Category Archives: Economic Policies

Biden Administration, Economic Policies, Economy, Infrastructure, Manufacturing, News & Photo Features

FACT SHEET: Biden-Harris Administration Marks Progress Strengthening America’s Supply Chains

How fast they forget: while people complain about paying an extra dollar for eggs (and egg producers report record profits), when Joe Biden took office, the supply chain for basics was still disrupted by the coronavirus pandemic, sending prices high. Biden managed to keep inflation to a relatively low level even with the spike, and spent his four year-term making sure America is never so vulnerable to supply disruptions again © Karen Rubin/news-photos-features.com

While Trump, Elon Musk (the unelected but richest man in the world and Trump’s puppeteer) and the House Republicans are salivating over the prospect of shutting down the government to make sure Biden’s transformative, historic administration ends with suffering of the American people – even stopping the $100 billion in disaster aid – President Biden continues to work feverishly to effect as much positive, sustainable change as possible. This included stepping in to avert a nationwide Teamsters strike at the nation’s biggest ports, rebuilding a bridge over I-95 in Philadelphia and reopening the Port of Baltimore in a matter of weeks, not years, after a catastrophic accident collapsed the Key Bridge, and addressing a series of rail accidents. His historic, landmark Bipartisan Infrastructure Act has already greenlit some 63,000 projects across the nation.

Biden’s achievements in standing up the supply chain so ravaged by the coronavirus epidemic is why the United States never suffered the level of inflation as other countries – as much as people have complained about high grocery prices (apparently not factoring in record profits and price gouging of food suppliers) – and produced sustainable economic growth (from the bottom up and the middle out) that is the envy of the world.

Here is a fact sheet, provided by the White House, on what the Biden Administration is doing to secure supply chains in order to keep grocery prices from spiraling as after the coronavirus pandemic’s disruption. Trump’s proposed tariffs and plans for mass deportation of undocumented migrants promise to trigger price spikes in groceries again.- Karen Rubin/news-photos-features.com

Upon taking office in 2021, President Biden and his Administration immediately got to work addressing the shocks that were roiling global supply chains and moved swiftly to secure key industries for America’s economy and national security. Everything in our lives—the food we eat, the medicines in our hospitals, the energy that powers our homes, the computer chips in our devices—relies on supply chains, and the disruptions sparked by the COVID-19 pandemic and Russia’s war on Ukraine showed what happens when they are neglected for decades.
 
Four years later, America’s supply chains are stronger and more resilient. Working hand in hand with industry and all stakeholders, this Administration has cleared bottlenecks, increased investments in critical sectors, and shored up the transportation sector that move the goods that Americans rely on. Ocean shipping prices have fallen more than 70 percent from their peak, and today fewer than 20 containerships are waiting to dock at U.S. ports, compared to over 150 backed up during the peak of congestion. That progress has made supply chains more reliable for businesses and lowered inflation for the goods that families buy every day.

The Biden-Harris Administration released the first-ever Quadrennial Supply Chain Review, a formal assessment of four years of strengthening America’s critical supply chains, and announcing additional actions to support American businesses and consumers.
 
Progress to Date
 
The Quadrennial Supply Chain Review assesses the progress made over the past four years to bolster the resilience of our most critical supply chains. This strategic approach has included:
 

  • Responding to disruption. The Administration quickly set to work to develop new government tools and capacity to respond to disruptions, both active ones when it took office, and new ones that have occurred since. The President’s Supply Chain Disruptions Task Force (SCDTF) has effectively coordinated federal authorities and resources and also established a process to work with state and local authorities and the private sector in real time. This work has helped improved the flow of goods into and around the United States during disruptions—getting products critical to American families moving again through ports and to shelves.
     
  • Investing in infrastructure and manufacturing and lowering costs. Over the past four years, the Biden-Harris Administration has taken a made historic investments to strengthen our industrial bases and lower costs. U.S. Government investment has helped catalyze over $1 trillion in private-sector announced investments since January 2021. These investments are supporting the construction of new factories and creating manufacturing jobs across the country.
     
