 2028, with or without retaliation by trading partners. But the effects vary by sector, with durable manufacturing taking the biggest hits—the opposite of Trump’s stated goals.”
  • “Figure 41 shows that the permanently higher inflation leads to ever-increasing prices across the US economy with some relative price shifts, particularly for the energy and mining sectors relative to services in the early period of adjustments. By 2040, prices across the economy are roughly 41 percent higher than the baseline.”
  • “Figure 44 shows that inflation peaks between 4.1 and 7.4 percentage points above baseline by 2026. If baseline inflation is 1.9 percent, the peak will be between 6 and 9.3 percent. Inflation stays permanently above baseline by 2 percentage points because the Fed’s loss of independence does not boost the economy’s supply side.”

This new study from the Peterson Institute for International Economics adds to a clear consensus among economists – many conservative-leaning – that Donald Trump’s plans would devastate the American economy and the middle class.

“Donald Trump will not just impose a $4,000 a year middle class tax hike – his plan will permanently jack up inflation, crush American manufacturing jobs, and hurt manufacturing workers more than any other sector,” stated Harris-Walz 2024 Spokesperson Joseph Costello. “Over and over, independent economists are warning of the economic dangers of Trump’s plan, and Americans should take note. This is a fundamental contrast with Vice President Harris, who has a plan to lower costs and create economic opportunity for the middle class, including major investments in creating the manufacturing jobs of the future.”

The campaign provided more from CNN’s breakdown of the study:

  • The Trump agenda would cause weaker economic growth, higher inflation and lower employment, according to a working paper released Thursday by the Peterson Institute for International Economics. In some cases, the damage could continue through 2040.
  • The paper represents the most comprehensive analysis to date on the combined impact of Trump’s trade, immigration and Fed proposals.
  • In that scenario, employment would be 9% lower than baseline by 2028 and inflation would surge to 9.3% by 2026. GDP would be 9.7% lower than otherwise.
  • The Peterson Institute research finds that Trump’s tariff and other plans would backfire – hurting manufacturing more than any sector. That means the same factory workers Trump says he is trying to help would be hurt the most.
  • “If other countries retaliate, as many likely would, a recession in the year after the increase in tariffs would be a serious threat,” Mark Zandi, chief economist at Moody’s Analytics, told CNN in an email.
  • The paper found that erosion of Fed independence would cause higher inflation, capital outflows, a significant loss of value for the US dollar and higher unemployment – all of which would “worsen American living standards.”

Fed Chair Jerome Powell, who was nominated by Trump in 2017, cautioned against any effort to interfere with Fed independence.

Biden Administration, Climate Action, Economic Development, Economic Policies, Economy, Health Care, News & Photo Features

FACT SHEET: Two Years In, the Inflation Reduction Act is Lowering Costs for Millions of Americans, Tackling the Climate Crisis, and Creating Jobs

Vice President Kamala Harris and President Joe Biden in Largo, Maryland on the two-year anniversary of the Inflation Reduction Act celebrate historic reductions in drug prices negotiated by Medicare for the first time.  The Inflation Reduction Act is transforming American lives by finally beating Big Pharma to negotiate lower prescription drug prices, making the largest investment in clean energy and climate action in history, creating hundreds of thousands good-paying jobs, lowering health care and energy costs, and making the tax code fairer. © Karen Rubin/news-photos-features.com via MSNBC.

Two years ago, President Biden signed the Inflation Reduction Act, with Vice President Harris casting the tie-breaking vote in Congress. Not a single Republican voted for it and Trump/Vance and the Republicans vow to repeal it and replace it with Project 2025 laundry list of policies which will harm working and middle-class families. and undermine progress toward an equitable, sustainable economy. –Karen Rubin/news-photos-features.com

The Inflation Reduction Act is a key part of the Biden-Harris Administration’s Investing in America agenda, which has driven the fastest and most equitable recovery on record – creating good-paying jobs, expanding opportunity, and lowering costs in every corner of the country.

Already, the Inflation Reduction Act is transforming American lives by finally beating Big Pharma to negotiate lower prescription drug prices, making the largest investment in clean energy and climate action in history, creating hundreds of thousands good-paying jobs, lowering health care and energy costs, and making the tax code fairer.

Visit the White House Savings Explorer to see how Americans are saving money on their annual expenses because of the Inflation Reduction Act and other Biden-Harris Administration actions.

Statement from President Joe Biden on Inflation Reduction Act Anniversary 

Two years ago, I signed the Inflation Reduction Act—the largest climate investment in history that is lowering energy costs and creating good-paying union jobs, while taking on Big Pharma to lower prescription drug costs—with Vice President Harris casting the tie-breaking vote. Already, this law is lowering health care costs for millions of families, strengthening energy security, and creating more than 330,000 clean energy jobs according to outside groups.  It has also unleashed $265 billion in clean energy and manufacturing investments from the private sector in the last two years—part of the nearly $900 billion invested in America since we took office.

This historic legislation is fiscally responsible. It lowers the deficit over the long run by cutting wasteful spending on special interests and making big corporations and the wealthy pay more of their fair share. And just yesterday, my Administration announced lower prescription drug prices for the first ten drugs that have been negotiated by Medicare, which will cut the prices of drugs used to treat blood clots, heart disease, cancer, and more by nearly 40% to 80%, and save taxpayers $6 billion in the first year alone.

While Republicans in Congress try to repeal this law—which would increase prescription drug costs and take good-paying jobs away from their constituents, all to give massive tax cuts to big corporations—Vice President Harris and I will keep fighting to move our country forward by investing in America and giving families more breathing room.

Statement from President Joe Biden on Inflation Reduction Act Anniversary 

Two years ago, I signed the Inflation Reduction Act—the largest climate investment in history that is lowering energy costs and creating good-paying union jobs, while taking on Big Pharma to lower prescription drug costs—with Vice President Harris casting the tie-breaking vote. Already, this law is lowering health care costs for millions of families, strengthening energy security, and creating more than 330,000 clean energy jobs according to outside groups.  It has also unleashed $265 billion in clean energy and manufacturing investments from the private sector in the last two years—part of the nearly $900 billion invested in America since we took office.

This historic legislation is fiscally responsible. It lowers the deficit over the long run by cutting wasteful spending on special interests and making big corporations and the wealthy pay more of their fair share. And just yesterday, my Administration announced lower prescription drug prices for the first ten drugs that have been negotiated by Medicare, which will cut the prices of drugs used to treat blood clots, heart disease, cancer, and more by nearly 40% to 80%, and save taxpayers $6 billion in the first year alone.

While Republicans in Congress try to repeal this law—which would increase prescription drug costs and take good-paying jobs away from their constituents, all to give massive tax cuts to big corporations—Vice President Harris and I will keep fighting to move our country forward by investing in America and giving families more breathing room.

FACT SHEET: Two Years In, the Inflation Reduction Act is Lowering Costs for Millions of Americans, Tackling the Climate Crisis, and Creating Jobs

In the two years since the Inflation Reduction Act was signed into law:

  • Just yesterday, the President and Vice President announced that, for the first time in history, Medicare successfully negotiated lower prescription drug prices, which will save millions of seniors, people with disabilities, and other Medicare beneficiaries over $1.5 billion out-of-pocket in the first year. 
    • Millions of Americans are saving an average of $800 per year on health insurance premiums because of cost savings from the American Rescue Plan that the Inflation Reduction Act extended, helping drive the nation’s uninsured rate to historic lows. 4 million seniors and other Medicare beneficiaries saved money on insulin because of the law’s cap at $35 for a month’s supply. 10.3 million Medicare enrollees received a free vaccine in 2023, saving them more than $400 million in out-of-pocket vaccine costs.
       The IRS successfully piloted Direct File in 12 states, saving 140,000 people an estimated $5.6 million in tax preparation fees by enabling them to file their taxes directly with the IRS online, for free. And, the IRS has recovered over $1 billion by cracking down on millionaire tax cheats since the law passed. 
       Last year, 3.4 million Americans benefited from $8.4 billion in Inflation Reduction Act tax credits to lower the cost of clean energy and energy efficiency upgrades in their homes – significantly outpacing projections of the popularity of the tax credits in just the first year they were available.
       Since January 2024, more than 250,000 Americans have claimed the IRA’s electric vehicle tax credit, saving these buyers about $1.5 billion total. Nearly all of these buyers claimed the incentive at the point of sale.
       Since the beginning of the Biden-Harris Administration, companies have announced$900 billion in clean energy and manufacturing investments in the US, including over $265 billion in clean energy investments since the Inflation Reduction Act was signed into law. These investments are creating over 330,000 new jobs in the United States according to an outside group. 
       
    • Economically distressed areas are poised to benefit the most from those investments. Over 99% of high-poverty counties in the United States are benefitting from an Investing in America project funded by the Inflation Reduction Act, Bipartisan Infrastructure Law, or CHIPS and Science Act. According to Treasury Department analysis, since the Inflation Reduction Act passed, 75% of private sector clean energy investments have flowed to counties with lower than median household incomes,  and clean energy investment in energy communities has doubled.  And, the Inflation Reduction Act is the largest investment in environmental justice in history.

Additionally, the Biden-Harris Administration has taken action to protect the critical investments that the Inflation Reduction Act is making in the domestic clean energy economy from unfair trade practices. In May, President Biden increased tariffs on $18 billion of Chinese imports to combat China’s artificially low-priced exports in strategic sectors such as electric vehicles, batteries, and solar. These actions protect American jobs, businesses, investments, and economic growth. 

