Category Archives: Economy

Economic Development, Economy, Election 2024

Harris-Walz Issue Plan for Rural Communities: Strengthen Health Care, Support Next Gen Farmers, Ranchers and Invest in Housing, Child Care and Senior Care

The Harris-Walz campaign outlined an extensive plan to revitalize rural communities © Karen Rubin/news-photos-features.com

Vice President Harris and Governor Walz believe in rural communities and understand that supporting locally led solutions is key to rural prosperity. Their administration will make it a priority to equip the nearly 50 million rural Americans with the tools and resources they need not just to get by, but get ahead.

Today, Vice President Harris and Governor Walz are announcing a plan for rural America. The key elements will:

  • Increase access to affordable and high-quality health care in rural communities—by adding 10,000 health care professionals, expanding telemedicine, cutting the number of ambulance deserts in half.
  • Support the sandwich generation to care for elders at home, lowering the cost of childcare and increasing the number of providers, and expanding the Child Tax Credit to provide tax cuts up to $6,000 for families with newborns.
  • Lower the costs of buying a home, starting and expanding a business, and raising a family—by sparking the construction of 3 million new housing units, providing up to $25,000 in down payment assistance for first-time homebuyers, increasing the small business tax deduction for startup expenses 10-fold to $50,000.
  • Invest in the future of American agriculture by boosting access to credit, land, and markets, building new markets and streams of income for small- and mid-sized farmers and producers, and supporting the rise of the next generation of American farmers and ranchers.

Donald Trump will turn back the hard-earned progress that rural communities are making. As President, he tried to repeal the Affordable Care Act and vows to terminate it if reelected, stripping protections from people with pre-existing conditions and devastating rural hospitals and care services. He will ban abortion nationwide, threaten access to contraception and IVF, and force states to monitor women’s pregnancies and report women’s miscarriages and abortions to the federal government.

He already took overtime pay away from millions of Americans while giving tax breaks to billionaires and big corporations – at the same time that he tried to cut funding that supports rural housing and creates rural jobs. If Trump returns to office, he promises to give more tax cuts to the super-rich and big corporations while hiking taxes on rural families by $4,000 a year – as estimated by the conservative leaning American Action Forum, and putting Social Security and Medicare on the chopping block.

Independent analysis from Goldman Sachs, Moody’s Analytics, and other top economists – including those surveyed by the Financial Times and Wall Street Journal – and more also agree that Vice President Harris’ plans are better for the U.S. economy than Donald Trump’s. For example, an analysis by Moody’s Analytics shows that, under a Harris presidency, more than a million new jobs would be added to the economy than under a second Trump Administration. Meanwhile, Moody’s finds that Trump’s plan would cause a recession by mid-2025, cost 3.2 million jobs, and add over 1 percent to inflation. And, a survey of nearly 40 top economists by the Financial Times and University of Chicago found that 70 percent agree that Vice President Harris would be better on the deficit than Trump, while only 11 percent believe that Trump would be better on the deficit than Harris.

Trump’s Project 2025 agenda will slash the federal crop insurance program, gut protections for clean water and air, and repeal the Bipartisan Infrastructure Law and Inflation Reduction Act, which will roll back historic investments in small businesses and rural infrastructure including broadband, and clean energy. Under a Harris-Walz administration, rural America is not going back.

EXPANDING RURAL HEALTH CARE

Vice President Harris and Governor Walz believe quality health care is a right, not a privilege. That’s why they are announcing new initiatives to improve and expand affordable health care in rural areas. Their plan will recruit 10,000 additional rural health care professionals and protect and expand access to care from telemedicine to local independent pharmacies.