  • Responding to non-market policies and practices. On a level playing field, American businesses and workers can compete and win. However, our strategic competitors are continuing to engage in non-market policies and practices (NMPP) that undercut our collective resilience—directing their systems to target key industries for dominance by using excessive state subsidies and other forms of state support to dominate critical industries. As part of the Quadrennial Supply Chain Review process, the Biden-Harris Administration has developed a strategy to address NMPP, recognizing the need for early, comprehensive action to prevent harm to U.S. workers and industry, as well as modernized trade authorities that account for NMPP’s continued effects on global supply chains. This work has included raising tariffs on a select number of key sectors to safeguard U.S. supply chains in the face of unfair competition. These tariff modifications will protect historic domestic investments under BIL, the CHIPS and Science Act, and the Inflation Reduction Act, while also shielding American businesses and workers from unfair trade practices.

 
The Review builds on comprehensive efforts undertaken by the Administration over the last four years, including President Biden’s 2021 Executive Order on America’s Supply Chains (E.O. 14017), which directed rapid supply chain assessments for four critical products in the first 100 days of the Administration, a one-year review of six key supply chains in 2022, and the establishment of the White House Council on Supply Chain Resilience to support the enduring resilience of America’s critical supply chains in 2023.
 
Additional Actions to Strengthen Supply Chains
 
Continuing to strengthen supply chains over the next four years—and beyond—will require the United States to deliver on historic domestic investments, maintain and strengthen international partnerships, harness innovation to tackle 21st-century challenges, and mobilize and facilitate ongoing private investment and public-private partnerships. The work of the last four years has laid a strong foundation for the United States to continue safeguarding the enduring resilience of our supply chains for years to come, including for emerging industries of the future.
 
Below are additional steps the Biden-Harris Administration is taking to strengthen supply chains, including for energy, critical minerals, agricultural commodities and food products, medical products, information and communications technology, transportation, and defense.
 
Energy
 

  • Announcing up to $6 billion in incentives to strengthen U.S. energy supply chains. Over the coming weeks, the IRS, supported by the Department of Energy’s Office of Manufacturing and Energy Supply Chains (MESC), is set to announce up to $6 billion in additional tax credits to strengthen U.S. energy supply chains through the Qualifying Advanced Energy Project Credit (48C) Program. This builds on the first round of $4 billion in announced tax credits for over 100 projects in 35 states to accelerate domestic clean energy manufacturing and reduce greenhouse gas emissions at industrial facilities. This also builds on over $12 billion of investment from the DOE MESC Office in domestic manufacturing capacity to strengthen the U.S. energy supply chains.
     
  • Improving risk mitigation across the energy supply chain. To improve visibility across multiple technologies in the energy industrial base, DOE and a consortium of the National Laboratories have developed a new analytic framework—the Supply Chain Readiness Level—to quantify risks, gaps, and vulnerabilities, and to identify investment opportunities across the energy sector.

 
Critical Minerals
 

  • Mapping America’s critical minerals deposits. The U.S. Geological Survey (USGS) is announcing new airborne geophysical mapping in the Ozarks Plateau (Missouri, Kansas, and Arkansas) and Alaska over areas known to host minerals such as antimony, tin, tungsten, and lead and zinc ores, as well as byproduct critical minerals such as gallium and germanium. USGS’s mapping work, funded by the Bipartisan Infrastructure Law (BIL), is revolutionizing the U.S. Government’s understanding of the nation’s mineral and geologic resources. USGS and NASA are partnering to complete the largest high-quality hyperspectral survey in the world, surveying more than 180,000 square miles of the Southwest with sensors that make it possible to “see” nuanced differences between materials.
     
  • Updating the U.S.’s critical minerals market data. Next month, USGS will publish its 2025 Mineral Commodity Summaries. These annual reports help forecast supply chain disruptions resulting from a variety of risks including pandemics, natural disasters, and trade wars, and are the U.S.’s authoritative source of data on the supply, demand, and consumption of 100 mineral commodities. Additionally, last month, researchers at the USGS National Minerals Information Center developed a new model to assess how disruptions of critical mineral supplies may affect the U.S. economy. This model reflects the latest whole-of-government risk and resilience methodology.

 
Food and Agriculture
 

  • Making $116 million in new investments to expand domestic fertilizer production. Today, the Department of Agriculture (USDA) is announcing eight new awards through its Fertilizer Production Expansion Program, part of a broader effort to increase American-made fertilizer production to spur competition and combat price hikes on U.S. farmers. Since President Biden announced the program in 2022, USDA has invested $517 million in 76 fertilizer production facilities to expand access to domestic fertilizer options for American farmers in 34 states and Puerto Rico. These investments will increase U.S. fertilizer production by 11.8 million tons annually and create more than 1,300 jobs in rural communities. This funding builds on the more than $1.4 billion USDA has invested to build or expand small and medium sized processing facilities and to create a more resilient U.S. food supply chain which gives farmers more market options while providing consumers with more choices and affordable grocery prices.

