President Biden in Philadelphia (Evelyn Hockstein/Reuters)
The Biden-Harris Administration continued to take the message of Bidenomics directly to the American people this week—highlighting how the President's economic plan is lowering costs and promoting competition, boosting clean energy manufacturing, creating good-paying union jobs, delivering critical investments all across America, and more.
Bidenomics In the States
On Monday, the Department of Energy announced $170 million in grants from the Inflation Reduction Act to provide training for contractors to help more Americans make their homes more energy efficient and save money on home energy costs.
On Tuesday, First Lady Jill Biden visited Investing in America Workforce Hub cities in Georgia, joined by U.S. Secretary of Education Miguel Cardona and U.S. Deputy Secretary of Energy David Turk. And in Pennsylvania, the First Lady was joined by U.S. Secretary of Transportation Pete Buttigieg and Acting U.S. Secretary of Labor Julie Su, to highlight how Bidenomics is delivering investments and jobs to communities across the country.
On Wednesday, the President convened the White House Competition Council to mark the two-year anniversary of his Executive Order on Promoting Competition in the American Economy. The Biden-Harris Administration announced new actions to lower costs for consumers.
On Thursday, the President traveled to Philadelphia, Pennsylvania to tour a Philly Shipyard and discusses how his Bidenomics agenda is growing the economy from the middle out and the bottom up by boosting clean energy manufacturing for offshore wind while creating good paying American union jobs. The Vice President spoke at the Delta Sigma Theta Sorority, Inc. National Convention where she discussed the administration's efforts to lower costs like capping insulin for seniors at $35 a month.
On Friday, National Climate Advisor Ali Zaidi joined Governor Janet Mills in Maine, where the Governor announced a new goal of installing 175,000 more heat pumps in Maine through 2027, helping more communities in Maine combat climate change and access lower energy costs. Senior Advisor Mitch Landrieu joined Governor Hochul and Senators Schumer and Gillibrand at a groundbreaking for I-81 in New York.
Bidenomics In the News
Black Press USA: James E. Clyburn OP-ED: Bidenomics builds on efforts to invest in struggling communities
[Congressman James E. Clyburn, 7/14/23]
There is an increased focus on "Bidenomics" as President Joe Biden and his administration implement and communicate his economic policy agenda to the American people. President Biden gave a major speech on the subject in Chicago last month. Listening to that speech, I was struck by one line in particular: "I believe every American willing to work hard should be able to say where they grew up and stay where they grew up."
Milwaukee Courier: Women discuss the impact of Biden's economic agenda on diverse communities
[Karen Stokes, 7/14/23]
President Biden and Vice President Harris have made progress in improving the economy for all Americans, including Black Americans. They achieved the lowest-ever Black unemployment rate and the highest Black employment rate since 2000. The Black child poverty rate was reduced by over 12%, benefiting more than 200,000 children. Efforts were made to invest in infrastructure and transportation projects in disadvantaged communities. Access to healthcare and disability benefits was expanded, homelessness was reduced, and unemployment rates for Black veterans reached historic lows. The work is ongoing, but these actions show the positive impact of Bidenomics.
La Politica Online: "We are focused on ensuring that entrepreneurs in the Latino community have the capital they need."
[Edgar Costa, 7/15/23]
Isabella Casillas Guzman is a key Biden official. In dialogue with LPO, he assures that his job is to make Latinos lose their fear of investing. […]
Bidenomics means creating more opportunities and investing more equitably across the country. Latinos now contribute nearly $2.8 trillion to the economy through entrepreneurship, there are 5 million Latino businesses, and we see they can contribute more. I estimate that if we invest in the Latino community at the same pace, providing financing and capital to grow their business, they will be able to create more jobs and contribute another $900 billion to the economy.
Axios: Everyone's starting to feel the "soft landing"
[Matt Phillips, 7/18/23]
The odds of a U.S. recession are falling, economists say, as inflation tumbles without the big rise in unemployment that many expected. Why it matters: Shifting views on the likelihood of a downturn underscore just how surprisingly resilient the U.S. economy has been. Driving the news: On Monday, Goldman Sachs economists trimmed the estimated probability of a U.S. recession over the next 12 months, to 20% from 25%. (Last July Goldman had the odds at 30%.). On Saturday, the Wall Street Journal's survey of 69 business and academic economists showed them cutting consensus probability of a downturn over the next 12 months to 54%, from 61%.
Pittsburg Post-Gazette: Jill Biden lauded her husband for 'strengthening communities like Pittsburgh' in a visit to the area
[Hallie Lauer, 7/19/23]
First Lady Jill Biden visited the Pittsburgh region on Tuesday afternoon to meet with local officials and business owners about industry investment and workforce development.
