Biden's Economic Success Is No Accident
The White House has labeled it Bidenomics and the point is that Joe Biden's economic success has been the result of an intentional economic policy.
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Joe Biden Is Investing In America By Design
Republicans and some others act like the US economic boom since the end of the pandemic was destined to happen. It is rarely asked why the United States is doing better economically than the vast majority of the world, or how it recovered so quickly and is avoiding a recession.
The White House explained its strategic investment in the economy in a fact sheet provided to The Daily:
When President Biden came into office, public investment as a share of the economy had fallen from 7% in the 1960s to half that. A core tenet of Bidenomics is that targeted public investment can attract more private sector investment, rather than crowd it out. This is particularly true in sectors that are central to the long-term economic and national security interests of the United States—from improving our infrastructure, to semiconductors, to investing in clean energy and climate security.
The Biden-Harris Investing in America agenda is rebuilding our infrastructure, including our roads and bridges, high-speed internet capacity, ports, and airports. This infrastructure is the necessary foundation for durable and shared economic growth. Thanks to the Bipartisan Infrastructure Law, 35,000 new projects have been awarded funding in communities all across the country. By requiring Made-in-America products when using federal funding to rebuild infrastructure, President Biden is not only investing in our country’s roads and bridges, but also a strong domestic manufacturing base.
The President’s agenda is also investing in key industries that are critical to our national security and economic security, like producing more semiconductors in America. And it is investing in accelerating the clean energy economy to help achieve our climate goals, working with our global partners. This approach is creating millions of good-paying jobs, advancing American leadership in innovating next-generation technologies, and delivering for workers and communities. The President’s agenda is strengthening our clean energy supply chains by spurring new and expanded U.S. factories, including more than 150 battery plants and 50 solar plants already announced. In all, we’ve seen $490 billion in private investment commitments in 21st century industries since the President took office, and inflation-adjusted manufacturing construction spending has grown by nearly 100% in just two years. New data released just today shows the clean energy workforce added nearly 300,000 jobs in 2022 and clean energy jobs grew in every state in America, in part because of the investments in clean energy and manufacturing by the Biden-Harris Administration.
Biden’s public investment and incentivization have caused private companies to follow and created an environment for the rebuilding of the economic backbone of the nation that has not been seen in some cases since the New Deal, and others like the investments in clean energy and climate change are unprecedented.
To see, how big of a difference Biden has made, let’s look at the pre-COVID record of Trump in some key areas.
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