Bryan Dawson🇺🇸@BryanDawsonUSA
The Inflation Reduction Act (IRA), Infrastructure Bill, and CHIPS & Science Act have spurred a manufacturing boom. Biden's “Invent it Here, Make it Here” Executive Order further expands our economy, protects our supply chain, and enhances national security.
Many have said: "Manufacturing is not coming back." The Biden administration has offered large subsidies for US-based manufacturing, fueling a boom in investment in heavy industry and green tech as billions flow into the construction of megaprojects. Private companies have thus far announced $503 Billion in commitments to invest in 21st-century industries such as semiconductors, EVs & batteries, solar cells, clean energy, biomanufacturing, and heavy industry.
Last year, production at American factories increased significantly — and so did the production of factories themselves. For April 2023, the annual rate reached a record $190 billion, a 76.34% increase from a year ago and after decades of underinvestment and multiple Republican "infrastructure weeks."
After years of neglect and multiple failed promises of "infrastructure weeks," the US has already added an incredible 800,000 jobs in manufacturing over the last two years to compete with countries such as China. According to Kearney's 2022 Reshoring Index, 96% of American companies have shifted production to the US or are evaluating reshoring operations — a spike from 78% in the 2021 index.
In addition to promoting private investment, the IRA is also investing in public infrastructure. The Biden-Harris Administration has already allocated $299 billion from the Bipartisan Infrastructure Law and the Inflation Reduction Act to fund public infrastructure and clean energy investments.
Unprecedented Growth
The US economy continues to defy expectations of a slowdown as GDP growth crushed expectations hitting an annual rate of 2.4% in the second quarter. We have the lowest inflation rate in the G7 and the strongest economic recovery with a record 30 straight months of job growth.
The record #BidenBoom continues as July reported 13.4 million jobs, 1.5 million in manufacturing. Unemployment has remained under 4% for 18 straight months. Wages rose 4.4% from last year while inflation is down for 12-straight months to 3%. The annual deficit (a record $3.8 Trillion under Trump) has also been reduced by a record $1.8 Trillion, beating Obama's deficit reduction record.
It's about National Security
Biden policies are:
* Bringing back domestic manufacturing, creating millions of good-paying jobs, expanding the tax base, and reducing the deficit
* Mitigating risk from foreign supply chain interruptions
* Reducing dependence on Chinese-made materials
* Promoting domestic renewables to reduce dependence on unstable, foreign, dirty energy sources subject to supply and price interruptions
* Protecting the environment
* Developing US expertise, promoting innovation, and regaining global technical leadership
All these greatly enhance national security.
Bidenomics
Trump said: "The economy does better under the Democrats than the Republicans." Yes, Democrats deliver because they focus on people. #Bidenomics works because it's common sense > To create an economy for all, invest in America, and make it in America.
It's only the beginning unless voters allow Republican regressives to transfer more wealth to the top and reverse it all again.
#DemocratsDeliver #DemocratsCreateJobs