Her visit was the latest in the Biden administration's summer "Bidenomics" tour touting economic gains and investments in America's workforce. President Joe Biden's administration has adopted the branding to showcase its efforts to invest in infrastructure, boost U.S. manufacturing and create jobs in a range of industries such as biotech and renewable energy.
El Diario: What are the "junk costs" that Biden seeks to eliminate in the rental of housing
[Staff, 7/19/23]
The Biden Administration got companies like Zillow, Apartments.com and AffordableHousing.com to commit to launching new features on their websites, so prospective tenants can review all fees upfront. "So [prospective tenants] can compare prices and know what they're paying upfront," the plan shared by the White House says.
This is a first step in improving the experience for those renting a house or apartment, as the Department of Housing and Urban Development will also work on a plan to eliminate "junk" fees altogether.
Associated Press: Biden's White House is taking on corporate mergers, landlord junk fees and food prices
[Josh Boak, 7/19/23]
The Biden administration on Wednesday proposed new guidelines for corporate mergers, took steps to disclose the junk fees charged by landlords and launched a crackdown on price-gouging in the food industry. The announcements were discussed as part of President Joe Biden's meeting with the White House Competition Council, a group of officials established under a 2021 executive order. The council has focused on creating more transparency for consumers and finding approaches to limit the concentration of industries in ways that the Biden administration says lead to higher prices and hurt the ability of start-ups and small businesses to grow.
Reuters: Biden widens war on junk fees, says US consumers tired of being treated as 'suckers'
[Steve Holland and Andrea Shalal, 7/19/23]
The White House on Wednesday expanded its war on junk fees to the rental housing market, announced a crackdown on price-fixing in food and agricultural markets, and unveiled draft merger guidelines as part of an ongoing push to aid U.S. consumers. President Joe Biden, who has made attacks on corporate greed and power a centerpiece of his presidency, explained the government's latest actions at the fifth meeting of his 18-agency Competition Council at the White House on Wednesday. "It's about basic fairness," he told Cabinet members and other council members, underscoring the need to continue driving down inflation. "Folks are tired of being played for suckers."
Augusta Chronicle: FLOTUS visits Augusta for 'Investing in America' tour
[Hannah Litteer, 7/19/23]
FLOTUS Dr. Jill Biden came to Augusta Technical College on Tuesday as part of the "Investing in America" tour. She, along with other national and local leaders, shared how they say "Bidenomics" investments are working toward creating pathways to good-paying jobs in the CSRA. She came to speak about how the Augusta Workforce Hub is meant to prepare students for technical and manufacturing jobs, and oversee some of the programs students are involved in. The trip started with Dr. Biden watching middle school summer camp students learn about soldering, to watching Augusta Tech mechatronics students audit an assembly line.
CBS Philadelphia: President Biden pushes for clean energy during Philadelphia visit; announces project for city workers
[Dan Snyder, 07/20/23]
But Biden says his offshore wind plan goes beyond Philly – and is a bigger part of his pledge to bring jobs back to the U.S…"It'll be the first vessel of its kind, made in America," Biden said. "American owned. American operated."
Spectrum NY 1: Biden visits Philly Shipyard to talk unions, green jobs
[Maddie Gannon, 07/20/23]
The president also touted the first-ever Gulf of Mexico offshore wind lease sale set to take place on Aug. 29. The administration made the announcement earlier Thursday, hailing it as another step toward its goal of building enough gigawatts of offshore wind projects to power 10 million homes by 2030. The White House said this sale alone, which will include areas in Louisiana and Texas, has the potential to power nearly 1.3 million homes.
NBC News: Biden touts clean energy manufacturing and union jobs in visit to Philadelphia
The president's trip to promote his Bidenomics agenda comes as unions across the country consider striking amid his efforts to boost the economy.
[Megan Lebowitz, 7/20/23]
President Joe Biden touted his administration's efforts to boost clean energy manufacturing and create union jobs in a speech Thursday in Philadelphia. Earlier in the day, the White House announced the first offshore wind lease sale in the Gulf of Mexico, which it says will have enough clean energy potential to power nearly 1.3 million homes. "When I think climate, I think jobs," Biden said during his speech. "I think union jobs. Not a joke." Biden visited the Philly Shipyard after a steel-cutting ceremony took place earlier in the day to mark the construction of a new offshore wind vessel earlier in the day.
The Philadelphia Inquirer: Philly Shipyard is building specialized vessel to support offshore wind
[Frank Kummer, 07/21/23]
Biden announced Thursday during a steel-cutting ceremony for the ship that it would be the first offshore wind vessel of its kind to be made in the United States…The vessel would be built by the pool of 1,400 workers and nine unions based at the shipyard, according to Matthew Cassidy, a spokesperson for the shipyard. The ship's steel plates will be made by United Steelworkers in Indiana. Biden said the activity surrounding the ship would generate an estimated $125 million a year as it is being built.
