Bidenomics In the States
On Tuesday, the Biden-Harris Administration released a roadmap to accelerate offshore wind transmission and improve grid resilience and reliability. As part of President Biden's Investing in America agenda, a key pillar of Bidenomics, the Departments of the Interior and Energy unveiled a set of bold actions that will catalyze offshore wind energy, strengthen the domestic supply chain, and create good-paying, union jobs. Additionally, the Administration announced the availability of $400 million from the Department of Energy to help states and territories adopt and implement building energy codes that reduce utility bills, increase efficiency, and make buildings more resilient to the climate crisis. The administration also invested on Tuesday $4.5 million in STEM workforce training efforts across the country.
On Wednesday, the Biden-Harris Administration launched the American Climate Corps, a workforce training and service initiative that will ensure more young people have access to the skills-based training necessary for good-paying careers in the clean energy and climate resilience economy. The American Climate Corps will mobilize a new, diverse generation of more than 20,000 Americans – putting them to work conserving and restoring our lands and waters, bolstering community resilience, deploying clean energy, implementing energy efficient technologies, and advancing environmental justice, all while creating pathways to high-quality, good-paying clean energy and climate resilience jobs in the public and private sectors after they complete their paid training program.
On Thursday, the Biden-Harris Administration approved recommendations on the expanded use of the Social Costs of Greenhouse Gases (SC-GHG) guidelines for budgeting, procurement, and other agency decisions. By integrating the SC-GHG into procurement, the federal government can reduce emissions while saving taxpayer dollars. Additionally, to continue advancing America's offshore wind industry, the Administration announced it had secured an East Coast Memorandum of Understanding with nine East Coast states and four federal agencies to strengthen regional collaboration on offshore wind supply chain development, and announced $72 million to support a range of wind energy research and technology areas.
Also on Thursday, the Vice President convened a press call with Consumer Financial Protection Bureau Director Rohit Chopra to announce actions the Biden-Harris Administration has taken to ease the burden of medical debt on American family budgets by beginning a rulemaking process to remove medical bills from Americans' credit reports.
Bidenomics In the News
Business Insider: Biden's economic policies have quietly made peoples' lives better
[Juliana Kaplan, 9/17/2023]
Ridgeland, South Carolina, has two new fire trucks. The pandemic taxed the tiny town's aging fire department, and it needed improvements but lacked the budget, said Fire Chief Bradley Bonds. With an infusion of $1 million, the fire department got new air packs, which provide air to firefighters during rescues, the two new trucks, and paid bonuses to the firefighters who worked during the pandemic. That $1 million came from President Joe Biden's $1.9 trillion American Rescue Plan, which was passed in 2021 to revitalize the economy and replenish Americans' wallets. ARP's best-known initiatives included a fresh round of stimulus checks, expanded unemployment benefits, and monthly checks to parents. It also kept local governments afloat, allocating billions for areas to spend on wherever money was needed. The parts of his agenda that he was able to successfully execute before Congressional gridlock are being more acutely felt in places like that South Carolina fire house, a Phoenix semiconductor factory, and new pipes full of clean water in Pennsylvania.
Wall Street Journal: Old West Virginia Steel Mill Becomes a Green-Energy Powerhouse
[Scott Patterson, 9/17/2023]
The Biden administration appropriated $505 million for the development of long-duration storage in the 2021 infrastructure law, and last year's Inflation Reduction Act contains substantial tax credits for long-duration battery projects. This represents a blooming industrial transformation in Appalachia and elsewhere in the U.S. fueled by the Biden administration's Inflation Reduction Act, the 2021 infrastructure act and last year's Chips Act.
Forbes: The Economics Of Addressing Climate Change, From Top White House Economist
[Joan Michelson, 9/18/23]
In an exclusive interview on Electric Ladies podcast recently, Boushey described the "Bidenomics" approach to addressing climate change as finding a way that creates economic benefits, including a lot of great jobs for the middle class, by driving innovation of net zero energy sources, manufacturing systems, and products, and by making our communities and infrastructure more resilient. It's what Boushey and other Biden officials describe as, "government-enabled, private sector-led."