 
Medical Products
 

  • Investing an additional $26 million in domestic sterilization capacity. Building on recent investments in industrial base capability and capacity expansion through DPA Title III authorities and Public-Private Partnerships, the Department of Health and Human Services (HHS) expects additional investments of $26 million in alternative sterilization capacity before the end of 2024.
  • Releasing an action plan for the next four years. HHS will publish its Draft 2025-2028 Action Plan for Addressing Shortages of Medical Products and Strengthening the Resilience of Medical Product Supply Chains, outlining supply chain resilience goals and a strategic plan to achieve them. The HHS Action Plan will also include an HHS Research Plan to collate HHS and academic research priorities that would promote Action Plan goals.
     
  • Issuing stronger supply chain standards for hospitals to combat drug shortages. In notice and comment rulemaking, CMS intends to propose new Conditions of Participation requiring hospitals to have certain processes to address and prevent medication shortages.

 
Semiconductors and Other Technologies
 

  • Investing in domestic production. CHIPS for America has awarded over $26 billion in incentives to advance domestic production in semiconductors and the supply chain. Now, America is home to all five of the world’s leading-edge logic and memory providers, while no other economy has more than two. Since the beginning of the Biden-Harris Administration, semiconductor and electronics companies have announced nearly $450 billion in private investments, catalyzed in large part by public investment.
     
  • Reducing national security risks in federal supply chains. The Department of Defense, General Services Administration (GSA), and National Aeronautics and Space Administration (NASA) are finalizing a rule implementing Section 5949 of the James M. Inhofe National Defense Authorization Act for Fiscal Year 2023, which prohibits agencies from procuring or obtaining certain products and services that include semiconductors from entities of concern.
     
  • Promoting the U.S. government’s use of domestically manufactured semiconductors. The Made in America Office and Office of Federal Procurement Policy (OFPP) has released a Request for Information (RFI) to gauge the best ways for government contractors to scale up their use of domestically manufactured chips, particularly for critical infrastructure. Responses solicit commercial ideas from industry that may inform future policymaking in support of the government-wide effort to leverage existing manufacturing capacity.
     
  • Incentivizing supply chain diversity, competition, and transparency. The Office of Management and Budget (OMB) is issuing guidance to help the Federal Government—the world’s largest buyer—organize its demand for domestic semiconductors so that agencies can mitigate the risk posed by undue dependence on foreign manufacturing, limited competition, and possible higher manufacturing costs. The effort encourages agencies to develop strategies to dual or multiple source semiconductors, increase transparency for critical infrastructure supply chains, and provide the government’s forecasted demand for the products and services that use these chips.
     
  • Protecting American businesses from unfair trade practices. In May, the President announced increased Section 301 tariffs on semiconductor imports from China, which were finalized by the USTR in September, as part of the Biden-Harris Administration’s efforts to further protect American semiconductor manufacturing and the sustainability of domestic investments.

 
Transportation
 

  • Helping states improve their supply chain operations. The Department of Transportation (DOT) continues to advance this work by working closely with other levels of government and industry stakeholders. DOT’s Freight Office is establishing the National Multimodal Freight Network to assist States in strategically directing resources toward improved system performance for the efficient movement of freight on the Network, to inform freight transportation planning, and to assist in the prioritization of Federal investment.
     
  • Expanding visibility into ocean freight supply chains. Today, DOT is announcing that it has added more members to the Freight Logistics Optimization Works (FLOW) program, a public-private partnership to build an integrated view of U.S. supply chain conditions, and which supported the response to the Francis Scott Key Bridge collapse. Today, FLOW now includes eight of the largest ten container ports representing over 80% of all U.S. imports; nine of the largest ten ocean carriers representing over 70% of all U.S. imports; and six of the largest ten importers.
     
  • Building the transportation of tomorrow. USTDA, DFC, and EXIM are all making investments to improve transportation across air, land, and sea. EXIM’s investments will expand U.S. exports of all electric-powered aircraft, while USTDA is improving the efficiency and safety of freight rail and digital customs processes. In areas around the world with high vessel traffic, DFC is also developing new ports to move goods in critical supply chains from place to place. Since its creation, DFC investments in critical infrastructure have transported over 64 million passengers alone.