Finger Lakes: State Breaks Ground on Syracuse I-81 Viaduct Project
[Lucas Day, 7/21/23]
Ground was broken Friday on the transformational Interstate 81 Viaduct Project in Syracuse, formally launching one of the largest and most ambitious construction projects ever undertaken by New York State, in partnership with the federal government…. Senior Advisor to President Biden and White House Infrastructure Coordinator Mitch Landrieu said, "Now, thanks to funding from President Biden's Investing in America agenda, we're righting these wrongs of the past, improving safety, revitalizing the area for economic development, and creating good-paying union jobs that can support a family. As we work together with Governor Hochul and federal, state, and local leaders to rebuild our infrastructure better than ever before, we are ensuring a safer, more equitable future for communities across New York."
CNBC: Morgan Stanley credits Bidenomics for 'much stronger' than expected GDP growth
[Christina Wilkes, 7/22/23]
Morgan Stanley is crediting President Joe Biden's economic policies with driving an unexpected surge in the U.S. economy that is so significant that the bank was forced to make a "sizable upward revision" to its estimates for U.S. gross domestic product. Biden's Infrastructure Investment and Jobs Act is "driving a boom in large-scale infrastructure," wrote Ellen Zentner, chief U.S. economist for Morgan Stanley, in a research note released Thursday.
Bidenomics on the Airwaves
LONG: Can we declare victory on inflation after those good numbers last week?
BERNSTEIN: No victory laps, no mission accomplished, no declaration of that sort that would be appropriate. We are definitely making real substantive progress in terms of providing households with more breathing room. Inflation is down not just in a monthly blip but on a yearly basis, 12 months in a row, down two-thirds. So, if we were talking a year ago, we would have been talking about 9% inflation. Now we are talking about 3%. We've seen some real easing of prices in terms of goods, things that you buy at retail outlets. We've seen prices actually come down. Not just slower inflation, but lower prices in some parts of groceries, obviously gas is about a-buck-fifty less than it was a year ago. So, real progress, real breathing room, but more work to do. And I think one of the important attributes of Bidenomics is that we have a lot more savings in the pipeline in this regard.
CNBC: Squawk Box
QUICK: Joining us now with how the President's economic agenda fits into all of this is Jared Bernstein, the Chairman of Economic Advisers. Welcome. This is good news. You think this is mission accomplished?
BERNSTEIN: Oh, no. No victory laps, our work is not done but we're very happy to see some breathing room for American households 12 months year over year of inflation decelerating we have gas prices down north of $5 to $3.60 so far if you think about the 70% of our GDP that's consumer spending, that's one reason why we've continued to defy, I think, recession predictions. The macro economy has continued to, supported by a persistently robust labor market is really helping. As your team well knows, you ever don't usually see 6 percentage points decline in inflation with an unemployment rate stable at 4% for 17 months in a row that's a very low sacrifice ratio, also good news for American households thus far.
CNBC: Squawk Box (Part 2)
SORKIN: How much should folks think of this as a blueprint for how you plan to approach it but not necessarily how the courts plan to approach it?
KANTER: That's the beauty of how we've constructed these guidelines going back to the merger guidelines which originated in 1968, these are the first guidelines ever to cite cases and we do so extensively because we want to make sure we are bringing cases to courts that reflect the facts but also reflect the law, which is what courts apply when they're looking at our cases.
CNBC: Squawk Box (Second Half of Conversation)
FABER: Joining us from the White House is FTC chair Lina Khan. Good to have you this morning. We were joined on CNBC earlier by John at the DOJ but let's start off with what are essentially 13 guidelines. Your agencies have been delivering the so-called guidelines since 1968. What distinguishes this latest version from the others we've seen?
KHAN: It's so great to be here with you. As you noted, the agencies have issued guidelines since 1968. Of course, our markets and our economy has changed significantly since then. It's been long-standing practice for the Antitrust Division and the Federal Trade Commission to periodically issue up dates and revisions to the guidelines to make sure they are fully up-to date and reflecting the reality of how businesses are pursuing mergers and competing in today's economy as well as the most up-to-date state of the law.
Luisana Perez Fernandez: Today's announcement is President Biden's commitment to combat "junk fees" that cost people thousands of dollars a year, and is also part of the Competition Council established by the President. Whether it's hidden fees on airlines or concert tickets, the administration is working to increase transparency for the consumer and create more competition in the marketplace.
Bidenomics Resources
Fact Sheet: Biden-Harris Administration Takes on Junk Fees in Rental Housing to Lower Costs for Renters
Joseph R. Biden, Jr., ICYMI: This Week in Bidenomics Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/363758