Lowering health care costs for millions of Americans

President Biden and Vice President Harris have made expanding access to high-quality, affordable health care and lowering prescription drug costs for American families a top priority. Thanks to the Inflation Reduction Act, health care is more accessible and more affordable than ever before.  In just the last two years:

  • The law enhanced the Affordable Care Act’s financial assistance that is available to consumers to purchase health insurance. Millions of Americans are saving, on average, about $800 a year on their health insurance plans, with more than 80 percent of consumers able to find health insurance for $10 or less a month. As a result, a record-breaking 21 million people signed up for ACA coverage in 2024. That’s 9 million more than when the President and Vice President took office, and more underserved communities are enrolling in coverage, with 1.7 million Black Americans and 3.4 million Latinos enrolled, a 95% and 103% increase, respectively, since 2020.
    • The Inflation Reduction Act capped insulin costs at $35 for a month’s supply and making recommended adult vaccines free. Four million Medicare beneficiaries are now saving on their monthly insulin costs, and over 10 million beneficiaries received a free vaccine, saving more than $400 million in out-of-pocket cost. 
       Drug companies that increase prices faster than inflation now have to pay a rebate to Medicare—which is translating into lower out of pocket costs for seniors.
       Next year, out of pocket drug costs will be capped at $2,000 per year for Medicare beneficiaries, which is expected to save nearly 19 million seniors an average of $400 per year.
       
  • The Inflation Reduction Act – for the first time ever – gives Medicare the power to negotiate lower prescription drug prices. Just this week, the Biden-Harris Administration announced new, lower prescription drug prices for all ten drugs selected for the first year of the Inflation Reduction Act’s Medicare Drug Price Negotiation Program. The new, lower prices, which go into effect in 2026, will save American taxpayers $6 billion and will save seniors and people with disabilities $1.5 billion in out of pocket costs in 2026 alone. These new prices cut the list cost for drugs that treat heart disease, blood clots, diabetes, cancer, and more by nearly 40% to 80%.

Lowering energy costs with the largest climate investment in history

The Inflation Reduction Act is tackling the climate crisis by advancing clean power, cutting pollution from buildings, transportation, and industry and supporting climate-smart agriculture and forestry. The law is accelerating our progress toward President Biden and Vice President Harris’ goal of cutting U.S. climate pollution by 50 to 52 percent below 2005 levels in 2030.

Two years after the signing of the Inflation Reduction Act, the Biden-Harris Administration has made tremendous progress implementing the climate and clean energy provisions of this law quickly and effectively. Treasury guidance is now available for nearly all of the Inflation Reduction Act’s clean energy tax provisions. On the grant, loan, and rebate side of the law, nearly two thirds of Inflation Reduction Act funding has been awarded. As an example of the Administration’s rapid progress on implementation, today the Environmental Protection Agency announced that all $27 billion in awards through their Greenhouse Gas Reduction Fund are now obligated. $20 billion of these awards go toward a national clean energy financing network that will support tens of thousands of clean energy projects, reducing or avoiding millions of metric tons of carbon pollution annually over the next seven years. The other $7 billion in awards through the Solar for All program will save over $350 million each year on energy bills for over 900,000 low-income and disadvantaged households through residential solar.

In the two years since President Biden signed the Inflation Reduction Act into law:

  • Clean energy projects are creating more than 330,000 jobs in nearly every state in the country, according to outside groups.
    • Companies have announced $265 billion in new clean energy investments in nearly every state in the nation. According to Treasury Department analysis, many of these investments are happening in underserved communities—since the IRA passed, 75% of private sector clean energy investments made since the Inflation Reduction Act passed have occurred in counties with lower than median household incomes,  and clean energy investment in energy communities has doubled. Last week, Treasury and IRS released new data showing that in 2023, more than 3.4 million American families saved $8.4 billion from IRA consumer tax credits on home energy technologies. These tax credits can save families up to 30% off heat pumps, insulation, rooftop solar, and other clean energy technologies. New York and Wisconsin have now launched home energy rebate programs, with more states expected to launch later this summer and fall. Already, 22 states have submitted their applications to DOE to receive their full rebate funding. These rebate programs help low- and middle-income families afford cost-saving electric appliances and energy efficiency improvements by providing rebates up to $14,000 per household. In total, the IRA rebates programs are expected to save consumers up to $1 billion annually in energy costs and support an estimated 50,000 U.S. jobs in residential construction, manufacturing, and other sectors. 
    • Since January 2024, more than 250,000 Americans have claimed the Inflation Reduction Act’s EV tax credits—either $7,500 off a qualified new electric vehicle, or up to $4,000 off a qualified used electric vehicle. In total, these taxpayers have saved about $1.5 billion and nearly all buyers claimed the incentive at the point of sale.


Making the tax system fairer and making the wealthy pay their fair share

The Inflation Reduction Act fully pays for these investments, and reduces the deficit over the long run, by cutting wasteful spending on special interests and making big corporations and the wealthy pay more of their fair share. After 55 of the biggest corporations in America paid $0 in federal income tax on $40 billion in profits in 2020, the Inflation Reduction Act requires billion-dollar corporations to pay at least 15 percent in tax. It also requires corporations to pay a 1 percent excise tax on stock buybacks, encouraging businesses to invest in their growth and productivity instead of funneling tax-preferred profits to foreign shareholders. By making large corporations pay more of their fair share, the IRA will raise around $300 billion over a decade.

The Inflation Reduction Act also makes a historic investment in modernizing the IRS, providing funding to better taxpayer experience, reduce fraud, and upgrade critical technology infrastructure. Thanks to these investments, the IRS has already:

  • Improved services for millions of taxpayers. This spring, the IRS answered 3 million more phone calls than in 2022, cut phone wait times to three minutes from 28 minutes, served 200,000 more taxpayers in person, and saved taxpayers 1.4 million hours on hold last filing season. It also expanded online services, enabling 94% of taxpayers to submit forms digitally instead of via mail if they so choose.
    • Successfully piloted Direct File, allowing taxpayers to easily file their taxes online and for free, directly with the IRS for the first time. Over 140,000 Americans successfully filed their taxes through Direct File this year, claiming over $90 million in refunds and saving an estimated $5.6 million in tax preparation fees. Users said Direct File was easy and fast to use, with 90% rating their experience excellent or above average. Building on this success, the IRS has invited all 50 states and the District of Columbia to join Direct File starting in 2025. 
    • Collected $1 billion from 1,500 millionaire tax cheats, launched enforcement action against 25,000 millionaires who have not filed a tax return since 2017, began audits on dozens of the largest corporations and partnerships, and cracked down on high-end tax evasion like deducting personal use of corporate jets as a business expense. At the same time, the IRS is adhering to Treasury Secretary Yellen’s commitment to not increase audit rates relative to current levels for small businesses and Americans making less than $400,000 a year.

Over the next decade, the Inflation Reduction Act’s investments will enable the IRS to further crack down on wealthy and corporate tax cheats and collect over $400 billion in additional revenue.

Going forward, the IRS is on track to implement additional improvements to taxpayer experience; provide additional in-person services in rural and underserved areas; redesign notices and forms to be less confusing; and expand online and mobile-friendly tools.

Investing in America to create jobs and expand opportunity

When President Biden thinks about climate change, he thinks about jobs. Two years into implementation of the Inflation Reduction Act, it’s easy to see why.

Across the nation, the Inflation Reduction Act is catalyzing a clean energy and manufacturing boom. Since President Biden took office, the Biden-Harris Administration’s Investing in America agenda has catalyzed nearly $900 billion in private sector investment commitments, including roughly $400 billion in clean energy across every state in the nation. That topline figure includes enough power generation to replace 40 Hoover Dams, the largest wind tower manufacturing facility in the world, the largest solar investment in US history.

Broader macroeconomic indicators also illustrate how, through tax credits and domestic content requirements within the law–we are successfully onshoring critical supply chains and encouraging a resurgence of domestic manufacturing. Real investment in manufacturing structures is at an all-time high—and has been for six quarters. Manufacturing’s contribution to GDP broke quarters for three consecutive quarters in 2023. And Americans have filed to open a record 300,000 new manufacturing businesses.

These investments are having real impacts on communities—particularly those that need it most. Public dollars are flowing disproportionately to disadvantaged and left behind communities: 99% of high-poverty counties have received funding from the infrastructure law, CHIPS Act, or Inflation Reduction Act, and non-metro communities have received nearly double the per capita funding of their urban counterparts. On the private sector side, analysis from the US Treasury tells a similar story. Since the IRA passed, 84% of announced clean investments have flowed to counties with college graduation rates below the national average, and the rate of investment in energy communities has more than doubled. Given these successes, it is no wonder that Republicans who voted against the bill are suddenly trying to take credit for it—and urging their leadership not to proceed with an unpopular repeal effort.

Statement from Vice President Kamala Harris on the Inflation Reduction Act Anniversary

Since day one of our Administration, President Joe Biden and I have made it a priority to strengthen the middle class by lowering costs, creating jobs, and advancing opportunity. That is why we fought to enact our Inflation Reduction Act, historic legislation that I was proud to cast the tie-breaking vote on in the Senate. In the two years since President Biden signed it into law, this landmark bill has already delivered for American families.

This transformational legislation is reducing the cost of health care for millions of people in communities across our nation – from capping the price of insulin at $35 a month for seniors to capping out-of-pocket drug costs at $2,000 a year for Americans on Medicare, which is expected to save nearly 19 million seniors an average of $400 per year. Additionally, Medicare is now able to negotiate lower prescription prices for millions of Americans while saving taxpayers billions by paying rates 40% to 80% lower for expensive medications used to treat conditions such as blood clots, heart disease, and cancer.

Our Inflation Reduction Act is also the single largest climate investment in American history. While taking on the climate crisis and lowering utility bills for families, it is helping us to rebuild American manufacturing and drive American innovation – creating good-paying union jobs, furthering economic opportunity, and contributing to the nearly $900 billion of private-sector investment since President Biden and I took office.

As we mark this two-year anniversary, President Biden and I recommit to doing everything in our power to ensure that families throughout our country have the freedom to thrive

Biden Administration, Economic Development, Economic Policies, Manufacturing

Biden Marking 2-Year Anniversary of Passage of CHIPS & Science Act Cites Historic Achievements

On the two-year anniversary of passage of the CHIPS and Science Act, President Biden issued this statement and the White House issued a Fact Sheet documenting the historic achievement of the act is bringing  back to the USA semiconductor supply chains, creating jobs, supporting American innovation, and is protecting National Security:

“America invented the semiconductor – those tiny chips that power electric vehicles, appliances, cell phones, satellites, and are critical in AI. But over time we went from manufacturing 40% of the world’s semiconductors, to just over 10%. When Vice President Harris and I came into office, we were determined to change that,” President Biden stated.