The Washington Post (Opinion): U.S. Manufacturing is Improving
[Scott N. Paul, 9/18/2023]
[President Biden's] manufacturing policies are, in fact, working. There's a record boom in factory construction, and the United States is poised to be a major semiconductor producer for the first time in 30 years. What's more, after a long delay, U.S. workers are again in the race to manufacture electric vehicles and other high-value clean-energy products. The point is not to somehow re-create the manufacturing economy of the 1950s but rather to build for a modern one. The results so far are lower unemployment, more jobs in the manufacturing industries that will shape this century and surprising economic strength as much of the rest of the world struggles.
KCRG Missouri: Advancing towards a clean energy future: Missouri takes promising strides in renewable energy use
[Scott N. Paul, 9/18/2023]
Renewable and clean energy sources account for less than a fifth of Missouri's energy generation, and according to the Energy Information Administration, the Show-Me state is the second-largest biodiesel-producing state in the country. […] The ideas proposed for increasing Missouri's renewable energy include investing in wind and solar power and promoting energy efficiency measures. Carr said that solar investments have long-term financial benefits for businesses or homes in addition to cleaner energy. "Right now, for rural businesses, there's a lot that's being built," he said. "There's a lot lined up to do; we're very busy, and it's because of the Inflation Reduction Act. There's also an added bonus: you can get up to 50 percent of it paid for by the U.S. through the USDA on a grant, and it really helps pay for it pretty quickly." And under the Inflation Reduction Act, a law to increase access to lower-cost clean energy and improve energy efficiency, the Department of Energy states that it will expand job opportunities, bringing an estimated $6.6 billion of investment in clean power generation and storage to Missouri between now and 2030.
Bloomberg: Biden Policies Drive Smart Bets on Green Technology
[Jennifer A. Dlouhy & Michelle Jamrisko, 9/19/2023]
An array of US government tax credits, loan guarantees and research are unlocking billions in private sector investments that can build a clean energy economy. Programs and tax policies in Biden's sweeping climate, infrastructure and semiconductor laws "have the potential to catalyze a dramatic transformation of our economy toward the sectors, technologies and places where investment will be most productive and is most urgent. Brainard's vision, as director of Biden's National Economic Council — touting climate investment and innovation as intertwined with American economic progress — is central to the White House's "Bidenomics" pitch that public spending can entice more private investment, creating good jobs, moderating inflation and driving overall growth.
The Hill: Biden administration announces $400 million to help states adopt climate-friendly building codes
[Rachel Frazin, 9/19/23]
The Biden administration announced Tuesday it will open applications for the first tranche of funding — $400 million — to help states and territories take up energy-efficient building codes. A senior administration official told reporters Monday that under the codes, new buildings and major renovations would be done with better construction and in a way that is more efficient and resilient. The Energy Department said in a press release announcing the funding that homes built using modern energy codes are 40 percent more efficient than homes built 15 years ago.
New York Times: Wanted: 20,000 Young Americans to Fight Climate Change
[Lisa Friedman, 9/20/23]
The White House plans to create an "American Climate Corps" that would train thousands of young people for green jobs. President Biden intends to use executive authority to train and employ thousands of young people in jobs to fight global warming, Ali Zaidi, the White House national climate adviser, said on Tuesday. The American Climate Corps, as the White House has named the organization, would provide young people with skills to work in wind and solar production, disaster preparedness and land conservation, Mr. Zaidi said. The White House expects about 20,000 recruits in the first year, he said.
CNN: Biden administration launches first-of-its-kind American Climate Corps program
[Ella Nilson & Donald Judd, 9/20/23]
President Joe Biden's administration is launching the first-ever American Climate Corps Wednesday, the White House said, a workforce training and service initiative aimed at preparing American youth for jobs in clean energy and climate resilience.
Associated Press: Biden uses executive power to create a New Deal-style American Climate Corps
[Matthew Daly, 9/20/23]
In an announcement Wednesday, the White House said the program will employ more than 20,000 young adults who will build trails, plant trees, help install solar panels and do other work to boost conservation and help prevent catastrophic wildfires. […] "Young people nationwide are excited to see the launch of the American Climate Corps, a program which will put more than 20,000 young people on career pathways in the growing fields of clean energy, conservation and climate resilience,'' said Cristina Tzintzún Ramirez, president of NextGen America, an organization that promotes education, registration and mobilization for voters age 18 to 35.