  • Recruiting 10,000 Rural Health Care Professionals, including doctors, nurses, community health workers, and EMS professionals to provide health services to Americans in rural and tribal areas—while working to protect our health workforce from burnout. This initiative will include:
    • Expanding Scholarships, Loan Forgiveness, and Other Pipeline Programs for Doctors and Nurses Who Will Provide Health Care in Rural and Tribal Areas: They will expand funding to recruit and retain doctors, nurses, pharmacists, public health professionals, and other health care providers through scholarships, loan repayment programs including the National Health Service Corps Loan Repayment Program, the Indian Health Service Loan Repayment Program, and the Public Service Loan Forgiveness Programs. Their plan to build 3 million new homes nationwide, including in rural and tribal areas, and to provide $25,000 in downpayment assistance will further lower costs of buying a home in rural America, creating incentives for health professionals to buy homes and stay in rural America. They will invest in programs that introduce rural youth to careers in medicine, and provide the necessary support for them to pursue that career path. This plan builds on Vice President Harris’s leadership in investing in programs to train more nurses and doctors who will live and work in rural and underserved communities, including funding an additional 1,000 residency slots in hospitals. When a provider trains in a rural area, they’re more likely to remain, living and working there.
    • Providing a Major Grant Program To Train and Fund Rural Community Health Workers: They will launch a new permanent grant program to train and fund Rural Community Health Workers; make it easier for Medicaid to cover Community Health Workers; and expand grants to Community Health Centers and Rural Health Centers.
  • Expanding Rural Telehealth Services: Americans living in rural areas are around 17 times more likely to use telehealth than those in cities, but half of all people living in rural areas lack access to the broadband speeds needed to support telehealth.
    • Permanently extend Medicare coverage of telemedicine benefits, currently set to expire, by working with Congress to pass the Preserving Telehealth, Hospital, and Ambulance Act.
    • Double federal funding for telehealth equipment and technologies. They will double the U.S. Department of Agriculture’s (USDA) Distance Learning and Telemedicine Grant Program for Rural Communities to $120 million. This will give rural and tribal communities more resources for telehealth equipment—including at rural health clinics, hospitals, and schools–and support innovative new technologies like tele-medically equipped ambulances.
  • Slashing the Number of Ambulance Deserts in Half: At least 2.3 million rural Americans live in ambulance deserts—meaning they live at least 25 minutes away from an ambulance—and in 14 states more than 10% of the population lives in such an area. Volunteer squads—which provide the majority of rural EMS staff—struggle to survive due to a lack of sustainable funding sources and difficulty recruiting new volunteers. Vice President Harris and Governor Walz will take action to cut the number of rural Americans in ambulance deserts in half by the end of the decade:
    • Expanding EMTs and Paramedics in Rural Areas: They will dramatically increase financial and technical support to rural and tribal communities to train, equip, and employ first responders, and provide resources for ambulances, lifesaving equipment, and the construction and maintenance of first responder stations.
    • Increasing Funding and Support for Volunteer EMS Programs: They will provide grants to small volunteer ambulance and EMS programs to help them survive and thrive. These extra resources will support innovative uses of technology like telehealth and explore solutions to low reimbursement levels for both public and private insurers.
  • Keep Independent Pharmacies Open and Increase the Number by 3,000. Independent pharmacies make up more than three-quarters of pharmacies in rural areas, and their pharmacists are a critical and trusted health care resource. But nationally the number of independent pharmacies has decreased—by nearly 50% since 1980, leveling off at about 20,000 locations, with 1 in 10 independent retail pharmacies in rural America closing over the last decade.
    • A Harris-Walz Administration will set a goal of enabling 23,000 independent pharmacies to either launch or stay open by working to enact legislation that would prevent pharmaceutical middlemen known as pharmacy benefit managers from shortchanging rural independent pharmacies and steering orders of the most profitable drugs away from independent rural pharmacies and to chains. This would be a 15% increase in the number of independent pharmacies – restoring the rural independent pharmacies that have closed over the last decade and increasing their number by 5%.
  • Keeping Rural Hospital Doors Open To Ensure Access to Emergency Services. Since 2010, nearly 150 rural hospitals have either shuttered or ceased providing inpatient hospital services. A Harris-Walz Administration will work to strengthen Medicare’s Rural Emergency Hospital Designation – which helps facilities offer medical services in areas that may not be able to sustain a full-service hospital, while protecting the Affordable Care Act and supporting Medicaid expansion, which has helped to reduce uncompensated care in expansion states and improves the financial health of rural hospitals. This will also help support improvement in maternal health, which Vice President Harris has long advocated for, by increasing access to options for obstetric care.
  • Lowering Health Care Costs. Vice President Harris and Governor Walz will also lower health care and prescription drug costs for Americans. They will work to cap the cost of insulin at $35 and out-of-pocket expenses for prescription drugs at $2,000 for everyone. They will also fight to keep helping millions of Americans save $800 a year on their health insurance and accelerate Medicare negotiations over prescription drugs to help bring drug prices down more quickly and cover more drugs.
  • Restoring and Protecting Reproductive Freedoms. They will also keep fighting for womens’ rights to make decisions about their own bodies. The Vice President will, if elected, never allow a national abortion ban to become law. And when Congress passes a bill to restore reproductive freedom nationwide, she will sign it.
  • Supporting Veterinary Care in Rural Areas and address the increasing shortage of veterinarians by encouraging providers to work in areas with too few veterinarians by strengthening USDA’s Veterinary Medicine Loan Repayment Program, which reduces debt for physicians working in high-need areas for the food supply, and increasing grants for starting and expanding veterinary practices in critical areas.

Trump meanwhile tried to end the Affordable Care Act and has promised to terminate it if reelected — over 500 rural hospitals at risk of closure could close. He sought to make significant cuts to both Medicare and Medicaid in every single one of his budgets. His Project 2025 agenda will reverse the caps on insulin and other prescription drugs, raising the prices on life-saving Medications.