 
Defense
 

  • Releasing a National Defense Industrial Strategy and Implementation Plan. This fall, the Department of Defense (DoD) released the Implementation Plan to accompany its first-ever National Defense Industrial Strategy (NDIS). The NDIS is guiding investments to strengthen supply chain resilience, including by purchasing key elements that we need for sustainable defense production. For example, the United States has invested $215 million to boost production of solid rocket motors, which are one of the most critical components used in our advanced missile systems.
     
  • Establishing domestic manufacturing capability for strategic and critical materials. From mid-2023 through September 2024, DoD invested $250 million in defense-critical materials such as graphite, lithium, niobium oxide, and manganese. These investments will ensure secure access to sources and to domestic separation and processing in support of a range of defense applications, from large-capacity batteries to advanced aircraft to microelectronics.
     
  • Investing in the defense industrial base workforce. The defense supply chain depends in large part on a strong and vibrant workforce. The Administration has pursued numerous initiatives to ensure Americans can access jobs in the defense industrial sector that pay competitive wages and get the training they need to turn these jobs into meaningful careers. Earlier this year, the Navy partnered with the Departments of Education and Labor and with the State of Michigan to launch the Michigan Maritime Manufacturing Initiative, which expands regional training pipelines for the submarine industry into the Great Lakes region.

 
Strengthening U.S. Government Data, Analytics, and Response Capacity
 

  • Preparing for a second Supply Chain Summit. In September 2024, the Department of Commerce held its first Supply Chain Summit. Commerce convened officials from government, industry, academia, and civil society to discuss how to effectively prepare for and respond to supply chain disruptions, as well as proactively improve supply chain resilience. Commerce will host another Supply Chain Summit in 2025. The Summit will bring together government, industry, and other stakeholders to examine continual progress made in increasing American supply chain resiliency. The date of the Summit will be announced in the months ahead.
  • Upgrading the new SCALE diagnostic tool. The Department of Commerce’s Industry and Analysis unit developed a first-of-its-kind supply chain diagnostic tool to assess supply chain risk across the whole of the U.S. economy. The tool proactively helps identify risks and strengthen the resilience of supply chains key to U.S. national and economic security. The Department of Commerce plans to launch a competition aimed at developing new data or analysis that can be used to expand the indicators of risk incorporated into the SCALE tool.
  • Conducting supply chain tabletop exercises with industry. In 2025, Commerce will conduct two tabletop exercises with industry to better understand opportunities to address structural supply chain risks faced by the United States. One exercise will focus on supply chain risks in the chemicals industry; the second will focus on an emerging technology where it is critical the United States maintain a strategic advantage.
     
  • Addressing supply chain risks for “critical chemicals.” Working with the interagency, Commerce is developing a list of chemicals that are essential to critical supply chains, and where supply is insecure. Alongside this effort, Commerce is finalizing short-, medium- and long-term policy proposals to strengthen the supply chain. Elements of this work will form the basis of the Chemical Tabletop Exercise in 2025.

 
Emerging Technologies
 

  • Convening industry on AI data centers. Commerce continues to drive efforts to get ahead of supply chain risks in critical and emerging technologies by developing playbooks and conducting deep dive assessments into emerging technologies such as quantum computing and clean hydrogen. In the second half of 2024, Commerce carried out a sprint to assess under-the-radar risks in AI data center supply chains, engaging more than 35 companies and leveraging in-house industry expertise and the SCALE tool to assess the highest-risk components and identify steps that government and industry can take to address them. In December, Commerce convened companies to share the results of its analysis and identify next steps.

 
Building Resilience with Allies and Partners
 

  • Presidential Summit on Global Supply Chain Resilience. In October 2021, President Biden convened over a dozen world leaders to improve international collaboration on supply chain resilience. Following the President’s convening, the Secretaries of State and Commerce hosted a Supply Chain Ministerial to further advance this work. The original Joint Statement from the ministerial now has 31 signatories who have agreed to make global supply chains more transparent, diverse, secure, and sustainable.
     