“Since I took office, companies have announced nearly $400 billion in investments in semiconductor manufacturing in the United States, spurred in large part by support from the CHIPS and Science Act. As a result of these investments, we’re creating over 115,000 manufacturing and construction jobs in the semiconductor industry. And America is now on track to produce nearly 30% of the global supply of leading-edge chips by 2032, up from zero only two years ago.  

“While there is more to do, my CHIPS and Science Act is bringing chips manufacturing back to America, strengthening global supply chains, and is making sure the United States remains a world leader in AI and other technologies that families, businesses, and our military rely on each and every day.”

New York State Governor Kathy Hochul added,  “Two years ago today, the future of American manufacturing changed – forever. With the stroke of a pen, President Biden signed the CHIPS and Science Act into law.

“Since that extraordinary day, New York State has benefitted from unprecedented investments that are transforming our state into a global hub for semiconductor manufacturing. Chip companies have announced over $112 billion in planned capital investments in New York – revitalizing Upstate communities and creating tens of thousands of good-paying jobs. No other region in America will account for a greater share of domestic production. 

“And we’re not done yet. This critical industry is continuing to expand with major investments from semiconductor businesses and supply chain companies like Micron, GlobalFoundries, AMD, Edwards Vacuum, MenloMicro and TTM Technologies to expand their presence in New York. In July, the U.S. Department of Commerce awarded a phase two Tech Hub grant of $40 million to the New York Semiconductor Manufacturing and Research Technology Innovation Corridor (NY SMART-I Corridor) consortium. Over the next five years, the consortium will serve a critical role in supporting Upstate New York’s continued growth into a globally competitive center of semiconductor workforce development, innovation and manufacturing. 

“For communities that have experienced decades of economic stagnation and neglect, these extraordinary commitments are the beginning of an economic renewal – bringing better schools, better hospitals, safer streets and stronger infrastructure. 

“The CHIPS and Science Act has put New York on the precipice of a defining age of manufacturing and transformed the future for generations of New Yorkers. I’m grateful to Leader Schumer, Leader Jeffries, the New York Congressional Delegation and the Biden-Harris Administration for their historic efforts and for keeping their promise to the American people.” 

FACT SHEET: Two Years after the CHIPS and Science Act, Biden-⁠Harris Administration Celebrates Historic Achievements in Bringing Semiconductor Supply Chains Home, Creating Jobs, Supporting Innovation, and Protecting National Security 
  
Companies have announced $395+ billion in investments in semiconductors and electronics and the creation of over 115,000 jobs since President Biden and Vice President Harris took office 
  

Two years ago, President Biden signed into law the CHIPS and Science Act (CHIPS), aimed at reestablishing United States’ leadership in semiconductor manufacturing, shoring up global supply chains, and strengthening national and economic security. America invented the semiconductor, and used to produce nearly 40 percent of the world’s chips, but today, we produce only about 10 percent of global supply—and none of the most advanced chips. The CHIPS and Science Act aimed to change that by investing nearly $53 billion in U.S. semiconductor manufacturing, research and development, and workforce.  
  
Dozens of companies have committed to nearly $400 billion in total semiconductor investments across the country. These investments have been spurred in large part by the Department of Commerce’s CHIPS Incentives program, which has signed preliminary agreements with 15 companies across 15 states to provide over $30 billion in direct funding and roughly $25 billion in loans for semiconductor manufacturing projects. These projects will support the creation of more than 115,000 direct construction and manufacturing jobs, with further investments in workforce development and training to come – helping to ensure more chips are made in America by American workers. As a result of these investments, the United States is on track to produce nearly 30% of the global supply of leading-edge chips by 2032, up from zero percent when President Biden and Vice President Harris took office. 
  
As part of the CHIPS Act, the Biden-Harris Administration has also made regional investments to spur centers of innovation across America through the Tech Hubs program, has made investments to revitalize communities historically overlooked by federal investment through the Recompete program, and is making critical investments in research and development and workforce initiatives across the semiconductor ecosystem.   
  
Two Years of Progress on Semiconductor Manufacturing and Innovation 

In the past two years, agencies across the federal government have developed and executed on programs established under CHIPS to restore domestic semiconductor manufacturing, invest in research and development, support supply chain resiliency and national security, and catalyze economic and workforce development. Key milestones in the Administration’s implementation of CHIPS include: 
  
Reshoring U.S. Semiconductor Manufacturing 
  
Thanks to CHIPS Act, the United States will once again be a world leader in manufacturing the semiconductors that power our lives. In the two years since President Biden signed the CHIPS Act into law: 

  1. The Department of Commerce CHIPS Incentives Program announced preliminary agreements with 15 companies, totaling over $30 billion of the total available $39 billion in direct incentives funded by the CHIPS and Science Act. Commerce is on track to allocate all remaining funds with CHIPS grantees by the end of 2024. 
  2. Two years ago, the U.S. produced none of the world’s most advanced chips. Now, America is home to all five of the world’s leading-edge logic, memory, and advanced packaging providers, while no other economy has more than two. Collectively, these fabs will enable the United States to produce nearly 30% of the global supply of leading-edge chips by 2032.  
  3. The CHIPS Act is creating a robust semiconductor ecosystem by supporting multiple high-volume advanced packaging facilities, expanded production of current and mature-node semiconductors, and critical supply chain components, all by the end of the decade to support critical industries from automobiles and medical devices to artificial intelligence and aerospace.  
  4. The Department of the Treasury continues to work on a final rule on the Advanced Manufacturing Investment Credit, which provides a 25% investment tax credit for companies engaged in semiconductor manufacturing and producing semiconductor manufacturing equipment. 
      

Creating Jobs and Workforce Pipelines for American Workers 

A centerpiece of the Biden-Harris Administration’s Investing in America agenda is to create good paying job opportunities for Americans across the country. CHIPS has dedicated hundreds of millions of dollars to ensuring that America’s semiconductor comeback will serve to benefit American workers. For example: 

  1. CHIPS-funded projects are creating more than 115,000 construction and manufacturing jobs with over $250 million of CHIPS funding earmarked for local community workforce development, the use of which will be guided by local stakeholder input, including from academic institutions, training providers, and labor unions, and federal partners, including the Departments of Labor and Education. These projects will also pay construction workers prevailing wages, which ensures they earn family-sustaining wages and benefits, and include some of the largest Project Labor Agreements in history, establishing that the future of this industry in America will be built by union workers. 
  2. The Biden-Harris Administration launched Investing in America Workforce Hubs in Upstate New York, Phoenix, Arizona, and Columbus, Ohio to support the training needed for the growing industries there, including booming semiconductor ecosystems. These are just three of the nine Workforce Hubs across the country which are creating pipelines for Americans to access good-paying jobs in the industries seeing increased investments thanks to President Biden’s Investing in America agenda.  
  3. The Department of Commerce expects to invest hundreds of millions of dollars into the National Semiconductor Technology Center’s (NSTC) workforce efforts, including the Workforce Center of Excellence which will collaborate with industry, academia, labor unions, the Departments of Labor and Education, the National Science Foundation, and local government partners to address end-to-end workforce training needs from access to adoption. 
  4. The National Science Foundation (NSF) launched its Future of Semiconductors (FuSe) initiative, a $45.6 million investment to conduct frontier research and develop the future microelectronics workforce. The NSF also announced its inaugural Regional Innovation Engines, 10 locations receiving a $150 million investment with the potential for up to $2 billion in funding over the next decade. 
  5. Companies applying for more than $150 million in grants were required to submit a robust child care plan that reflects the needs of their workers in communities where they plan to build.  Some of the largest projects, such as those of Micron and Intel, have committed to providing affordable, accessible, high-quality child care for thousands of workers across multiple facilities in multiple states. This has already led to a dramatic expansion of benefits including the construction of dedicated child care facilities at multiple project sites as well as discount and reimbursement programs in collaboration with local child care providers. 

  
Accelerating Regional Economic Development and Innovation 

President Biden and Vice President Harris are investing in regions that suffered from disinvestment for too long despite their economic potential. Through the Investing in America Agenda, this Administration is building an economy that brings innovation and opportunity for hardworking American families. The CHIPS Act expanded the suite of place-based investment efforts under the Biden-Harris Administration to build on the momentum of programs under the American Rescue Plan. In the two years since the CHIPS Act was signed: 

  1. The Department of Commerce announced $504 million for 12 Tech Hubs to give regions across the nation the resources and opportunities needed to lead in the economies of the future, such as semiconductors, clean energy, biotechnology, AI, quantum computing, and more.  
  2. The Department of Commerce is awarding $184 million to six Recompete Pilot Program finalists; creating renewed opportunity in economically distressed communities through good-paying, high-quality jobs. The Recompete Pilot Program targets areas where prime-age employment is significantly lower than the national average and provides flexible and locally-drive investments to support economic comebacks. 
  3. The National Science Foundation announced $150 million for 10 inaugural awards that has already been matched by more than $350 million in commitments from state and local governments, the private sector and philanthropy. These 10 NSF Engines have the potential to receive over $2 billion over the next decade, paving the way toward a new frontier in American innovation.  
  4. The Small Business Innovation Research (SBIR) Program will announce nearly $54 million in funding that will help small businesses explore innovative ideas and the commercial microelectronics marketplace. 

  
Protecting National Security and Working with Allies and Partners 

In September 2023, the Department of Commerce finalized rules to implement the national security guardrails laid out in CHIPS. These guardrails are preventing technology and innovation funded by the program from being misused by foreign countries of concern and protecting our industrial ecosystem. CHIPS manufacturing funds are also going towards companies building the semiconductors that are essential to our aerospace and defense industries. 