A HISTORIC PLAN TO EXPAND ACCESS TO CARE AND SUPPORT THE SANDWICH GENERATION

Vice President Harris cared for her aging mother and knows that when families cannot find affordable care for their elderly parents or children, it is not just a big financial strain, but also a source of severe emotional stress that takes a big toll on families. Nearly a quarter of American adults are part of the sandwich generation providing intergenerational care to both their children and a parent or a loved one with disabilities.

  • Protect and Strengthen Medicare, Help Rural Seniors Live Independently, and Support Family Caregivers. Vice President Harris and Governor Walz will protect Medicare and strengthen it with a historic Medicare at Home plan, which will cover robust home care for seniors under Medicare for the first time ever. This will help both seniors and their caregivers, who often shoulder the financial and emotional burden of caring for aging loved ones. Vice President Harris and Governor Walz will also expand Medicare to cover hearing and vision benefits to support the millions of seniors who rely on glasses and hearing aids.

These plans are common sense. They can help family caregivers work and save both families and the federal government money by allowing seniors to stay in their homes instead of being sent to nursing homes, which are often more expensive. Medicare at Home will also reduce hospitalizations. These new benefits will be fully paid for and extend the life of the Medicare Trust Fund by expanding Medicare drug price negotiations and more.

  • Make Quality, Affordable Child Care Accessible and Expand the Child Tax Credit. Vice President Harris and Governor Walz know that millions of Americans are balancing both care for their children and care for aging loved ones. Too many rural families struggle to access affordable child care near them. One survey found that only 38 percent of rural parents could easily find childcare within their budget, compared to over half of urban parents. Vice President Harris and Governor Walz will bring down child care costs for American families to help save thousands of dollars on child care and expand access to good child care options by building a robust child care supply. Vice President Harris is also proposing to expand and make permanent the Child Tax Credit, including giving families with newborns a tax cut of $6,000 per child. This will help families cover expenses early on in life. After Vice President Harris cast the tie-breaking vote on the legislation that temporarily expanded the Child Tax Credit in 2021, it helped the families of over 9 million children in rural areas.

As president, Trump tried to cut Medicare and Medicaid in every single one of his budgets, has called for raising the retirement age to 70, and said privatizing Medicare will create a “stronger system.” He denied millions of families the full child tax credit and tried to cut federal child care funding by nearly $100 million. His Project 2025 agenda will actually raise costs on families by $4,000 a year.

The Harris-Walz campaign outlined an extensive plan to revitalize rural communities © Karen Rubin/news-photos-features.com

STRENGTHENING THE BACKBONE OF THE RURAL ECONOMY

Vice President Harris and Governor Walz are committed to helping rural communities grow and thrive economically. They are fighting to lower prices for Americans including through tax cuts for 100 million working and middle-class families and policies to lower the price of housing, groceries, and health care. They are also supporting small businesses by cutting red tape and proposing a ten-fold increase in the tax deduction for new businesses starting up.

Vice President Harris has fought for landmark investments in rural communities: high-speed internet access to every corner of rural and tribal America, as well as projects to build and fix roads and bridges in rural and tribal communities across America, and to support transit vehicles and infrastructure for thousands of rural and tribal transit systems. Rural communities stand to benefit from up to 45% of the total funding—or more than $450 billion—provided by the Bipartisan Infrastructure Law, the Inflation Reduction Act, and the CHIPS and Science Act is, and almost 30% of the IRA funding announced so far will flow to rural communities. Governor Walz has long championed rural communities. He spent 12 years representing a rural district in Congress, and as Governor, he spearheaded the largest single investment in broadband infrastructure in state history to help thousands of Minnesotans—including those in rural areas—connect to jobs, education, health care, and their communities.

But they know it is not enough—too many rural communities still do not have the tools they need to get ahead.

