The President has charted a bold course for the economy, though it was overshadowed by rising prices
It was not a term that U.S. President Joe Biden and his team invented. But as the U.S. economy was soaring last year, the White House embraced “ Biden omics” as a shorthand for everything that was going right.said in a speech last August to mark the anniversary of the Inflation Reduction Act, one of the signature laws of his presidency.But that message didn’t land with a wide swath of the electorate.
There are other upsides, too. The U.S. is posting economic growth that most other countries would gladly trade for. Wage gains have been strong for low-income workers. And stock markets have rallied over the past two years, bolstering the wealth of millions of Americans. At the heart of Bidenomics is industrial policy at a scale not seen in generations. In three pieces of legislation passed in 2021 and 2022 – an infrastructure bill, the Inflation Reduction Act and the CHIPS and Science Act – the U.S. government committed between US$1-trillion and US$2-trillion over 10 years toward rewiring the country’s industrial and energy base.
Proponents can point to a number of early successes. Spending on factory construction has doubled. Semiconductor and EV manufacturing facilities are sprouting up across the country. The American Clean Power Association estimates that US$421-billion of capital investments in clean-energy projects have been announced since the IRA was passed.
“Whether that’s good or bad, or whether they’re doing it well or not, time will tell,” she said. “There are signs that the policies are having some of their intended effects. There are also signs of some roadblocks. At the very least, it’s changed the conversation, and whoever the incoming president is going to be, the status quo looks different.”
Rather than scrap those import duties, the Biden administration kept most of them in place and added more, and has doubled down on the U.S.-China trade war, at least when it comes to clean-energy goods. In May, the White House announced a 100-per-cent tariff on Chinese-built EVs, as well as penalties on other clean-energy imports including solar cells, batteries and critical minerals.
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