  • Indo-Pacific Economic Framework for Prosperity (IPEF) Supply Chain Agreement. The IPEF Supply Chain Agreement entered into force in February 2024 and will improve the preparedness, resilience, and competitiveness of regional supply chains. The United States and 13 Indo-Pacific partners have established a Supply Chain Council. In 2025, the Council will develop and implement action plans to strengthen supply chains across several critical industries. A Crisis Response Network will serve as a warning system for potential supply chain disruptions, and a Labor Rights Advisory Board will convene IPEF government officials, employers, and labor officials to improve labor rights and workforce development across regional supply chains.
     
  • Eradicating forced labor from supply chains. As part of the Partnership for Workers’ Rights launched in 2023, the U.S. and Brazil worked with businesses and unions to address worker vulnerability to forced labor in supply chains for cattle, coffee, gold, charcoal, and other goods.
     
  • Partnership for Global Infrastructure and Investment (PGI). PGI is a bipartisan initiative in partnership with the G7 to provide strategic, values-driven, and high-standard infrastructure and investment in low- and middle-income countries. Through initiatives like the Lobito Trans-Africa Corridor, highlighted on the President’s recent visit to Angola, the United States is working with partners to strengthen and diversify supply chains.
     
  • G7 Surge Financing Initiative. The U.S. International Development Finance Corporation (DFC), G7 development finance institutions (DFIs), European Investment Bank (EIB), International Finance Corporation (IFC), and MedAccess announced the Surge Financing Initiative for Medical Countermeasures (MCMs). Together, partners are working closely with global and regional health organizations to establish frameworks and innovative financing mechanisms to support more rapid and equitable pandemic response.
  • Boosting critical mineral capacity with partners. DFC invested over $220m in rare earth, graphite, and nickel projects in the last four years, reducing dependence on strategic adversaries and improving resilience in the critical mineral supply chain. The Department of Labor, USAID, United States Trade and Development Agency (USTDA), and the State Department through the Minerals Security Partnership have also provided technical support to bring new capacity online to process critical minerals in line with international best practices.
     
  • Strengthening resilient telecommunications. In Costa Rica, EXIM approved a preliminary commitment to support Costa Rica’s use of trusted vendors to deploy its 5G network. With Japan and Australia, DFC is supporting the delivery of high-quality telecommunication services for over 2.5 million subscribers across Papua New Guinea, Fiji, Vanuatu, Samoa, Tonga, and Nauru.

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

FACT SHEET: Marking Small Business Saturday, Biden-Harris Administration Takes New Actions to Increase Federal Support for Small Businesses

The Biden-Harris Administration is increasing small business lending limits and helping small businesses compete for federal contracting opportunities. This fact sheet is provided by the White House:

Small businesses are the engines of our economy and the heart and soul of our communities. Today, the White House announced new actions by the Small Business Administration (SBA) and the Office of Management and Budget (OMB) to increase access to federal lending and contracting opportunities for small businesses. SBA is announcing it is making it easier for traditionally underserved small businesses to access capital from mission-oriented lenders by increasing the cap on their SBA 7(a) loans from $350,000 to $500,000. OMB is releasing procurement guidance on both upcoming contracts and subcontracting opportunities to better enable federal agencies to support small business trying to compete for the over $700 billion in federal contracts. And federal agencies are leveraging small disadvantaged businesses at record rates to improve resilience in federal research and development (R&D) supply chains.
 
President Biden and Vice President Harris invested a record $56 billion in SBA-backed capital in small businesses last year—and have overseen a small business boom. American entrepreneurs have filed over 20 million new business applications, the most in any single Presidential term in history. And these applications are leading historic business creation, with new establishment growth higher under President Biden than at any point in the last quarter-century. Entrepreneurs are thriving across communities, with business ownership doubling among Black families, hitting a 30-year high for Hispanic families, exceeding a 30-year high for Asian Americans, and surpassing pre-pandemic levels for women business owners. The Biden-Harris agenda continues to make sure that small businesses in every corner of the country—rural, suburban, urban, and everywhere in between—have the resources they need to grow and thrive.
 