  • Supporting Small Businesses by Increasing Capital and Access to Resources. Vice President Harris has set an ambitious goal of 25 million new business applications by the end of her first term. She plans to encourage businesses to start and grow by increasing the small business deduction 10-fold to $50,000, providing low- to zero-interest loans to small businesses that grow and create jobs, allocating one-third of federal contract dollars to small businesses, and providing other financing for rural and tribal entrepreneurs through the Treasury Department’s State Small Business Credit Initiative—which lifts up entrepreneurs and founders in rural America, middle America, and underserved communities.
  • Create New Jobs and Opportunities Through:
    • New America Forward Tax Credits to promote investment in the industries of the future, including greater credits for companies investing in agricultural, manufacturing, and energy communities. This includes modernizing steel and iron production, developing biotechnology, building new data centers for AI and supporting AI innovation, further developing clean energy manufacturing, revitalizing America’s semiconductor industry, and investing in aerospace, autos, and other forms of transportation. These tax credits will provide significant additional benefits to investments made in longstanding manufacturing, energy, and agricultural communities and reward companies that work with unions and communities to support workers and protect jobs.
  • New Opportunities for Those Without Four-Year College Degrees including promoting meaningful pathways for those without college degrees to federal jobs and working with businesses to do the same in the private sector. Vice President Harris and Governor Walz have also set a goal of doubling the number of registered apprenticeships during their first term. This will include partnerships with community colleges on high-quality, evidence-based training programs.
  • Cutting Red Tape so that America Can Build More Housing, Manufacturing, and Energy Projects Faster while also ensuring community engagement and adequate protections for the environment and public health. This will build Vice President Harris’s work through the Inflation Reduction Act to speed permitting review, and her work to finalize a rule to modernize environmental reviews.
  • Keeping Rural Schools Open and Thriving. Vice President Harris knows that a great teacher can have a life-long impact on children. But teacher shortages disproportionately impact rural communities throughout the country. That’s why she will double down on programs that prepare and train teachers in rural and tribal areas in an effort to support new teachers and increase retention rates in rural communities—all of which will improve student outcomes like academic achievement and high school graduation rates, resulting in higher long-term earnings, job creation, and a boost to the economy. She will also build on federal transportation programs that help get children to school where bus routes or vehicle maintenance costs put additional strain on already limited budgets.
  • Protect and Strengthen Social Security while Making the Super Wealthy Pay their Fair Share. Vice President Harris and Governor Walz will protect and strengthen Social Security and Medicare by making the super-wealthy pay their fair share. Trump, by contrast, once called for raising the retirement age to 70, and he tried to cut Social Security and Medicare every year of his presidency. Now, on the campaign trail, Trump is continuing to talk up cuts to Social Security and Medicare, saying “there is a lot you can do…in terms of cutting.”
  • Lowering Costs:
    • Lower Costs of Buying and Renting a Home Across Rural America by sparking the construction of 3 million new affordable rental and owner-occupied homes, providing up to $25,000 in down payment assistance for first-time homebuyers, and cracking down on predatory investors. Vice President Harris and Governor Walz will also work to strengthen USDA’s programs for rural and tribal communities, especially in housing, and as part of their proposal to strengthen the Low Income Housing Tax Credit program to create more homes that are affordable for renters, they will work to ensure that rural states receive a fair allocation of these credits to address the unique challenges that rural communities face when dealing with housing challenges, including higher construction costs and lower housing density.
  • Providing Rural and Tribal Families with Reliable, Low-Cost Internet Access, by reenacting the Affordable Connectivity Program. The Bipartisan Infrastructure Law’s Affordable Connectivity Program provided 23 million households with up to $30 off of their monthly internet bills and a one-time discount of up to $100 to buy a laptop, desktop computer, or tablet. Over 3 million people who benefited from ACP live in rural and tribal areas. Vice President Harris will reenact this popular program, which ended in June of this year, to ensure that rural and tribal families can connect to the internet and obtain the financial, educational, and health opportunities that come from reliable internet access. She will also take common-sense steps to speed up the construction of new internet for rural and tribal communities.
  • Provide Funding and Support to Local Communities, Tailored to Address Local Needs.
    • Vice President Harris and Governor Walz will work with Congress to pass the bipartisan Rural Partnership and Prosperity Act, led by Senators Casey and Fischer. This will provide new grants to every state that will support locally led solutions to address rural and tribal communities’ needs—including for child care, housing, job training, and economic development.
    • Vice President Harris and Governor Walz will expand the Rural Partners Network nationwide by partnering with rural communities to help them navigate and access existing federal funding opportunities.

Trump neglected rural communities. He failed to address the housing supply crisis during this presidency, and now his Project 2025 agenda will increase mortgage premiums on federally backed loans, and drive up mortgage rates by around $1,200 by privatizing Fannie Mae and Freddie Mac. He also tried to eliminate the Economic Development Administration, and wants to repeal investments in infrastructure, clean energy, and more that have been strengthening the economies of rural communities. He will also raise costs by nearly $4,000 per family with a “Trump Sales Tax” on imported items that families rely on.

He also has no plan to support families and seniors. He has called for raising the retirement age to 70 years old. His Project 2025 agenda would slash funding for child care, abolish Head Start, and cut more than $20 billion in federal support for the nation’s most vulnerable students.