  1. CHIPS grant funds are directly supporting our national security by increasing the supply of critical technologies needed to protect Americans, including the production of chips necessary for critical defense programs including the F-35 fighter jet program, and chips for everyday applications that impact all Americans, from cars to secure Wi-Fi.  
  2. The Department of Defense’s Microelectronics Commons Program has announced an initial $280 million in first year projects to create resilient onshore ecosystems for cutting-edge applications in six key areas: secure edge/internet of things, electromagnetic warfare, 5G/6G, Quantum technology, artificial intelligence hardware, and commercial leap ahead technologies. These projects build off the Commons regionals hubs and are set to kick off, along with additional awards for human, digital, and physical infrastructure, by the end of the year. 
  3. The State Department recently launched the CHIPS Act International Technology Security and Innovation (ITSI) Fund supported ITSI Western Hemisphere Semiconductor Initiative, which will enhance assembly, testing and packaging capabilities in partner countries including Mexico, Panama, and Costa Rica. New partnerships have also been announced with Vietnam, Indonesia, the Philippines, and Kenya to explore semiconductor supply chain coordination opportunities to develop trust, transparency, and resiliency with our allies across the globe. 
  4. The Department of Commerce announced that the Indo-Pacific Economic Framework for Prosperity (IPEF) Agreement Relating to Supply Chain Resilience entered into force on February 24, 2024. This agreement, led by the United States, is ensuring a more resilient, efficient, productive and sustainable supply chain for semiconductors and other industries. 
  5. The Department of Commerce awarded $140 million across 17 projects in its first funding opportunity through the Public Wireless Supply Chain Innovation Fund, which will drive American wireless innovation, competition, and supply chain resilience.   

  
Investing in Innovation 

The semiconductor was invented here in the United States, and America has continued to be a leader in the research and development in semiconductors and some of the most advanced technologies. The CHIPS Act is helping advance those goals by: 

  1. Investing approximately $3 billion in the National Advanced Packaging Manufacturing Program (NAPMP) to establish and accelerate domestic capacity for semiconductor advanced packaging which will drive U.S. technological leadership in leading-edge semiconductors and underpin future innovation areas, including artificial intelligence. Over 100 concept papers were submitted for the first funding opportunity and a second funding opportunity for $1.6 billion will be announced in the fall. 
  2. Establishing Natcast, a non-profit, to operate the NSTC to enable rapid adoption of innovations that will enhance domestic competitiveness for decades to come. The Department of Commerce, together with Natcast, announced the focus of its first three CHIPS R&D research facilities: a NSTC Prototyping and National Advanced Packaging Manufacturing Program facility, an NSTC Administrative and Design facility, and an NSTC Extreme Ultraviolet EUV center – which will be complemented by affiliated technical centers.  

Issuing funding opportunities through the Department of Commerce for a first-of-its kind Manufacturing USA Institute focused on the development, validation, and use of digital twins – virtual models that mimic the structure, context, and behavior of a physical counterpart.

Biden Administration, Economic Development, Economic Policies, Economy, News & Photo Features

FACT SHEET: Celebrating National Small Business Week, Biden-Harris Administration Announces Record Federal Dollars Awarded to Small Businesses

As Congressional Republicans propose cutting SBA funding by 31%, White House releases 2024 Small Business Boom Report that shows SBA small dollar Loans on track to nearly double since 2020. This fact sheet is provided by the White House:  

 

The Biden Administration is touting a sustained small business boom, with Americans filing a record 17.2 million new business applications © Karen Rubin/news-photos-features.com

Small businesses are the engines of the economy. As President Biden says, every time someone starts a new small business, it’s an act of hope and confidence in our economy. In celebration of National Small Business Week, the Biden-Harris Administration is announcing new milestones in support delivered to small businesses across the country.
 
Since arriving in office, the Biden-Harris Administration has overseen a sustained small business boom across the country. The President’s agenda has driven the first, second and third strongest years of new business application rates on record—and is on pace for the fourth—with Americans filing a record 17.2 million new business applications. Business applications are a leading indicator for new business creation, and the historic growth in business applications has coincided with the strongest labor market in decades. And traditionally underserved small businesses are growing at near-historic rates, with Black business ownership growing at the fastest pace in 30 years and Latino business ownership growing at the fastest pace in more than a decade.
 
Republicans in Congress have undermined small businesses by attempting to repeal Inflation Reduction Act investments that are lowering costs for small business. House Republicans are also threatening assistance to small businesses across the country by proposing draconian cuts to the Small Business Administration as part of their 31% reduction to government-wide spending. And House Republicans would defund the President’s agenda to advance racial and gender equity in federal contracts.
 
President Biden is fighting to grow the small business boom spurred by his agenda. The Biden-Harris Administration announced:

New Records for Federal Procurement Dollars Awarded to Small Businesses, Including Small Disadvantaged Businesses (SDBs). The Small Business Administration (SBA) released its Procurement Scorecard showing that in Fiscal Year 2023, the Biden-Harris Administration awarded an all-time high in federal contracts to small businesses across federal agencies. In total, a record-high of $178.6 billion, or 28.4 percent, of all contracting dollars went to small businesses. This includes:
 

  • $76.2 billion to SDBs, totaling 12.1 percent of federal contracting dollars and surpassing the 12% goal for FY23 established by the Office of Management and Budget. This represents the third consecutive year of record-breaking awards to SDBs under President Biden, and puts the Administration on track to reach the President’s goal of increasing federal contracting dollars to SDBs by 50% by 2025. Increasing federal investments in under-resourced businesses helps more Americans realize their entrepreneurial dreams, strengthens the supplier base, and contributes to narrowing persistent wealth disparities.
  • $32 billion to Service-Disabled Veteran Owned Small Businesses (SDVOSB), representing a nearly $4 billion increase from Fiscal Year 2022. The Administration surpassed its goal by nearly 70%, with a total of 5.07 percent of federal contracting dollars going to SDVOSB.
  • In FY23, government contracting with small businesses supported one million jobs, including in manufacturing, construction, research & development, technology, defense, and other vital industries.
  • Across the federal government, 22 agencies received an ‘A’ or higher on their individual procurement scorecards, surpassing last year’s total.
  • In conjunction with the scorecard, the SBA released federal contract data broken down by business owner race and ethnicity for FY23, which shows that businesses owned by historically underrepresented groups earned more through federal contracts across every category.

 
Release of Third Annual Small Business Boom Report. The White House released its third annual Small Business Boom Report, illustrating the continued achievements of the Biden-Harris Administration to support small businesses by expanding access to capital, providing small businesses with more hands-on support, ensuring federal spending benefits small businesses, and building a fairer tax code. The report shows the Administration has continued to make historic progress on all 35 commitments in the original report including:
 

  • SBA has nearly doubled small dollar loans. Small businesses consistently voice the need for access to small dollar loans, with survey results indicating over 50% of small businesses seek loans of less than $100,000, but only one-third of the smallest businesses – those with $100,000 or less in annual revenue – report receiving the full funding they request from banks. Less than one year since implementing policy reforms to increase access to small dollar loans, SBA is on pace to nearly double the number of small loans approved compared to the final year of the previous Administration, with over 20,000 7(a) loans under $150,000 approved in Fiscal Year 2024. It represents a one-third increase over last year, translating to 750 more businesses getting approved for a small dollar loans every month.
  • Through the American Rescue Plan’s State Small Business Credit Initiative approved over $8 billion in capital support for small businesses, leveraging significantly more in private sector funding. Funded by the American Rescue Plan, Treasury’s nearly $10 billion State Small Business Initiative (SSBCI) program delivers funding to states, territories, and tribal governments that spur lending and investing in small businesses, and provides critical technical assistance. So far, Treasury has approved $8.4 billion in allocations to 55 states and territories and 34 tribal governments that are expected to catalyze at least $10 in private investment for each dollar of SSBCI capital funding. Already $1.1 billion of approved funding has been deployed to support loans or investments to small businesses or investments in venture capital funds. To date, Treasury has also announced the approval of more than $135 million in technical assistance grants to 40 states and territories.
  • Delivering more than $250 billion to small businesses through SBA’s lending programs by the end of the decade. In 2021, SBA committed to delivering more than $250 billion in financing to more than 500,000 small businesses by the end of the decade. Under this Administration, SBA has taken numerous steps to expand access to capital including finalizing rules to increase small dollar lending, expanding programs that help connect traditionally underserved businesses with resources, and revamping its Lender Match portal. As a result, SBA has delivered nearly $124 billion in financing to small businesses through its 7(a), 504, and microloan programs, putting them on pace to reach their goal.
Biden Administration, Economic Development, Economic Policies, Infrastructure, Manufacturing, President Joe Biden

FACT SHEET: President Biden Announces Up To $8.5 Billion Preliminary Agreement with Intel under the CHIPS & Science Act

Funding catalyzes $100 billion in private investment from Intel to build and expand semiconductor facilities in Arizona, Ohio, New Mexico, and Oregon and create nearly 30,000 jobs. Here’s a fact sheet from the White House:

President Biden traveled to Chandler, Arizona, on March 20 to visit Intel’s Ocotillo campus and announce that the Department of Commerce has reached a preliminary agreement with Intel to provide up to $8.5 billion in direct funding along with $11 billion in loans under the CHIPS and Science Act. The announcement will support the construction and expansion of Intel facilities in Arizona, Ohio, New Mexico, and Oregon, creating nearly 30,000 jobs and supporting tens of thousands of indirect jobs. During his visit to Arizona, President Biden will discuss the vision that he laid out in his State of the Union, underscoring how his Investing in America agenda is building an economy from the middle out and bottom up, creating good-paying jobs right here in America, strengthening U.S. supply chains, and protecting national security.

Semiconductors were invented in America and power everything from cell phones to electric vehicles, refrigerators, satellites, defense systems, and more. But today, the United States produces less than 10 percent of the world’s chips and none of the most advanced ones. Thanks to President Biden’s CHIPS and Science Act, that is changing. Companies have announced over $240 billion in investments to bring semiconductor manufacturing back to the United States since the President took office. Semiconductor jobs are making a comeback. And thanks to CHIPS investments like the one today, America will produce roughly 20% of the world’s leading-edge chips by the end of the decade.