Black Wall Street Times: Climate Corps will train 20,000 young people for clean energy jobs
[Deon Osborne, 9/20/23]
The American Climate Corps will equip 20,000 young people with skills-based training for careers in clean energy and climate resilience, the White House announced on Wednesday. The new initiative seeks to empower a new generation with the skills and support needed to help boost their community's resilience to the climate crisis while earning a living wage. "This is really focused and building on success in state-based programs in letting particularly young people participate in trying to make their communities more resilient," Senior Advisor John Podesta told The Black Wall Street Times on Wednesday. "As we go around the country, we hear from young people their desire to be part of the solution."
Axios: Small business owners are feeling more confident lately
[Emily Peck, 9/20/2023]
An index that measures small business owners' confidence jumped six points in the third quarter, nearly reaching its pre-pandemic high. Score one for team soft landing — the index, published by the Chamber of Commerce Wednesday morning, is another sign that the economy is doing OK. 66% of small business owners say their business is in good health — nearly a 10-point increase. 71% say they expect revenue to increase next year — the highest number since the survey launched in 2017.
SignalsAZ: Climate Pollution Reduction Grant awarded to Pima County
[Staff, 9/20/2023]
"This is a key moment and great county-wide opportunity to come together to reduce climate pollution," said PDEQ Director Scott DiBiase. "In doing so, everyone benefits as we build the clean energy economy through new workforce training opportunities and address environmental inequities affecting disadvantaged communities."
WISHTV Indianapolis: Defense Department awards $32.9M for microelectronics production administered in Indiana
[Gregg Montgomery, 9/20/2023]
The Silicon Crossroads Microelectronics Commons Hub will be administered from the Naval Surface Warfare Center-Crane Division. The military base is about a 40-minute drive southwest of downtown Bloomington, Indiana. Bloomington-based Applied Research Institute, which also has Indiana locations in Indianapolis and Odon, plans to create the hub with 130 members, according to information from the institute and the Defense Department. The Defense funds to create at least eight U.S. innovation hubs was from the Creating Helpful Incentives to Produce Semiconductors and Science Act.
Spectrum News 1: CHIPS Act impact already felt in North Carolina
[Reuben Jones, 9/20/2023]
It's been a year since President Joe Biden signed the bipartisan $280 billion CHIPS and Science Act to boost the domestic production of semiconductors. […] "We've received more than 500 statements from interest from companies that want to participate," said Secretary of Commerce Gina Raimondo, who was testifying before a congressional committee Tuesday. […] In North Carolina, Wolfspeed announced a $5 billion manufacturing plant to produce silicon carbide wafers, which have emerged as a favored part for renewable energy products. Construction of Wolfspeed's factory in Chatham County has started, and manufacturing is expected to begin late next year, according to Wolfspeed. The company said it plans to create 1,800 jobs, and it's likely to benefit financially from the CHIPS Act. "The passage of the CHIPS and Science Act was critical in re-energizing the U.S. semiconductor production and maintaining America's technological global competitiveness," Democratic U.S. Rep. Deborah Ross said.
KTAR Arizona: Research and development hub based at ASU gets nearly $40M in funding from CHIPS Act
[Kevin Stone, 9/21/2023]
ASU's Southwest Advanced Prototyping (SWAP) Hub and seven other research and development hubs are getting a total of $238 million in the first official allocation from the CHIPS and Science Act. The funding is part of the Microelectronics Commons program established under the CHIPS Act, which President Joe Biden signed into law last year. […] The SWAP Hub includes 27 members and is spearheaded by ASU's Ira Fulton School of Engineering. "This is the first major national security-oriented research and development laboratory ever built in the state of Arizona, and Arizona State University is extremely honored to play a key role in making this happen," ASU President Michael Crow said in a release.
CBS News: New York consortium lands $40 million CHIPS grant to advance semiconductor industry
[Briana Supardi, 9/21/2023]
One of the first major investments released under the CHIPS & Science Act is going to a New York consortium of semiconductor industry powerhouses to jumpstart chip research and create a pipeline of industry workers. The U.S. Department of Defense awarded $40 million to the consortium, known as the Northeast Regional Defense Technology Hub (NORDTech), which includes NY CREATES' Albany Nanotech, University at Albany, Cornell University, Rensselaer Polytechnic Institute, and IBM. "We are laying the groundwork for a global hub for semiconductor businesses right here in New York State," said Governor Kathy Hochul in a statement.