The Harris-Walz campaign outlined an extensive plan to revitalize rural communities © Karen Rubin/news-photos-features.com

HARVESTING THE FUTURE OF AMERICAN AGRICULTURE

Vice President Harris and Governor Walz know that America’s farmers, farmworkers, and ranchers feed our nation, drive our economic growth, and enhance our security and resilience. That’s why Vice President Harris helped secure nearly $20 billion in investments to help hundreds of thousands of farmers and ranchers adopt voluntary innovative conservation practices, promote sustainable agriculture, and increase resilience against extreme weather. She also directed $1 billion to increase meat and poultry processing capacity, up to $900 million to boost domestic fertilizer production, and funding to strengthen food supply chains and give farmers more choices. Governor Walz—who grew up spending time on the family farm—has stood by farmers and ranchers throughout his time in public service. In Congress, Governor Walz worked across the aisle to pass three Farm Bills to expand veterans’ access to crop insurance, farm education, and job training and enacted legislation to improve veterans’ health care. And as Governor, he championed efforts to support new farmers and to build new markets and revenue streams.

But Vice President Harris and Governor Walz know that today too many small farmers and ranchers still face barriers to success or are getting ripped off by big corporations. Vice President Harris and Governor Walz have a plan to invest in the future of America’s agricultural industry. They will combat consolidation and other barriers that make it more difficult for small farmers to get ahead, and support the next generation of American farming by:

  • Making it Easier for Beginning Farmers and Ranchers to Get Started by improving access to credit for beginning farmers—including by reducing barriers to receive USDA’s farm ownership and operating loans—and supporting training and technical assistance including for military veterans and young farmers. This builds on Vice President Harris and Governor Walz’s proposals to provide one million forgivable loans to entrepreneurs who have historically faced barriers to accessing credit as well as low- to zero-interest loans to small businesses that create jobs.
  • Expanding Farmland Protection Programs including supporting working farm easements that ensure farmland remains farmland and isn’t lost to non-agricultural buyers.
  • Doubling Down on Partnerships with Farmers and Producers to Build New Markets and Streams of Incomes. That’s why Vice President Harris fought tirelessly for the Inflation Reduction Act, which included a $20 billion investment to help the agricultural community voluntarily adopt and expand conservation and climate smart agricultural strategies—all while saving money, creating new income streams, ensuring the wealthy pay their fair share in taxes, and increasing productivity. If elected, Vice President Harris and Governor Walz will double down on this work.
  • Ensuring America’s Farmers Have the Right to Repair Their Equipment. Currently, equipment manufacturers put in place restrictions, such as software blocks on tractors and other farm equipment, that make it difficult if not impossible for farmers to repair their own equipment. Vice President Harris and Governor Walz will require manufacturers of electronics-enabled agricultural equipment to share documents, parts, software, and tools with owners and independent repair shops by working with Congress to enact the Agricultural Right to Repair Act.
  • Boost Competition to Create Opportunities for Small Farmers and Ranchers. Vice President Harris and Governor Walz will support small businesses in the agricultural industry, including continuing successful efforts to block excessive consolidation by working with Congress to pass bipartisan legislation to increase antitrust enforcement in agriculture and help ensure poultry growers and ranchers get a fair price. They will also focus on expanding production among new suppliers and small farms, growers, and processors to create broad-based, resilient local and regional food supply chains and spur competition with large conglomerates.
  • Ensuring Crop Insurance Works for All Farmers and Ranchers. Vice President Harris and Governor Walz will strengthen the Federal Crop Insurance Program by directing the USDA to study whether the program should cover additional crops and working with Congress to ensure the program protects against more threats like natural disasters and extreme climate events – risks that raise costs and disrupt supply chains.
  • Growing Opportunities and Small and Mid-Size Farms and Small Businesses in Rural and Tribal Communities to Sell to Customers Around the Globe. Research shows that agricultural export losses due to retaliatory tariffs from Trump’s trade wars totaled more than $27 billion in 2018 and 2019. The impact on small farmers and rural communities was devastating: agricultural jobs fell, U.S. farm bankruptcies surged, and net farm income plummeted. Vice President Harris and Governor Walz will provide technical assistance to small and mid-sized farmers and businesses so that they have more opportunity to sell their products.

Donald Trump will make the challenges that American farmers face worse. As President, he bailed out the largest 10% of farmers, while sacrificing smaller family farms in his trade wars. Between September 2018 and September 2019, farm bankruptcy filings rose 24% nationally. He also enabled big meatpackers and agribusinesses to run family farms out of business. As his own Secretary of Agriculture said, “In America, the big get bigger and the small go out.” Now, if Trump is elected again, his Project 2025 agenda will hurt rural America, including making crop insurance for family farmers even more expensive and risking another slew of retaliatory tariffs. Vice President Harris and Governor Walz believe in rural America and pledge to support rural Americans to create a New Way Forward.