In advance of Small Business Saturday, the Biden-Harris Administration is doubling down on investments in entrepreneurs by taking the following actions: 

  • Expanding caps on critical lending programs. Today, the SBA is announcing an increase of the maximum loan amount backed by their Community Advantage Small Business Lending Companies (CA SBLCs) from $350,000 to $500,000 for active lenders in good standing. These mission-based non-depository lenders—often Community Development Financial Institutions (CDFIs)—focus on providing access to capital to underserved businesses and underinvested businesses, ensuring that women, people of color, veterans, rural, and low- and moderate-income communities have access to SBA-backed capital. This step builds on prior action by the Biden-Harris Administration to support small businesses through CA SBLCs, including making the program permanent following a successful pilot launched by the Obama-Biden Administration.
    • Improving forecasting of upcoming federal contracting opportunities. OMB is issuing guidance to federal procurement officials to strengthen government-wide procurement forecasts. Agencies have long been required to prepare annual forecasts of upcoming federal contract opportunities for businesses, but variance in the quality and timeliness has made it difficult for small businesses to prepare their proposals and more effectively compete against larger businesses. Today’s memo will help align timelines and expectations, better enabling small business to understand when new opportunities will become available and plan ahead to compete for federal awards.
       
    • Increasing access to federal subcontracting opportunities. In 2023, small businesses received a record $86 billion in subcontract awards from the federal government. Building on this success, OMB is issuing guidance to federal agencies on ways to continue to expand subcontracting opportunities for small businesses, the primary gateway for them to compete as prime contractors. This also improves the resilience of supply chains for critical government needs by increasing competition and expanding the pool of businesses engaged in federal contracts. This guidance describes promising policies and strategies adopted by forward-thinking agencies, and encourages federal procurement officials to recognize prime contractors who meet or exceed their subcontracting plan goals and work to strengthen their small business supply chains.
       
    • Leveraging Small Disadvantaged Businesses (SDBs) to meet research and development (R&D) Needs. Federal R&D investments are integral to maintaining American leadership in emerging science and technology. The Biden-Harris Administration has made significant progress in leveraging the talents of SDBs for federal R&D contracts, with two-year average annual spending at $2.5 billion in Fiscal Years 2022 and 2023—an all-time high and nearly $450 million a year more than in 2020. Following OMB’s call for agencies to strategically build out resilience within specific supply chains, the White House, SBA, and the National Aeronautics and Space Administration (NASA) released an internal set of best practices to help agencies reach even greater heights in the R&D sector, including actions to strengthen planning, outreach, and use of the resources available through the 8(a) Program. 

Both of OMB’s actions build on significant work by the Biden-Harris Administration to help small and underserved businesses access federal contract opportunities, including awarding a record $178.6 billion in federal contracting opportunities to small businesses (28.4% of eligible federal dollars) and a record $76.2 billion to small disadvantaged businesses (12.1% of eligible federal dollars).

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/[email protected]

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, 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, [email protected]

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 Policies, News & Photo Features

FACT SHEET: Biden-Harris Administration Launches New Effort to Crack Down on Everyday Headaches and Hassles That Waste’ Your Time and Money

The Biden-Harris Administration announced new actions to take on corporate tricks and scams like excessive paperwork, long wait times, and more that pad the profits of big business at the expense of everyday Americans’ time and money. This fact sheet was provided by the White House.

One of the ways the Biden-Harris Administration is saving Americans time and money is by the Department of Transportation’s (DOT) new automatic refunds rule requiring airlines to pay you back the airfare when your flight is canceled or significantly changed for any reason, and you are not offered, or choose not to accept, alternatives such as rebooking © Karen Rubin/news-photos-features.com

President Biden and Vice President Harris are launching “Time Is Money,” a new government-wide effort to crack down on all the ways that corporations—through excessive paperwork, hold times, and general aggravation—add unnecessary headaches and hassles to people’s days and degrade their quality of life.

Americans are tired of being played for suckers, and President Biden and Vice President Harris are committed to addressing the pain points they face in their everyday lives. The Administration is already cracking down on junk fees—those hidden costs and surcharges in everything from travel to banking services—that hit people in their pocketbooks. Now the Biden-Harris Administration is taking on the corporate practice of giving people the run around, wasting their precious time and money.

Americans know these practices well: it’s being forced to wait on hold just to get the refund we’re owed; the hoops and hurdles to cancel a gym membership or subscription; the unnecessary complications of dealing with health insurance companies; the requirements to do in-person or by mail what could easily be done with a couple of clicks online; and confusing, lengthy, or manipulative forms that take unnecessary time and effort.

These hassles don’t just happen by accident. Companies often deliberately design their business processes to be time-consuming or otherwise burdensome for consumers, in order to deter them from getting a rebate or refund they are due or canceling a subscription or membership they no longer want—all with the goal of maximizing profits.