New York Times: White House Directs Agencies to Account for Climate Change in Budgets
[Coral Davenport, 9/21/23]
A directive issued on Thursday by the Biden administration would, for the first time, have federal agencies consider the economic damage caused by climate change when deciding what kinds of vehicles, equipment and goods to buy. The new guidance from President Biden could affect purchasing decisions across the government, from agriculture to defense to health care. The idea is to take into account the greenhouse gases generated by goods and projects, how they contribute to global warming, and the cost of that to the economy.
Wind Power: DOE Awards $72 Million to Advance Wind, Water Energy Technologies
[Nina Korman, 9/21/23]
The U.S. Department of Energy (DOE) today announced $72 million for three sets of projects that will innovate manufacturing processes for wind and water technologies and accelerate the equitable and sustainable deployment of offshore and land-based wind energy. This funding encompasses 29 projects from 16 States and Washington, D.C. The breakdown includes $27 million from the Bipartisan Infrastructure Law for 15 projects to support research, development and community engagement to accelerate the equitable and sustainable deployment of offshore and land-based wind energy. In addition, $45 million will go to 14 projects that will make domestic manufacturing for these technologies quicker and less expensive.
Associated Press: VP Harris announces start of process to remove medical debt from people's credit scores
[Josh Boak, 9/21/2023]
Vice President Kamala Harris said Thursday that the Biden administration is taking the first steps toward removing medical bills from people's credit scores, which could improve ratings for millions of people. Harris said that would make it easier for them to obtain an auto loan or a home mortgage. Roughly one in five people report having medical debt. The vice president said the Consumer Financial Protection Bureau is beginning the rulemaking process to make the change. The announcement comes after a long push by the Biden administration to minimize the importance of medical debt in how people's creditworthiness is rated. CFPB director Rohit Chopra said the credit reporting companies Equifax, TransUnion and Experian announced last March that they would stop reporting "some but not all medical bills on an individual's credit report."
CNBC: Biden administration takes steps to remove medical bills from credit reports
[Stephanie Dhue, 9/22/2023]
The Biden administration wants to remove medical debt completely from consumer credit reports, so the Consumer Financial Protection Bureau on Thursday outlined its proposed rules to keep unpaid medical bills from affecting patient's credit scores. One in five Americans have medical debt on their credit reports, according to the CFPB. Medical debt can lead to a debt spiral for some consumers and narrow their options for housing, loans and credit cards. "Vice President Harris is leading the fight to lower costs for hardworking Americans by addressing the burden of medical debt," Sen. Elizabeth Warren, D-Mass., said. "No one should have their credit ruined because of a medical emergency. By proposing to erase medical debt from credit reports, the CFPB is doing what the consumer agency does best: saving Americans money."
E&E News: 4 federal agencies ink offshore wind plan with coastal states
[Heather Richards, 9/22/23]
Four federal agencies have reached a deal with coastal states to collaborate on building an offshore wind supply chain, attempting to address a pinch point in meeting the Biden administration's goals for the nascent industry. The agencies — the Energy, Interior, Commerce and Transportation departments — aim to help states "incentivize the development of U.S. offshore wind vessels and U.S. steel production," according to a White House fact sheet on the memorandum of understanding that was released Thursday.
Bidenomics on the Airwaves
Secretary of the Treasury Janet Yellen on CNBC – 9/18
YELLEN: "…We still have a good, healthy labor market. Consumer spending remains quite robust. We've seen strong industrial production. I don't see any signs that the economy is in risk of a downturn and this is the best of all worlds, to see continued strength in the economy, a good, strong labor market, and inflation moving down. That is what we're seeing."
Secretary of the Treasury Janet Yellen on MSNBC – 9/19
YELLEN: "…We've got a good, strong economy. It has a lot of momentum. Inflation is coming down, the labor market remains very strong."
Press Secretary Karine Jean-Pierre on MSNBC – 9/19
JEAN-PIERRE: "So here's the thing, and the President talks about this every time we talk about the economy, every time we talk about these types of issues, about how much he has been for unions, how he is a pro-union guy, how he believes that we have to continue to build an economy that really puts workers in the middle. The middle-class city, unions built the middle class which is incredibly true."
Bidenomics Resources
By the Numbers: Impacts of House Republicans' Extreme CR 8% Cuts
Press Call: Vice President Harris on an Announcement to Ease the Burden of Medical Debt on American Family Budgets
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/365464