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, Economy, National Security, News & Photo Features

National Security Advisor Affirms Importance of Civilian, Military Mariners to America’s Global Primacy in Commencement Address to US Merchant Marine Academy

The U.S. Merchant Marine Academy (USMMA) at Kings Point, NY graduated 214 new U.S. Merchant Marine and Military Officers in its Class of 2024 commencement ceremony © Karen Rubin/news-photos-features.com

By Karen Rubin, News-Photos-Features.com, [email protected]

In a commanding display how important civilian and military mariners are to U.S. national and economic security, this year’s U.S. Merchant Marine Academy graduation featured an array of top brass including keynote speaker National Security Advisor Jake Sullivan; U.S. Congressman Tom Suozzi; Deputy Transportation Secretary Polly Trottenberg; Maritime Administer Rear Admiral Ann C. Phillips; General Eric M. Smith, the 39th Commandant of the Marine Corps; Vice Admiral Joanna M. Nuna, the 14th Superintendent of USMMA; and Rear Admiral Dianna Wolfson (USMMA class of ’96), who delivered the distinguished  Alumna speech on the 50th anniversary of the first women to be admitted to USMMA, indeed, any federal  service academy.

In a commanding display how important civilian and military mariners are to U.S. national and economic security, this year’s U.S. Merchant Marine Academy graduation featured an array of top brass including keynote speaker National Security Advisor Jake Sullivan; Congressman Tom Suozzi; Deputy Transportation Secretary Polly Trottenberg; Maritime Administer Rear Admiral Ann C. Phillips; General Eric M. Smith, the 39th Commandant of the Marine Corps;Vice Admiral Joanna M. Nuna, the 14th Superintendent of USMMA; and Rear Admiral Dianna Wolfson (’96), who delivered the distinguished  Alumna speech on the 50th anniversary of the first women to be admitted to USMMA, indeed, any federal  service academy. © Karen Rubin/news-photos-features.com

Their speeches were inspiring and captured the “pivotal” inflection of time as the U.S. fights to maintain its primacy of the sea and keep commerce (90 percent of trade conducted by sea) free flowing, tackle the challenges of Ukraine, China’s incursions into the Pacific, the threats in the Mediterranean by non-state actors. In all of these, mariners in civilian shipping and mariners in the military play a key role to keep the seas open and free to trade, or to deliver critical supplies to the front lines

In his keynote address, Jake Sullivan, National Security Advisor told the 214 graduates, “as the President’s National Security Advisor, I see the impact of the U.S. Merchant Marine every single day.” © Karen Rubin/news-photos-features.com

In his keynote address, Jake Sullivan, National Security Advisor told the 214 graduates, “You have much to be proud of and the path you have chosen is a tremendously honorable one. As soon-to-be ensigns and second lieutenants, assistant engineers, and third mates, you will crew ships that are essential to our Nation’s security,” said Sullivan. “You’ll spend a large part of your life at sea so your fellow Americans can live safely at home.”

Rear Admiral Ann c. Phillips, Maritime Administrator emphasizes the importance of the United States maintaining its primacy on the sea and the role the US Merchant Marine Academy plays © Karen Rubin/news-photos-features.com

He continued, “Now, as the President’s National Security Advisor, I see the impact of the U.S. Merchant Marine every single day. In the Atlantic, you are making sure that ammunition reaches Ukrainian soldiers fighting for their freedom. In the Pacific, you are deterring aggression and upholding freedom of navigation. In the Red Sea, as Admiral Nunan and Administrator Phillips referenced, you’re facing down unprecedented attacks against international trade in one of the most vital waterways in the world. At ports, on decks, and in engine rooms around the globe, the Blue and Gray help keep our people safe and our country strong. And in return, we owe it to you to keep the merchant marine strong and that’s why President Biden is taking historic steps to spur investment in ships made in American shipyards, built with American supplies, and crewed by American Mariners.”

Vice Admiral Joanna M. Nunan, USMMA superintendent, addressed the “Covid kids,” the Class that arrived at the height of the pandemic, and said, “Class of 2024, you were always determined, a breed apart, the essence of Acta non Verba!” © Karen Rubin/news-photos-features.com

As Superintendent, Vice Admiral Joanna M. Nunan, USMS, addressed the “Covid kids,” the Class that arrived at the height of the pandemic, and said, “Somehow, you kept your faith in Kings Point’s promise that the world would open to you. Class of 2024, you were always determined, a breed apart, the essence of Acta non Verba!”

Distinguished Alumna Rear Adm. Dianna Wolfson, USN, Director of Fleet Maintenance, U.S. Fleet Forces Command, Class of ’96, said, “We stand at a pivotal moment today, facing formidable challenges on the horizon but I have every confidence that the men and women graduating here today are not just equipped to face these challenges, but to conquer them.” © Karen Rubin/news-photos-features.com

Speaking to the new graduates, Distinguished Alumna Rear Adm. Dianna Wolfson, USN, Director of Fleet Maintenance, U.S. Fleet Forces Command, Class of ’96, said, “We stand at a pivotal moment today, facing formidable challenges on the horizon but I have every confidence that the men and women graduating here today are not just equipped to face these challenges, but to conquer them.”