The announcement is critical to realizing President Biden’s vision to reestablish America’s leadership in chip manufacturing. In particular, this CHIPS investment will support Intel’s construction and expansion projects across four states and will create nearly 30,000 jobs:

  • Chandler, Arizona: Funding will help construct two leading-edge logic fabs and modernize one existing fab, significantly increasing manufacturing capacity to produce Intel’s most advanced semiconductors in the United States. This investment will create over 3,000 manufacturing jobs, 7,000 construction jobs, and thousands of indirect jobs. Intel’s investment in Arizona is among the largest private sector investments in the state’s history.
    • New Albany, Ohio: Funding will establish a new regional economic cluster for U.S. chipmaking with the construction of two leading-edge logic fabs. This investment will create 3,000 manufacturing jobs, 7,000 construction jobs, and an estimated 10,000 indirect jobs. Intel’s investment in Ohio is the largest private-sector investment in the state’s history.
       Rio Rancho, New Mexico: Funding will support the nearly complete modernization and transformation of two fabs into advanced packaging facilities, where chips are assembled together to boost their performance and reduce costs. Advanced packaging is critical for artificial intelligence (AI) applications and the next generation of semiconductor technology. It also allows manufacturers to improve performance and function and shorten the time it takes to get many advanced chips to market.  When completed, these facilities will be the largest for advanced packaging in the United States. This investment will create 700 manufacturing jobs and 1,000 construction jobs.
       
  • Hillsboro, Oregon: Funding will expand and modernize facilities to increase clean-room capacity and utilize advanced lithography equipment, further strengthening this critical innovation hub of leading-edge development and production in the United States. This investment will support several thousand new permanent and construction jobs and thousands of indirect jobs.
     

Creating Good-Paying and Union Jobs with Good Benefits Across America

President Biden promised to be the most pro-worker, pro-union President in American history, and his Administration has committed to ensuring that workers have the free and fair choice to join a union and equitable training pathways to good jobs. As part of the Administration’s effort to connect workers with good-paying jobs created by the President’s Investing in America agenda, the White House announced five initial Workforce Hubs across the country – two of which have focused on building pipelines to good jobs in the semiconductor industry: Phoenix, Arizona, and Columbus, Ohio. And, last year, the National Science Foundation and Intel announced $100 million to expand semiconductor workforce training opportunities, education, and research across the nation.

Under their preliminary agreement with the Department of Commerce, Intel has committed to work closely with workforce training providers (e.g., educational institutions, state and local agencies, labor unions) to develop and train workers for jobs created by the investment announced today. The Ohio State Building Trades signed a Project Labor Agreement (PLA) for the Ohio construction site, and there is a majority-union construction crew in both the Arizona and Oregon sites. The Administration strongly supports workers’ right to organize and expects Intel to continue its longstanding tradition of creating good jobs and respecting workers’ rights, including expecting Intel to neither hold mandatory captive audience meetings nor hire anti-union consultants.

The announcement today also includes significant funding to train and develop the local workforce, including $50 million in dedicated CHIPS funding. The focus of this funding will be further determined in the coming months based on the Department of Commerce’s labor and workforce priorities in partnership with the Department of Labor. Those priorities include funding workforce intermediaries and labor-management partnerships, promoting inclusive and equitable training and hiring across the construction and facilities workforces, and providing supportive services, such as child care. Intel’s construction spending is contributing to union apprentice programs across all four sites—expected to amount to over $150 million in apprenticeship contributions. Additionally, Intel has committed to providing affordable, accessible, high-quality child care for its workers across its facilities. Intel will be increasing the reimbursement amount and duration for its back-up care program, adding additional access to discounted primary child care providers, and expanding access to a vetted network of child care providers for its employees. In addition, Intel will pilot a primary child care reimbursement program for non-salary employees.
 

Strengthening Local Economies

Today’s announcement is also poised to strengthen the local economies of these states and cities, and is part of the President’s commitment to investing in all of America and leaving no community behind. Intel’s investments in Arizona and Ohio are among the largest private-sector investments in each state’s history, and Arizona has received the highest level of private sector manufacturing investment per capita of any state since the President took office. Intel’s investment in Arizona is expected to create tens of thousands of indirect jobs across suppliers and supporting industries – on top of the nearly 30,000 manufacturing and construction jobs it will create, fostering a more resilient semiconductor supply chain in the U.S.

In Arizona, Intel’s investments have grown the surrounding community, attracting opportunities for professional growth and upward economic mobility for everyone – from graphic designers to restaurants and small businesses. And in Ohio, Intel continues expanding their partnerships with local businesses to support their construction projects and operations at other facilities – growing from 150 Ohio-based suppliers in 2022 to over 350 today. 

Intel has also prioritized sustainability and being responsible stewards of the environment at its facilities. It currently uses 100% renewable electricity in its fabs and factories in the United States, and plans to achieve net-positive water and zero waste to landfill by 2030.

Building on Historic Progress Under the CHIPS and Science Act

Today’s announcement is the fourth and largest preliminary memorandum of terms (PMT) under the CHIPS and Science Act:

  • In February 2024, the Biden-Harris Administration announced $1.5 billion for GlobalFoundries to support the development and expansion of facilities in Malta, NY, and Burlington, VT.
    • In January 2024, the Administration announced $162 million for Microchip Technology Inc. to increase its production of microcontroller units and other specialty semiconductors, and to support the modernization and expansion of fabrication facilities in Colorado Springs, CO, and Gresham, OR. 
    • In December 2023, the Administration announced $35 million for BAE Systems Electronic Systems to support the modernization of the company’s Microelectronics Center in Nashua, NH. This facility will produce chips that are essential to our national security, including for use in F-35 fighter jets.

President Biden’s Investing in America agenda – including the CHIPS and Science Act – is spurring a manufacturing and clean energy boom. Since President Biden took office, companies have announced over $675 billion in private sector investments in manufacturing and clean energy, and over 50,000 infrastructure and clean energy projects are underway. This announcement is part of the President’s broader commitment to build an economy from the middle out and bottom up, not the top down, and invest in all of America. 

Biden Administration, Economic Development, Economic Policies, Economy, Joe Biden, News & Photo Features, President Joe Biden

FACT SHEET: The American Rescue Plan (ARP): Top Highlights from 3 Years of Recovery

