Global spending on clean energy is projected to go to $2 Trillion this year. It is double the amount being spent on fossil fuels in the same time period. The US portion of that spending is set to increase by $300 Billion, in part because of Joe Biden’s Inflation Reduction Act and the CHIPS and Science Act. A major chunk of that spending is on renewables.
President Joe Biden announced his $8.5 billion investment in Intel chip manufacturing plants, courtesy of the CHIPS and Science Act. This investment, along with many others like it, will create high paying jobs (many without the need of a college education) in Arizona and elsewhere. It is also part of the long term solution to the supply chain problems the US suffered at the beginning of Biden’s presidency.
President Joe Biden took a moment to announce the investment by Microsoft for a facility to be built on the failed FoxConn site the previous president promised would be the 8th wonder of the world, but never materialized. Microsoft president Brad Smith told the crowd that Biden’s policies, especially the Bipartisan Infrastructure Law and CHIPS and Science Act, helped make this investment possible. It is expected to create thousands of jobs and train 100,000 Wisconsonites in AI technologies for future job opportunities.
Under President Joe Biden, and, partly as a result of the CHIPS and Science Act and Bipartisan Infrastructure Law, manufacturing job numbers jumped 41% year over year from through January, 2024.
President Joe Biden has reached an agreement with Samsung to deploy $6.4 Billion to develop a chip manufacturing and research cluster in Texas. The project is projected to create 17,000 construction jobs and 4,500 manufacturing jobs.
As of Result of President Joe Biden’s CHIPS and Science Act, South Korea’s SK Hynix has announced that it will build an advanced chip-packaging facility in West Lafayette, Indiana, and expects to create up to 1,000 jobs. This is just one example of private enterprise investments created by the CHIPS and Science Act.
March’s Jobs data is in, and it is, again, very good news. Thanks to President Joe Biden’s handling of the economy, including several major pieces of legislation like the CHIPS and Sciences Act, the economy added 303,000 non-farm jobs in the month of March. That brings to over 15 million the number of jobs added to the economy since Biden became president. Not only that, but the unemployment rate dropped to 3.8%, extending what was already the longest stretch of sub-4% unemployment since the 1960s.
Partially because of the CHIPS and Science Act, the economy has added 789,000 manufacturing jobs in the three years since President Joe Biden took office.
The manufacturing jobs comeback under Biden is the biggest since the early 1950s.
In August, 2022, President Joe Biden signed the CHIPS and Science Act, designed to strengthen American manufacturing and innovation. The act invests $280 billion to bolster US semiconductor capacity, catalyze R&D, and create regional high-tech hubs and a bigger, more inclusive STEM workforce. Almost immediately after Biden signed it, the private sector promised investment of over $200 billion in tech and manufacturing. The economy has gained manufacturing jobs at a pace not seen since the 1950s.
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