General Eric M. Smith, USMC, 39th Commandant of the Marine Corps, administered the commissioning oath  to the 214 graduates before an audience of more than 3,000 © Karen Rubin/news-photos-features.com

As part of the commencement exercises, General Eric M. Smith, USMC, 39th Commandant of the Marine Corps, administered the commissioning oath  to the 214 graduates before an audience of more than 3,000, including family members, and representatives from the federal government, U.S. military, and maritime industry.

The 214 US Merchant Marine Academy graduates take their oath © Karen Rubin/news-photos-features.com

Rear Adm. Michael E. Platt, USCG, Commander, First Coast Guard District, administered the Merchant Mariner Oath to all the graduates and 56 graduates were also sworn in as active-duty officers in the Army, Marine Corps, Navy, Air Force, and Coast Guard. The remaining graduates will serve as Navy reservists in the Strategic Sealift Officer Program while working as USCG-Licensed Mariners aboard deep-sea vessels, offshore supply vessels, tugs, and towing vessels.

National Security Advisor Jake Sullivan congratulates the USMMA valedictorian Midshipman First Class Zachary Makram Almadani of Colorado Springs, CO © Karen Rubin/news-photos-features.com

After the ceremony concluded, Admiral Nunan said, “the presence of the National Security Advisor and the Commandant of the Marine Corps was not just an honor but a testament to the critical role the U.S. Merchant Marine Academy plays in protecting our nation.  Their participation added overwhelming excitement and pride among the graduates and their families, and was matched only by the enjoyment they showed in joining us.”

Graduates give the US Merchant Marine Academy traditional “hip hip hurray” cheer © Karen Rubin/news-photos-features.com

Each Congressionally nominated graduate received a Bachelor of Science Degree and an unlimited Merchant Marine Officer license from the Coast Guard, and an officer’s commission in the Navy or other branch of the military. In exchange for their education, each has the option of serving as a Merchant Marine Officer while concurrently serving in any branch of the U.S. military in the reserves or serving five years of active duty. USMMA graduates ensure a steady stream of Merchant Marine Officers who support the nation’s economic and security requirements in times of peace and war.

The U.S. Merchant Marine Academy, located in Kings Point, N.Y, educates and graduates leaders of exemplary character who are inspired to serve the national security, marine transportation, and economic needs of the United States as licensed Merchant Marine Officers and commissioned officers in the Armed Forces. President Franklin D. Roosevelt dedicated the Academy, which was established under the Merchant Marine Act of 1936, as the United States Merchant Marine Academy in 1943. It is administered by the Maritime Administration under the auspices of the Department of Transportation.

__________________________

© 2024 News & Photo Features Syndicate, a division of Workstyles, Inc. All rights reserved. For editorial feature and photo information, go to www.news-photos-features.com, email [email protected]. Blogging at www.dailykos.com/blogs/NewsPhotosFeatures. ‘Like’ us at facebook.com/NewsPhotoFeatures, Tweet @KarenBRubin

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.
Economy, Housing, Inequality

FACT SHEET: President Biden Announces Key Progress on Efforts to Close the Racial Wealth Gap

Under President Biden’s leadership, the home appraisal gap—an indicator of potential racial and ethnic bias—has shrunk by more than 40%
 
80% of Congressional Republicans are supporting a plan that would reverse this progress, while cutting Medicare, Social Security, and the Affordable Care Act

This fact sheet is provided by the White House:

Nearly three years ago at a speech to commemorate the centennial of the Tulsa Race Massacre, President Biden committed to addressing racial inequities in the home appraisal process and increase the share of federal contract spending awarded to small disadvantaged businesses by 50%. During remarks at the National Action Network Convention, President Biden highlighted how his Administration is delivering on that promise and announce key progress being made to create opportunity in historically under-resourced communities and narrow the racial wealth gap.
  
While the President and Vice President continue working to close the racial wealth gap and create more opportunities for all Americans, 80% of Congressional Republicans are supporting a plan that would move the country backwards.  Their plan would defund the President’s executive orders on racial equity, while cutting Medicare, the Affordable Care Act, and Social Security—raising the Social Security retirement age in the process. Congressional Republicans would also roll back billions of dollars in investments and tax incentives that support small businesses as they shift to a clean economy.  Moreover, the Congressional Republican plan would also increase prescription drug, energy, and housing costs, while fighting for tax giveaways for the very rich and big corporations.
 