  1. Led to the Strongest Jobs Recovery on Record and the Strongest Recovery in the World: When President Biden came into office, there was tremendous economic uncertainty. Unemployment was at 6.4% when President Biden took office. Unemployment was not projected to drop below 4% until the end of 2025 in CBO’s February 2021 (Pre-ARP) Forecast. Instead, unemployment was below 4% for the past 25 months in a row – the strongest record in more than five decades. 
    1. ARP drove historic 3-year job growth with 15 million jobs added since President Biden took office.
    1. Not only recovered all the lost jobs but added an additional 5.5 million more jobs versus pre-Covid.
    1. Powered the strongest recovery in the world: After the American Rescue Plan passed, the U.S. saw by far the fastest recovery in the G7, with significantly higher real wage growth. US has lower apples to apples core inflation than all major European allies.
    1. Powered the Most Equitable Recovery in Memory: In past recessions, persistent high long-term and youth unemployment as well as high numbers foreclosures and evictions led to long-term harms – “scarring” for millions of Americans and hard, long roads back for Black and Latino Americans. President Biden’s Rescue Plan ensured that didn’t happen this time:
    1. Historic drops in unemployment for Black and Latino workers: With the strong recovery powered by ARP, Black unemployment saw its largest 1-year drop since the early 1980s and reached its lowest-ever annual rate in 2023; Hispanic unemployment saw its fastest 1-year drop and reached its lowest 2-year rate ever in 2022 & 2023.  
    1. Least scarring in any recovery in memory: The American Rescue Plan led to the fastest drop in long-term and youth unemployment ever. It kept foreclosures historically low and evictions 20% below historic avgs.
    1. Led to dramatic reduction in inequality: Economists have found that the strong post-ARP labor market’s wage increases for middle-income and lower-income workers erased nearly 40% of the rise in wage inequality increases from the previous four decades.
    1. Lowest women’s annual unemployment rate since 1953: This recovery has seen a dramatic decline in women’s unemployment to an average of 3.5% in 2023, the lowest annual average since 1953.
    1. Strong recovery for Asian American, Pacific Islander, and Native Hawaiian communities: Asian American unemployment averaged 2.9% over the last two years and AA NHPI small business formation surged. Native Hawaiian and Pacific Islander unemployment also fell by half from a 9% avg. in 2020 to 4% in 2022-2023.
    1. Led to the Largest Federal Investments in Preventing Crime, Reducing Violence, and Investing in Public Safety in History. Since the passage of the American Rescue Plan, we’ve had the largest federal investment in advancing public safety and preventing violence in our history through ARP funding and other federal funding.
    1. Over $15 billion in ARP funds committed to preventing crime and reducing violence, with investments by over 1,000 state and local governments to avoid cuts to police budgets, hire more police officers for safe, effective, and accountable community policing, ensure first responders have the equipment they need to do their jobs, and expand evidence-based community violence intervention and prevention programs.
    1. That includes $1.2 billion for Medicaid Mobile Crisis Intervention Services – the American Rescue Plan included $1.2 billion to fund mobile crisis intervention units staffed with mental health professionals & trained peers. 
    1. It also includes $1 billion in Family Violence Prevention and Services Program to reduce domestic violence with immediate crisis intervention, health supports, and safety.
    1. American Rescue Plan’s Expansion of the Affordable Care Act Led to Record-Breaking Health Care Enrollment and Savings: ARP substantially increased consumer subsidies, eligibility to middle-income families and provided strong incentives for states to expand Medicaid through the Affordable Care Act. Result:
    1. ARP/IRA-extended ACA extension led to over 21 million Americans enrolling in coverage, an increase of 9 million from when POTUS took office.
    1. Thanks to the American Rescue Plan and Inflation Reduction Act, millions of Americans are saving an average of $800 a year on premiums. The Biden-Harris Administration is committed to keeping health insurance premiums low, giving families more breathing room and the peace of mind that health insurance brings. To do that, the President is calling on Congress to make the expanded premium tax credits that the Inflation Reduction Act extended permanent.
    1. Provided health coverage to 3 million Americans who would have otherwise had no health insurance.
    1. Provided affordable health coverage to millions of middle-class Americans who were previously excluded from receiving consumer subsidies.
    1. Provided more than $3 billion in Medicaid funding to North Carolina, Missouri, Oklahoma, and South Dakota for Medicaid expansion, covering over one million people.
    1. Gave states an easier pathway to extend Medicaid postpartum coverage for a full 12 months – ensuring access to critical care for nearly 700,000 women in 45 states and the District of Columbia.
    1. Largest Small Business Boom in History Due to ARP-Driven Strong Recovery and Small Business Investments: The Biden-Harris Administration:
    1. Increased COVID EIDL to $2 million while increasing anti-fraud controls.
    1. Reformed PPP to more equitably distribute funds to the smallest businesses.
    1. Restaurant Revitalization Fund helped over 100,000 restaurants, bars, and food trucks stay open.
    1. Shuttered Venues Program provided relief to 13,000 venues.
    1. Invested a historic $10 Billion in the State Small Business Credit Initiative leveraging up to $100 billion in capital for small businesses.
    1. Invested in innovative Community Navigators program that delivered training to over 350,000 entrepreneurs and 1:1 counseling services to over 33,000 small business owners
    1. Invested $125 million through the Capital Readiness Program to 43 non-profit community-based organizations to help underserved entrepreneurs launch and scale their small businesses – winners ranged from Asian/Pacific Islander Chamber of Commerce to Urban League of Greater Atlanta.
      This, and the strong recovery that ARP powered, led to:
    1. A record 16 million new business applications over the past 3 years; 55% higher than year before pandemic.
    1. Share of Black households owning a business has more than doubled, and Latino and Asian American, Native Hawaiian, and Pacific Islander small business formation surged as well.  
    1. Women-owned businesses formation substantially outpaced overall business formation.
    1. Led to Lowest Child Poverty Rate in American History: The American Rescue Plan expanded the Child Tax Credit, made it fully refundable, and delivered it monthly in 2021. This historic expansion drove:
    1. Child poverty cut nearly in half to lowest rate ever.
    1. Black child poverty cut by over 50%, Hispanic child poverty cut by 43%, and dramatic drops in Native American, white and Asian American, Native Hawaiian, and Pacific Islander child poverty—all record lows.
    1. Over 9 million children in rural areas benefited from the expanded credit.
    1. 5 million children in Veteran and active-duty families benefited from the expanded credit.
    1. Child Tax Credit payments were delivered reliably with the first ever monthly payment – on the 15th of each month with 90% using direct deposit.
    1. Over 60 million children in 40 million working families received largest Child Tax Credit in history.
    1. Historic expansion to ~240,000 Puerto Rican families: For the first time, ARP permanently made Puerto Rican families eligible for the same Child Tax Credit as other American families. ARP also quadrupled funding available for Puerto Rico’s Earned Income Tax Credit.
    1. Funded a Historic Vaccination Campaign: ARP provided $160 billion to support vaccination, therapeutics, testing and mitigation, PPE, and the broader COVID Response effort. This led to:
    1. Over 230 million Americans are fully vaccinated, up from 3.5 million when President Biden took office, while closing the racial gap in vaccine access.
    1. First-Ever National Eviction Policy Called “The most important eviction prevention policy in American history.” 
    1. Emergency Rental Assistance and other American Rescue Plan assistance helped over 8 million hard-pressed renters stay in their homes without sacrificing other basic needs.  
    1. Emergency Rental Assistance and Other ARP housing policies cut eviction filings to 20% below historic averages since start of Biden-Harris Administration.
    1. Called the “the most important eviction prevention policy in American history” by Matthew Desmond, Pulitzer Prize Winner author of “Evicted” – and the “deepest investment the federal government has made in low-income renters since the nation launched its public housing system.”
    1. HUD Emergency Housing Vouchers have already helped 47,500 households at risk of homelessness lease their own rental housing – supporting those at risk of or experiencing homelessness or housing instability, and those fleeing domestic violence.
    1. Helped Keep Over 225,000 Child Care Programs Open and Provided Historic Nationwide Support for Medicaid Home-Based Care
    1. American Rescue Plan Stabilization Assistance has reached over 225,000 Child Care Providers – that employ 1 million child care workers – and have the capacity to serve as many as 10 million children.
    1. Led to lower child care costs by $1,250 per child, helped bring hundreds of thousands of women with young children into the workforce, and increased wages for child care workers by 10%, according to Council of Economic Advisors Report.
    1. More than 8-in-10 licensed child care centers nationwide received ARP assistance.
    1. Benefited 30,000 rural child care programs – in most states, 97% of rural counties or more received aid.
    1. Invested $37 billion to expand access to home-based care and support direct care workers: Thanks to the American Rescue Plan, President Biden delivered $37 billion that all 50 states and the District of Columbia chose to invest to expand access to home care and improve the quality of caregiving jobs.
    1. Investing in ALL of America:
    1. For First Time in History, Direct Relief to Every Town, City, County, Tribe and State – No Matter How Big or Small, Urban or Rural – So they Could Design their Own Recovery:
    1. Before ARP, 70% of cities forecasted layoffs or major cuts in services and half of states were freezing or cutting jobs. Today, cities and states have funds to invest in major challenges – like public safety, housing, workforce, and rehiring, instead of making dramatic cuts.
    1. ARP provided direct fiscal relief to every state & territory and 30,000 cities and towns – while previous plans reached only 154 local governments or fewer. This has led to:
    1. Immediately reversed planned layoffs in cities and states across the country – and helped drive a recovery of 1.3 million state and local jobs, recovering all of the state and local jobs lost in roughly one-third the time it took to recover state and local jobs after the Great Recession.
    1. Major investments in critical areas:
      1. $25 billion to jumpstart universal broadband access – including Broadband Connections for 18 million students through the Emergency Connectivity Fund so that schools and libraries could close the homework gap.
      1. $12.8 billion in State & Local Funds invested in over 4,300 workforce investments by state and local governments.
      1. Over $20 billion in State & Local Funds invested in water infrastructure.
      1. $18.5 billion in State & Local Funds invested in housing – expanding supply, investing in homeless services, and providing 3.7 million additional households rent, mortgage, and utility relief.
         
    1. Largest Ever Investment in Tribal Communities
    1. ARP provided largest one-time investment in Tribal communities in history – providing more than $32 billion specifically allocated for Tribal communities and Native people, including $20 billion in Fiscal Recovery Funds that were quickly and directly distributed to Tribal governments in 2021 to stabilize Tribal economies devastated by the pandemic.
    1. Invested in first-ever Tribal Small Business Credit Initiative Awards.
    1. Focus on Tribal Communities in Place-Based grants including $45 million Build Back Better Regional Challenge (BBB-RC) grant to the Mountain Plains Regional Native CDFI Coalition to grow the Native finance sector and expand economic opportunity.
       
    1. Investing in Rural America: Innovative rural-focused investments include:
    1. ARP provided direct fiscal recovery funding to every single rural government so that they could avoid painful layoffs and design their own recovery. Past recovery bills only sent direct fiscal relief to largest cities.
    1. ARP Child Care Stabilization Reached 30,000 rural child care programs – in most states, 97% of rural counties or more received aid.
    1. USDA invested $1 billion to expand independent meat and poultry processing capacity to give farmers more market options and fairer prices, and reduce reliance on a handful of meat and poultry corporations.
    1. Rural unemployment rates in 2023 were at their lowest point (3.6 percent) since before 1990.
    1. Full rural jobs recovery: Rural employment has returned fully to pre-COVID levels.
    1. Major Investment in Workforce Training and Connecting Americans to Good Jobs:
    1. Tens of billions from the American Rescue Plan have gone to workforce training efforts, including $12.8 billion in State and Local Funds invested in over 4,300 workforce investments across the country, including pre-apprenticeships and other programs to prepare for new infrastructure, health care & care jobs.
    1. $500 million in competitive Good Jobs Challenge Awards for 32 Workforce High-Quality Training Partnerships across the country.
    1. $1 billion Competitive Build Back Better Regional Challenge – 21 Winners won between $25 million and $65 million to execute transformational projects and revitalize local industries. Projects include developing workforce training programs, connecting workers to jobs, and other transformational investments.
    1. Historic investment in expanding and supporting our health care workforce, including:
       
    1. $1.1 billion investment in the community health workforce, including in mental health workforce.
    1. Rapid deployment of 14,000+ community outreach workers (in 150+ national & local organizations). For example, the Association of Asian/Pacific Community Health Organizations used American Rescue Plan funds to establish the CHW Workforce Collaborative (the Collaborative). The Collaborative has since hired, trained, and deployed more than 250 CHWs who speak over 36 Asian, Native Hawaiian and Pacific Islander languages in 12 continental U.S. states and Hawaii.
    1. Establishment of the first-of-its-kind public health AmeriCorps to build and train the next generation of public health leaders, already serving 82 organizations across the country and supporting more than 3,000 AmeriCorps members.
    1. Supporting the largest field in history (over 22,700 providers) for the National Health Service Corps, Nurse Corps, and Substance Use Disorder Treatment and Recovery programs, treating more than 23.6 million patients in underserved communities.
    1. Provided recovery funding for more than 15,000 School Districts to Safely Reopen K-12 Schools, Support Academic Recovery, and Invest in Student Mental Health:
    1. ARP provided critical relief to more than 15,000 school districts to reopen safely, support academic recovery, and invest in student mental health.
    1. Data from school district plans show that schools are using these funds well, focusing on efforts to support academic recovery:
      1. Nearly 60% of funds are committed to investments like staffing, tutoring, afterschool and summer learning programs, new instructional resources and materials, and mental and physical health supports.
      1. Another 23% is going to keep schools operating safely, including providing PPE and updating school facilities. This includes investments in lead abatement and nearly $10 billion for HVAC.
      1. Nearly half of school districts invested in summer learning programs which proven to boost math scores.