In addition to robbing hardworking families of their valuable time and adding frustration to our daily lives, these hassles cost us money. When, after endless hours on hold or piles of incomprehensible paperwork, we give up pursuing a service, rebate or refund we’re due, we take a hit to our pocketbooks, and companies profit

Today and in the coming months, the Biden-Harris Administration will take wide-ranging action to crack down on these unfair practices and save Americans time and money. Key actions include:

  • Making it easier to cancel subscriptions and memberships. Businesses often trick consumers into paying for subscriptions—on everything from gym memberships to newspapers to cosmetics—that they no longer want or didn’t sign up for in the first place. Consumers shouldn’t have to navigate a maze just to cancel unwanted subscriptions and recurring payments. The Federal Trade Commission (FTC) has proposed a rule that, if finalized as proposed, would require companies to make it as easy to cancel a subscription or service as it was to sign up for one. The agency is currently reviewing public comments about its proposal. And today, the Federal Communications Commission (FCC) is initiating an inquiry into whether to extend similar requirements to companies in the communications industry.
  • Ending airline runarounds by requiring automatic cash refunds. The Department of Transportation’s (DOT) new automatic refunds rule requires airlines to pay you back the airfare when your flight is canceled or significantly changed for any reason, and you are not offered, or choose not to accept, alternatives such as rebooking. This rule prevents airlines from switching up their policies to make it hard to get your money back when they don’t deliver and requires them to tell you when you’re owed a refund. DOT’s rule also puts an end to airline runarounds by requiring refunds to be automatic, prompt, in the original form of payment, and for the full amount paid. No more jumping through hoops or getting stuck with expiring flight credits.
  • Allowing you to submit health claims online. Health coverage can be full of headaches and hassles, as many plans and insurance companies make it unnecessarily difficult to access information or send in claims. For example, many of the largest plans still require some customers to print out and either scan or physically mail health claims forms, and people seeking help can encounter inaccurate or confusing websites, extended wait times, or narrow call center hours that force them to step away from work to talk to an agent. Today, Department of Health and Human Services (HHS) Secretary Becerra and Department of Labor (DOL) Acting Secretary Su are calling on [insert link to letter] health insurance companies and group health plans to take concrete actions to save people time and money when interacting with their health coverage, and in the coming months will identify additional opportunities to improve consumers’ interactions with the health care system. In addition, the Office of Personnel Management plans to require Federal Employees Health Benefits and Postal Service Health Benefits plans, covering eight million Americans, to make it easier to submit out of network claims online, provide clear information about what health plan providers are in-network, and make it easier to find information on how to appeal claim denials.
  • Cracking down on customer service “doom loops.” Too often customers seeking assistance from a real person are instead sent through a maze of menu options and automated recordings, wasting their time and failing to get the support they need. In a recent survey, respondents said that being forced to listen to long messages before being permitted to speak to a live representative was their top customer service complaint. To tackle these “doom loops,” the Consumer Financial Protection Bureau (CFPB) will initiate a rulemaking process that would require companies under its jurisdiction to let customers talk to a human by pressing a single button. The FCC will launch an inquiry into considering similar requirements for phone, broadband, and cable companies.  HHS and DOL will similarly call on health plan providers to make it easier to talk to a customer service agent.
  • Ensuring accountability for companies that provide bad service. People shopping for products or services should be able to rely on customer reviews to assess which companies will provide streamlined service and not waste their time. The FTC has proposed a rule that, if finalized as proposed, would stop marketers from using illicit review and endorsement practices such as using fake reviews, suppressing honest negative reviews, and paying for positive reviews, which deceive consumers looking for real feedback on a product or service and undercut honest businesses.
  • Taking on the limitations and shortcomings of customer service chatbots. While chatbots can be useful for answering basic questions, they often have limited ability to solve more complex problems and disputes. Instead, chatbots frequently provide inaccurate information and give the run-around to customers seeking a real person. The CFPB is planning to issue rules or guidance to crack down on ineffective and time-wasting chatbots used by banks and other financial institutions in lieu of customer service. The CFPB will identify when the use of automated chatbots or automated artificial intelligence voice recordings is unlawful, including in situations in which customers believe they are speaking with a human being.
  • Helping streamline parent communication with schools.  Between communicating with teachers, viewing school policies, completing forms and permission slips, and more, school processes, platforms, and paperwork can sometimes be a hassle for families that already have a lot on their plates. The Department of Education will issue new guidance to schools on how they can help make these processes less time-consuming for parents to handle, and to build effective family engagement through two-way communications. This will include new resources for schools to address time-wasting technology and offer more streamlined processes for engaging and communicating with parents.