In direct contrast, closing the racial wealth gap has been central to the Biden-Harris Administration’s economic agenda, and the progress we are making under the President’s leadership is delivering for communities nationwide, including Black Americans. The President’s announcements today to build on this progress include:

Rooting out bias in the home appraisal process. The Federal Housing Finance Agency is releasing new data showing that the “appraisal gap”—the likelihood that homes in communities of color are undervalued compared to homes in majority-white communities—has been cut by more than 40% since the Biden-Harris Administration took action on appraisal bias. The data also show that some states have eliminated the gap entirely. In these states, families in communities of color are no more likely to have their home valued at less than the agreed contract price than are families in white communities. This means that more Black Americans and people of color are able to build greater wealth from owning a home.
 
While there can be many reasons why an individual home is valued below the agreed-upon contract price, systemic undervaluation in communities of color can indicate racial bias in the appraisal process.
 
On June 1, 2021, the centennial of the Tulsa Race Massacre, President Biden announced the creation of the Interagency Task Force on Property Appraisal and Valuation Equity (PAVE): a first-of-its-kind effort to root out bias and advance equity in the home appraisal process. Since releasing the PAVE Action Plan in March 2022, the Task Force has made critical progress towards implementation, including major steps to empower consumers to take action against appraisal bias; prevent algorithmic bias in home valuation; and support a well-trained and more representative appraiser profession. 
 
Rooting out bias in appraisals can help narrow the racial wealth gap. According to a recent study, eliminating racial disparities in the amount of wealth families gain from owning a home would narrow the wealth gap by 16% between Black and white households and by 41% between Latino and white households.
 
Achieving record federal investment in small disadvantaged businesses. Today, President Biden is also announcing that in Fiscal Year 2023, agencies surpassed the President’s goal for federal contracting dollars going to small disadvantaged businesses (SDBs), awarding SDBs a record-breaking $76.2 billion, or 12.1% in federal contracts. This sets a new all-time record for federal dollars to SDBs, surpassing the record set by the Biden-Harris Administration last year of $69.9 billion, and illustrates continued progress towards the President’s goal of 15% to SDBs by 2025. Three consecutive years of record-breaking awards to SDBs underscores the Administration’s unwavering commitment to leveling the playing field for the Nation’s small businesses and ensuring that no talent is left on the sidelines, even in the face of legal attacks that seek to undercut the Administration’s efforts.
 
Increasing federal investments in under-resourced businesses not only helps more Americans realize their entrepreneurial dreams and strengthens the supplier base, but also narrows persistent wealth disparities. According to analysis from the White House Council of Economic Advisers, eliminating racial disparities in business ownership rates would narrow the wealth gap by an additional 22% between Black and white households and by an additional 17% between Latino and white households. Recognizing this historic opportunity, in 2021, the President set a bold goal of increasing the share of the more than $630 billion in contracting dollars going to SDBs each year, including Black, Latino and Asian American-owned small businesses, to 15% by 2025—or an increase of 50% from 2010.
 
Canceling student loan debt. The Biden-Harris Administration also today announced that it is canceling an additional $7.4 billion in student loan debt for 277,000 borrowers. This brings the total amount of debt relief approved by the Administration to $153 billion for 4.3 million Americans. Today’s announcement builds on the President’s announcement earlier this week, laying out his Administration’s plans that would cancel student debt for tens of millions of Americans, if implemented as proposed. These plans would cancel runaway interest for over 25 million borrowers, cancel loan debt for borrowers eligible for forgiveness programs but not enrolled in those programs, and cancel student debt for borrowers experiencing hardship in their daily lives preventing them from paying back their loans.
 
Black and Latino borrowers are more likely to experience growth in their student loan balances due to excessive interest accumulation. Four years after graduation, Black bachelor’s degree borrowers, on average, owe more than they borrowed. These plans would not only help create more financial stability for millions of working and middle-class families, they would also help address the disproportionate debt burden on communities of color and advance racial equity.
 
Today’s announcements build on the progress the President has made to leverage the full force of the Federal Government—including with the signing of two executive orders on advancing racial equity—in order to ensure the promise of America for all communities, including Black Americans. Here are just a few examples of how Bidenomics and the President’s Investing in America agenda are already delivering for Black Americans:

  • Under President Biden, the Black unemployment rate and gap between Black and white unemployment hit record lows. 
  • Black wealth is up 60% relative to pre-pandemic levels.
  • The share of Black business owners more than doubled between 2019 and 2022.
  • Black-owned businesses are being created at the fastest rate in 30 years.
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.

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

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

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

     This has led to:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Investing in critical supply chains:

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

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

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

Deploying new capabilities to monitor existing and emerging risks:

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

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

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

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

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

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

Strengthening global supply chains through other innovative multilateral partnerships:

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