     This has led to:

  • Going from 46% of schools that had safely opened to full-time in-person teaching to 100%: In January 2021, CDC data showed that just 46% of schools were open full-time in-person. Today, all schools are open.
    • Led to a major increase in staffing and investments to address student mental health: Schools now employ 31% more school social workers and 31% more school nurses than pre-pandemic. School districts have added more than 600,000 local education jobs since January 2021 and recovered to pre-pandemic levels.
    • Eighteen Million College Students Have Received Direct Financial Assistance from the Higher Education Emergency Relief Fund that was expanded by ARP:
    • Colleges reached an estimated 18 million students with direct financial assistance from the Higher Education Emergency Relief (HEERF) fund since the beginning of 2021.
    • Direct financial assistance for an estimated 6 million community college students.
    • 80% of Pell Grant recipients received direct financial relief in 2021.
    • An estimated 450,000 students at Historically Black Colleges and Universities (HBCUs) received direct financial assistance. In 2021, 77% of HBCUs used HEERF funds to discharge unpaid student balances.
    • Historic Investment in Pension Security for up to 3 million Union workers & retirees: ARP’s Special Financial Assistance is the most significant investment in pension security for union workers and retirees in the past 50 years.
    • Over 200 multiemployer plans that were on pace to become insolvent in the near term will now have solvency and able to pay full benefits until at least 2051.
    • Preventing a wave of multi-employer insolvencies for 2-3 million workers who would have seen major cuts to their earned retirement benefits.
    • Pension cuts reversed for over 80,000 workers and retirees in 18 “MPRA” multiemployer plans
    • Most significant effort to protect the solvency of the multiemployer pension system in almost 50 years.
    • First-Ever Summer Nutrition Benefit for Students w/ Nationwide Reach – Extended Permanently:
    • ARP created the first-ever summer nutrition benefit with nationwide reach, helping children who rely on free and reduced-price school meals afford food over the summer.
    • 30 million young people: Reached the families of 30 million students.

Permanent: Congress extended this innovative program permanently in 2022’s Omnibus bill, the first major new permanent food assistance program in nearly five decades

Biden Administration, Economic Development, Economic Policies, Economy, Joe Biden, Manufacturing

FACT SHEET: Biden Takes New Actions to Strengthen America’s Supply Chains, Lower Costs for Families, and Secure Key Sectors

During the inaugural convening of the new White House Council on Supply Chain Resilience, President Biden will unveil more than 30 new actions to strengthen America’s supply chains

As part of his Bidenomics agenda to lower costs for American families, President Biden announced nearly 30 new actions to strengthen supply chains critical to America’s economic and national security. These actions will help Americans get the products they need when they need them, enable reliable deliveries for businesses, strengthen our agriculture and food systems, and support good-paying, union jobs here at home. Among the actions: the USDA is investing $196 million to strengthen our domestic food supply chains and create more opportunity for farmers and entrepreneurs in 37 states and in Puerto Rico. These investments—which build on prior investments in diversified food processing, resilient agricultural markets, and fertilizer production—expand farmer income opportunities, create economic opportunities for people and businesses in rural areas, and lower food costs. © Karen Rubin/news-photos-features.com

You don’t hear anything about it because 1) it’s lots of facts and figures and 2) the nonstop criminality, latest court craziness of Trump and his scheme to become a dictator are dominating news. But the collapse of supply chains during the COVID pandemic was the biggest reason for triggering inflation, and the Biden administration focus to develop Made in America manufacturing and reduce dependency on foreign production is one of the biggest factors in reducing costs for Americans (despite greed-based price hikes). Here’s a Fact sheet from the White House:

As part of his Bidenomics agenda to lower costs for American families, President Biden is announcing nearly 30 new actions to strengthen supply chains critical to America’s economic and national security. These actions will help Americans get the products they need when they need them, enable reliable deliveries for businesses, strengthen our agriculture and food systems, and support good-paying, union jobs here at home.

President Biden announced these actions alongside members of his Cabinet and other senior Administration officials at the inaugural meeting of the new White House Council on Supply Chain Resilience. The Council, which President Biden established, will support the enduring resilience of America’s critical supply chains.

Robust supply chains are fundamental to a strong economy. When supply chains smooth, prices fall for goods, food, and equipment, putting more money in the pockets of American families, workers, farmers, and entrepreneurs. That is why President Biden made supply chain resilience a priority from Day One of his Administration—including by signing an Executive Order on America’s Supply Chains and establishing a Supply Chain Disruptions Task Force that worked with states, Tribes, local governments, businesses, family farms, labor, and allies and partners to address the acute supply chain crises caused by the pandemic. Since then, the Administration has made historic investments to strengthen supply chains and prevent future disruptions by expanding production capacity in key sectors and building infrastructure through the CHIPS and Science Act, the Inflation Reduction Act, and the Bipartisan Infrastructure Law.

These efforts helped unsnarl supply chains, re-normalize the flow of goods, and lower inflation. From October 2021 to October 2023, supply chain pressures as measured by the New York Fed declined from near-record highs to a record low, helping lower inflation, which has fallen by 65% from its peak.

Today, President Biden is building on this progress by announcing bold new actions to further strengthen supply chains, lower costs for families, and help Americans get the goods they need, including:

  • The creation of the Council on Supply Chain Resilience. Today, President Biden will convene the inaugural meeting of the White House Council on Supply Chain Resilience, which will advance his long-term, government-wide strategy to build enduring supply chain resilience. The Council will be co-chaired by the National Security Advisor and National Economic Advisor, and include the Secretaries of Agriculture, Commerce, Defense, Energy, Health and Human Services, Homeland Security, Housing and Urban Development, the Interior, Labor, State, Transportation, the Treasury, and Veterans Affairs; the Attorney General; the Administrators of the Environmental Protection Agency and the Small Business Administration; the Directors of National Intelligence, the Office of Management and Budget, and the Office of Science and Technology Policy; the Chair of the Council of Economic Advisers; the U.S. Trade Representative; and other senior officials from the Executive Office of the President and other agencies.
     
  • Use of the Defense Production Act to make more essential medicines in America and mitigate drug shortages. President Biden will issue a Presidential Determination to broaden the Department of Health and Human Services’ (HHS) authorities under Title III of the Defense Production Act (DPA) to enable investment in domestic manufacturing of essential medicines, medical countermeasures, and critical inputs that have been deemed by the President as essential to the national defense. HHS has identified $35 million for investments in domestic production of key starting materials for sterile injectable medicines. HHS will also designate a new Supply Chain Resilience and Shortage Coordinator for efforts to strengthen the resilience of medical product and critical food supply chains, and to address related shortages. HHS intends to institutionalize this coordination to advance the department’s supply chain resilience and shortage mitigation goals over the long term. The Department of Defense (DOD) will also soon release a new report on pharmaceutical supply chain resilience aimed at reducing reliance on high-risk foreign suppliers. These actions are a subset of the Administration’s broader work to increase access to essential medicines and medical products.
     
  • New cross-governmental supply chain data-sharing capabilities. The Administration has developed several cross-government partnerships to improve supply chain monitoring and strategy, including:
    • The Department of Commerce’s new, first-of-its-kind Supply Chain Center is integrating industry expertise and data analytics to develop innovative supply chain risk assessment tools, and is coordinating deep-dive analyses on select critical supply chains to drive targeted actions to increase resilience. This Center is building broad partnerships across government, industry, and academia, including collaborating with the Department of Energy (DOE) to conduct deep-dive analyses on clean energy supply. Additionally, Commerce is partnering with HHS to assess industry and import data that can help address foreign dependency vulnerabilities and points of failure for critical drugs.
    • The Department of Transportation’s (DOT) Freight Logistics Optimization Works (“FLOW”) program is a public-private partnership that brings together U.S. supply chain stakeholders to create a shared, common picture of supply chain networks and facilitate a more reliable flow of goods. DOT is announcing a new milestone for FLOW, in which participants are beginning to utilize FLOW data to inform their logistics decision making, helping to avoid bottlenecks, shorten lead times for customers, and enable a more resilient and globally competitive freight network through earlier warnings of supply chain disruption. As the effort continues to mature, DOT will work with the Department of Agriculture (USDA) to increase data transparency for containerized shipments of agricultural products in the United States, efforts that can help producers and sellers avoid disruptions that can increase food prices.
    • These new analytical capabilities will enable the Council to coordinate a more complete, whole-of-government critical supply chain monitoring function.

Additional actions to support stronger supply chains and access to affordable, reliable energy and critical technology:

Investing in critical supply chains:

  • DOE today announced $275 million in grant selections for its Advanced Energy Manufacturing and Recycling Grant Program, investments that will revitalize communities affected by coal mine or coal power plant closures through investment in clean energy supply chains, including production of critical materials, components for grid-scale batteries and electric vehicles, onshore wind turbines, and energy conservation technologies. DOE also announced up to $10 million of funding for a “critical material accelerator” and a $5.6-million prize to develop circular clean energy supply chains. These efforts build on action by President Biden to authorize DOE’s use of the DPA to increase domestic production of five key clean energy technologies—including electric heat pumps—as well as DOE’s recently announced $3.5-billion investment through the Bipartisan Infrastructure Law to boost domestic production of advanced batteries and battery materials needed for essential clean energy technologies such as stationary storage and electric vehicles.
  • USDA is making investments worth $196 million to strengthen our domestic food supply chains and create more opportunity for farmers and entrepreneurs in 37 states and in Puerto Rico. These investments—which build on prior investments in diversified food processing, resilient agricultural markets, and fertilizer production—expand farmer income opportunities, create economic opportunities for people and businesses in rural areas, and lower food costs.
  • DOD, building on the $714 million in DPA investments it has made in 2023 to support defense-critical supply chains, will publish the first ever National Defense Industrial Strategy (NDIS). The NDIS will guide engagement, policy development, and investment in the defense industrial base over the next three to five years. It will ensure a coordinated, whole-of-government approach to and focus on the multiple layers of suppliers and sub-suppliers that make up these critical supply chains.

