Despite widespread economic uncertainty, the White House is celebrating two centuries since the passing of President Joe Biden‘s two most important financial tradition, the CHIPS and Science Act and the Inflation Reduction Act.
White House leaders, including deputy chief of staff Natalie Quillian, Domestic Policy Council Director Neera Tanden, and top weather director John Podesta, briefed investigators on updates regarding the two bills on Wednesday, calling them” a critical element of” Biden’s “investing in America agenda”.
” We’re really proud of our 2-year-old that has accomplished more than any 2-year-old always has”, a senior administration official said of the costs.
According to the White House, CHIPS, the Inflation Reduction Act, and the rest of Biden’s agenda have spurred$ 900 billion in private , sector clean energy and manufacturing investments, including$ 395 billion going toward semiconductors and other electronics and$ 418 billion in private sector clean energy projects.
Additionally, the White House praised the Inflation Reduction Act’s advocates for affordable healthcare, who it estimated reduced people’s annual costs by$ 800 annually on average.
Both of the above costs have sparked controversy since their section, though. Provides included in the CHIPS Act, some of those business organizations, such as Intel, have struggled to meet their timeframes for connected home commitments.
Democratic lawmakers have long been hostile toward the Inflation Reduction Act, with the GOP claiming that it primarily serves as a means of advancing Biden’s fresh energy and healthcare costs plan.
Since Biden signed the Inflation Reduction Act into law in August 2022, the rate of inflation has continuously decreased, but costs for many items, especially energy and food, are still rising, according to the most recent Bureau of Labor Statistics data.
In June 2022, electricity cost consumers 16 cents per k Wh, compared to 18 cents in June 2024. A dozen eggs ran consumers$ 2.71 two years ago, compared to$ 2.72 in June 2024
Republicans have been trying to portray recent events as negative for Vice President Kamala Harris ahead of the 2024 general election, raising numerous questions about the growing economic uncertainty in the White House.
The Biden administration has cited the effectiveness of the president’s agenda as evidence, but under Biden’s watch, the unemployment rate increased to one of its highest rates in July.
That trend, coupled with inflation, led to a stock meltdown on Monday, which saw global markets shrink roughly 10 %, though markets appeared to stabilize on Tuesday.
Some economists claim a recession may be on the horizon, while others claim that these claims are exaggerated, while others say the world’s overall health is in disarray.
The president’s economic team monitors these trends, according to White House press secretary Karine Jean-Pierre, who stated to reporters on Tuesday that they do not believe the nation is in danger of recession.
” While we’ve seen some volatility — we admit that, we have seen that — our broader economy remains resilient, and we see that because of the data, obviously, that’s been coming out over the past, not just couple of months, but the past couple of years”, she stated. ” The economic team is going to continue to monitor the situation, but we believe that the economy remains resilient, and that’s what’s going to be our focus”.
” We remain confident in the CHIPS and Science Act , and the work it’s already doing to revitalize our manufacturing of semiconductors”, Quillian added on Wednesday. We are the only nation in the world where all five of the top five chip manufacturers are working in the United States, and we take this as evidence that the CHIPS and Science Act’s success and there still have work to be done in terms of implementation.
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Podesta defused polling, suggesting that the majority of people are unaware of the specific parts of Biden’s legislation and any cost-savings that might be included.
” I believe that people do n’t follow Washington’s ins and outs very closely. I think they want to know what’s going on in their own communities, in their own lives, and from our perspective, I think the benefits of the act are now really being felt by people at the household level and the community level”, he claimed. I believe that the benefits that are included in this bill will spread as neighbors talk to neighbors.