What else should we take on? The White House is calling for Americans to share their ideas for how federal action can give them their time back. Interested parties can submit their ideas and comments at this portal, and may consider the following principles:

  • Companies should make it as easy to do things that you want to do as it is to do things they want to do.
    • It should be as easy cancel a subscription or membership as it is to enroll.
    • It should be as easy to obtain rebates and refunds as it was to purchase, with no needlessly cumbersome paperwork.
    • Refunds and rebates should be paid as quickly as companies take funds from your credit card or bank account.
  • Americans should be able receive customer service on their terms and their own time without significant hassle or hardship.
    • If you want to talk to a human, you should be able to talk to a human at convenient times and without interminable waits.
    • If you prefer to interact electronically – such as by text, email, or online portal – there should be simple and easily identified ways to do so securely.
    • Technology – such as chatbots – should be used to enhance customer service with speedy response times, not used to shirk on basic responsibilities, such as receiving a refund.
  • Americans should not be subject to confusing, manipulative, or deceptive practices online.
    • If you want to understand what you must do to obtain a good or service, the requirements should be clear and transparent.
    • You should not be subject to hidden fees or to requirements that are obscured through confusing language and small print.

Time Is Money builds on landmark efforts by the Biden-Harris Administration to improve customer service for people accessing government programs and services. In December 2021 the President signed an Executive Order, Transforming Federal Customer Experience and Service Delivery to Rebuild Trust in Government, directing federal agencies to streamline services and simplify customer experiences.

Already, agencies are making progress: the State Department launched a public beta to renew  your passport online; all 50 states have been invited to offer the Internal Revenue Service’s Direct File tool, an easy, secure, and—most importantly—free way for Americans to file their federal taxes; HHS has taken steps to allow more than 5 million Americans to automatically renew their health coverage without filling out paperwork, saving over 2 million hours in estimated processing time; and the Department of Homeland Security (DHS) announced that it has reduced the amount of time the public spends accessing DHS services per year by 21 million hours in fiscal year 2023, and is targeting reduction of 10 million more hours per year in fiscal year 2024. For more examples of progress and to learn more information about how agencies across the federal government are improving customer experience and reducing burden, visit performance.gov/cx and the Burden Reduction Initiative website

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 Policies, Economy, News & Photo Features

Council of Economic Advisers Issues The 2024 Economic Report of the President

President Biden delivers the2024 State of the Union Address © Karen Rubin/news-p[hotos-features.com via c-span.org

The Council of Economic Advisers under the leadership of Chair Jared Bernstein released the 2024 Economic Report of the President, the 78th report since the establishment of CEA in 1946. The 2024 Report brings economic evidence and data to bear on many of today’s most significant issues and questions in domestic and international economic policy:

Chapter 1, The Benefits of Full Employment, which is dedicated to the late Dr. William Spriggs, examines the labor market, distributional, and macroeconomic impacts of full employment, with a particular focus on the benefits for economically vulnerable groups of workers who are much more likely to be left behind in periods of weak labor markets.

Chapter 2, The Year in Review and the Years Ahead, describes macroeconomic and financial market trends in 2023 and presents the Federal government’s FY 2024 macroeconomic forecast.

Chapter 3, Population, Aging, and the Economy, explains how long-run trends in fertility and mortality are shaping the U.S. population and labor force.

Chapter 4, Increasing the Supply of Affordable Housing, explores the causes and consequences of the nation’s longstanding housing shortage and how the Biden-Harris administration’s policy agenda can significantly increase the production of more affordable housing.

Chapter 5, International Trade and Investment Flows, presents key facts about long-term trends in U.S. international trade and investment flows, including the role of global supply chains, and highlights the benefits and costs of global integration for American workers.

Chapter 6, Accelerating the Clean Energy Transition, applies a structural change framework to explain the factors that can accelerate the transition towards a clean energy economy.

Chapter 7, An Economic Framework for Understanding Artificial Intelligence, uses an economic framework to explore when, how, and why AI may be adopted, adapting standard economic models to explore AI’s potential effects on labor markets, while examining policy decisions that will affect social and macroeconomic outcomes.