Planning for long-term industrial resilience and future supply chain investments:

  • Launch of the quadrennial supply chain review. The Council will complete the first quadrennial supply chain review by December 31, 2024. As part of the review, the Council will update criteria on industries, sectors, and products defined as critical to national and economic security. In addition, 12 months after the Council promulgates the criteria, and annually thereafter, the Council will apply the criteria to review and update the list of critical sectors, as appropriate.
  • Smart manufacturing plan. DOE’s Office of Energy Efficiency and Renewable Energy (EERE) Advanced Materials and Manufacturing Technologies Office (AMMTO) is sponsoring a study by the National Academies of Science, Engineering, and Medicine to develop a nationwide plan for smart manufacturing. The report will establish key priorities for investment to support new digital and artificial intelligence technologies. These investments will enhance the productivity and security of the manufacturing systems that are critical for maintaining domestic supply chains.

Deploying new capabilities to monitor existing and emerging risks:

  • New Resilience Center and tabletop exercises for supply chain disruptions. The Department of Homeland Security (DHS) is announcing the launch of a new Supply Chain Resilience Center (SCRC), which will be dedicated to ensuring the resilience of supply chains for critical infrastructure needed to deliver essential services to the American people. Near-term priorities will include addressing supply chain risks resulting from threats and vulnerabilities inside U.S. ports. Additionally, in 2024, in collaboration with other federal agencies and foreign governments, DHS will facilitate at least two tabletop exercises designed to test the resilience of critical cross-border supply chains. Further, DHS and the Department of Commerce will collaborate to continue to strengthen the semiconductor supply chain and further the implementation of the CHIPS and Science Act.
  • Launch of DOT Multimodal Freight Office. As part of the Bipartisan Infrastructure Law (“BIL”) implementation, DOT is launching its Office of Multimodal Freight Infrastructure and Policy (“Multimodal Freight Office”). This office is responsible for maintaining and improving the condition and performance of the nation’s multimodal freight network including through the development of the National Multimodal Freight Network, review of State Freight Plans, and the continued advancement of the FLOW initiative in partnership with the Bureau of Transportation Statistics.
  • Monitoring of climate impacts. The White House National Security Council, Office of Science and Technology Policy, and the Council of Economic Advisers will co-lead an interagency effort in partnership with the National Oceanic and Atmospheric Administration to monitor global developments related to El Niño, including this climate phenomenon’s impact on U.S. and global commodity prices, agriculture and fishery output, disruptions to global and trade supply chains, and resulting impacts on food security, human health, and social instabilities.
  • Energy and critical mineral supply chain readiness. To more consistently track risk and opportunity across energy supply chains, DOE is developing an assessment tool that accounts for raw materials, manufacturing, workforce, and logistics considerations. Additionally, to help assess the potential for trade disruptions of select critical minerals and materials, the Department of the Interior’s U.S. Geological Survey (USGS) will map and develop geospatial databases for select global critical product supply chains, with a current focus on semiconductor components; and will seek designation by the Chief Statistician of the United States of a federal statistical unit providing the nation’s official minerals statistics. Additionally, the National Science and Technology Council’s Critical Minerals Subcommittee plans to launch a new criticalminerals.gov website in January 2024 that will highlight cross-governmental supply chain efforts.
  • Defense supply chain mapping and risk management. DOD is increasing supply chain visibility through the creation of a Supply Chain Mapping Tool to analyze supplier data for 110 weapon systems. This capability will be used to develop defense industrial base wargaming scenarios to identify vulnerabilities and develop mitigation strategies.

Engaging public and private stakeholders to expand supply chain risk modeling:

  • Supply Chain Data and Analytics Summit. The Department of Commerce will convene a diverse array of public and private stakeholders at a Supply Chain Data and Analytics Summit in 2024. A key aim of the summit will be to invite expert input into supply chain risk assessment models and tools. The summit will also assess data availability, utility, and limitations and consider actions to improve data flows.
  • AI hackathons to strengthen critical mineral supply chains. USGS, the Defense Advanced Research Projects Agency (DARPA), and the Advanced Research Projects Agency-Energy (ARPA-E), building on their 2022 prize challenges announcement, will host a series of hackathons beginning in February 2024 to develop novel artificial intelligence approaches to assess domestic critical mineral resources.
  • Risk mapping for labor rights abuses. The Department of Labor (DOL) updated its Comply Chain guidance for identifying and addressing labor rights violations in global supply chains. In addition, DOL is providing $8 million for two four-year projects to identify supply chain traceability methods and technologies to address child labor or forced labor risks in diverse supply chains, such as the cobalt and cotton sectors. DOL will also undertake new supply chain research on mining and agriculture products across Asia, Africa, and Latin America.

In addition to the announcements above, the Administration continues to deepen engagement with allies and partners to strengthen global supply chains, including:

Deepening international early warning systems to detect and respond to supply chain disruptions in critical sectors with allies and partners, including:

  • With the European Union. In May 2023, the United States and the EU established an early warning system for semiconductor supply chain disruptions under the U.S.-EU Trade and Technology Council.
  • With Japan and the Republic of Korea. In August, the United States, Japan, and the Republic of Korea committed at Camp David to launch early warning system pilots, starting by identifying priority products and materials such as critical minerals and rechargeable batteries and establishing mechanisms to rapidly share information on disruptions to critical supply chains.
  • With Mexico and Canada. Through the United States-Mexico-Canada Agreement (USMCA), the United States, Canada, and Mexico established a trilateral Sub-Committee on Emergency Response to coordinate North American efforts to maintain regional trade flows during emergency situations.
  • With Australia, Canada, the European Union, Japan, the United Kingdom, and the World Health Organization. The Global Regulatory Working Group on Drug Shortages, currently chaired by the U.S. Food and Drug Administration, meets quarterly to discuss product shortages participating jurisdictions are encountering and ways such shortages are being addressed. The group’s exchange of information helped address product shortages experienced by each partner during the COVID-19 pandemic and subsequent “tripledemic” including COVID-19, influenza, and respiratory syncytial virus.
  • With global partners. Through the President’s Emergency Plan for Adaptation and Resilience (PREPARE), the U.S. government funds activities to improve the weather, water, and climate observing capabilities and data sharing in regions and countries that are needed to produce actionable local, regional, and global climate information and minimize impacts upon infrastructure, water, health, and food security.

Strengthening global supply chains through other innovative multilateral partnerships:

  • Indo-Pacific Economic Framework for Prosperity (IPEF) Supply Chain Agreement. The United States and 13 IPEF partners concluded a first-of-its-kind Supply Chain Agreement that gives partners new tools to build diversified, competitive supply chains for critical sectors, including an IPEF Supply Chain Council to coordinate action. The Department of Commerce is kickstarting this effort through pilot projects to enhance the resilience of key supply chains, including those related to semiconductors, critical minerals, and cold chain services. In addition, the Supply Chains Agreement establishes a Crisis Response Network that will allow IPEF partners to better prepare for and respond to supply chain disruptions through emergency communication channels and joint crisis simulations, as well as a Labor Rights Advisory Board to promote worker rights across supply chains.
  • Americas Partnership for Economic Prosperity (Americas Partnership). The Americas Partnership is focused on, among other things, strengthening and diversifying supply chains. In its first year of work, the Americas Partnership will focus on the development of regional competitiveness plans in three critical sectors: semiconductors, clean energy, and medical supplies.
  • North American Leaders’ Summit (NALS). Through NALS, the United States, Canada, and Mexico are enhancing the resilience of North America’s supply chains for critical minerals, semiconductors, and other essential goods. This trilateral effort includes partnering with regional industry and academia to create quality jobs, promote investment, grow talent, and catalyze innovation.
  • Partnership for Global Infrastructure and Investment (PGI). Through PGI, the United States is mobilizing public and private financing to incentivize investments and develop transformative economic corridors to diversify global supply chains and create new opportunities for American workers and businesses. From the development of the Lobito Corridor, connecting the Democratic Republic of the Congo and Zambia with global markets through Angola, to the launch of the landmark India-Middle East-Europe Economic Corridor—through PGI, the United States is creating novel interconnections across regions to facilitate trade and secure clean energy, digital, food security, and other critical supply chains.
  • Global Labor Directive. On November 16, President Biden signed the Presidential Memorandum on Advancing Worker Empowerment, Rights, and High Labor Standards Globally. The President directed several departments to address labor rights abuses in global supply chains and identify innovative approaches to promote internationally recognized labor rights throughout the supply chain, including by collaborating with labor organizations, workers, and other labor stakeholders to consider efforts that support worker-led monitoring of labor rights compliance.
  • The Mineral Security Partnership (MSP). The Department of State, along with partners including Australia, Canada, Finland, France, Germany, India, Italy, Japan, Norway, the Republic of Korea, Sweden, the United Kingdom, and the European Union (represented by the European Commission), established the MSP to accelerate the development of diverse and sustainable critical energy minerals supply chains. The MSP works with host governments and industry to facilitate targeted financial and diplomatic support for strategic projects along the value chain with an emphasis on those projects which adhere to and promote the highest labor, environmental and sustainability standards.
  • International Technology Security and Innovation (ITSI) Fund. Created by the CHIPS and Science Act of 2022, the ITSI Fund promotes the diversification of the global semiconductor supply chain. State will partner with countries to develop the most attractive economic environments for private investment. With ITSI Fund support, the Organization of Economic Cooperation and Development has established the Semiconductor Exchange Network allowing policymakers in the semiconductor industry to examine risks and interdependencies on the current state of the semiconductor ecosystem. Additionally, the ITSI Fund is supporting ecosystem reviews in key partner countries that will inform future collaboration on developing this critical sector.