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More Biden policy winning back investment in America, is my take. Update: People who may not have been following closely what Biden has accomplished during hi

More Biden policy winning back investment in America, is my take. Update: People who may not have been following closely what Biden has accomplished during his Presidency might have questions. In this case, the Inflation Reduction Act specifically has credits to encourage battery manufacture in the US. https://www.orrick.com/en/Insights/2022/11/Section-45X-of-th https://www.orrick.com/en/Insights/2022/11/Section-45X-of-th... More generally, the IRA and the Infrastructure Investment and Jobs Act, and the CHIPS act has encouraged investment in US manufacturing, which is surging. https://www2.deloitte.com/us/en/insights/industry/manufactur https://www2.deloitte.com/us/en/insights/industry/manufactur...

thinkingtoilet 3y ago
I'm left of Bernie and voted for Biden but I tend to not like takes like this. Is there a specific policy that he championed that is responsible for this? To me, it's like when people cheer a 'record stock market' as an example of a president's abilities, but fail to mention every single modern president has had a record stock market at some point in their term.
- jonnycomputer 3y ago
  Yeah, the Inflation Reduction Act. https://www.orrick.com/en/Insights/2022/11/Section-45X-of-the-Inflation-Reduction-Act-New-Tax-Credits-Available-to-Battery-Manufacturers https://www.orrick.com/en/Insights/2022/11/Section-45X-of-th... More generally, the IRA and the Infrastructure Investment and Jobs Act https://en.wikipedia.org/wiki/Infrastructure_Investment_and_Jobs_Act https://en.wikipedia.org/wiki/Infrastructure_Investment_and_... https://www2.deloitte.com/us/en/insights/industry/manufacturing/manufacturing-industry-outlook.html https://www2.deloitte.com/us/en/insights/industry/manufactur... There's also the CHIPS act. By the way, anyone active in the green tech space knows that the IRA has been an absolute game-changer.
  - thinkingtoilet 3y ago
    Wonderful! Thanks.
  - oldpersonintx 3y ago
    [dead]
- mywittyname 3y ago
  > Is there a specific policy that he championed that is responsible for this? This was something the President activity campaigned on (Build Back Better), pushed through Congress, and signed into law as The Inflation Reduction Act. While it did little to reduce inflation (outside of medicine), it was a massive win for people who wanted more investment in clean power generation, more funds for the ACA, lower drug prices, and higher taxes on certain corporate entities.
- vlangber 3y ago
  Several battery factories that were planned in Norway have scaled down their plans or have been cancelled due to the much better incentives in the IRA.
dmix 3y ago
US domestic manufacturing became a major theme in the last two prior US elections. If you look at growth charts in US factory capital it started spiking just before the signing of CHIPS act which was pitched to congress in 2019, which was a bipartisan effort seeded from the Trump admin. https://en.wikipedia.org/wiki/CHIPS_and_Science_Act https://en.wikipedia.org/wiki/CHIPS_and_Science_Act And the Infrastructure Investment and Jobs Act which Biden admin pitched to congress, which also got pretty smooth bipartisan support: https://en.wikipedia.org/wiki/Infrastructure_Investment_and_Jobs_Act https://en.wikipedia.org/wiki/Infrastructure_Investment_and_... But it's success will be defined on how successful the factories are, not just how many billions/trillions of free $$ the US gov gives to megacorps to prop up these projects. We've seen many, many gov-incentivized factory announcements that went no where. Or worse wasted a ton of time & money of local govs + small town employees. The Obama admin had a few really bad examples of this.
- jonnycomputer 3y ago
  Yes, but the CHIPS act was also signed by Biden. I think we can fairly credit him for seeing it through. Trump talked a lot about bringing manufacturing back, but he did not have the self-discipline to actually see any of it through; legislatively, Trump is a master of self-sabotage. But it is true that the CHIP had bipartisan support, but the ones who supported it were not MAGA types, but people like McConnell.
  - edgyquant 3y ago
    This is just not true. Trumps tariffs have been one of the biggest motivators of reshoring, which started under him. Yes the chips act is also great, there is no need to pretend one guy was useless and the other did all of the work its bipartisan and the two presidents work in this arena has complimented each other.
  - dmix 3y ago
    Trump was the first president with no political, military, or even lawyer experience. And it showed, badly, when it came to congressional policy making. But he no doubt was a major reason domestic manufacturing shot to the top of Biden's election priorities, after it was a major sticking point that Trump fared far better with the working class vs Hillary. Even Michael Moore conceded back then that his messaging around rebuilding gutted industry was far better, so it's not surprising it was co-opted. Which is a good thing, what matters is listening to people and getting results at the end of the day.

thinkingtoilet 3y ago

I'm left of Bernie and voted for Biden but I tend to not like takes like this. Is there a specific policy that he championed that is responsible for this? To me, it's like when people cheer a 'record stock market' as an example of a president's abilities, but fail to mention every single modern president has had a record stock market at some point in their term.

jonnycomputer 3y ago
Yeah, the Inflation Reduction Act. https://www.orrick.com/en/Insights/2022/11/Section-45X-of-the-Inflation-Reduction-Act-New-Tax-Credits-Available-to-Battery-Manufacturers https://www.orrick.com/en/Insights/2022/11/Section-45X-of-th... More generally, the IRA and the Infrastructure Investment and Jobs Act https://en.wikipedia.org/wiki/Infrastructure_Investment_and_Jobs_Act https://en.wikipedia.org/wiki/Infrastructure_Investment_and_... https://www2.deloitte.com/us/en/insights/industry/manufacturing/manufacturing-industry-outlook.html https://www2.deloitte.com/us/en/insights/industry/manufactur... There's also the CHIPS act. By the way, anyone active in the green tech space knows that the IRA has been an absolute game-changer.
- thinkingtoilet 3y ago
  Wonderful! Thanks.
- oldpersonintx 3y ago
  [dead]
mywittyname 3y ago
> Is there a specific policy that he championed that is responsible for this? This was something the President activity campaigned on (Build Back Better), pushed through Congress, and signed into law as The Inflation Reduction Act. While it did little to reduce inflation (outside of medicine), it was a massive win for people who wanted more investment in clean power generation, more funds for the ACA, lower drug prices, and higher taxes on certain corporate entities.
vlangber 3y ago
Several battery factories that were planned in Norway have scaled down their plans or have been cancelled due to the much better incentives in the IRA.

dmix 3y ago

US domestic manufacturing became a major theme in the last two prior US elections. If you look at growth charts in US factory capital it started spiking just before the signing of CHIPS act which was pitched to congress in 2019, which was a bipartisan effort seeded from the Trump admin. https://en.wikipedia.org/wiki/CHIPS_and_Science_Act https://en.wikipedia.org/wiki/CHIPS_and_Science_Act And the Infrastructure Investment and Jobs Act which Biden admin pitched to congress, which also got pretty smooth bipartisan support: https://en.wikipedia.org/wiki/Infrastructure_Investment_and_Jobs_Act https://en.wikipedia.org/wiki/Infrastructure_Investment_and_... But it's success will be defined on how successful the factories are, not just how many billions/trillions of free $$ the US gov gives to megacorps to prop up these projects. We've seen many, many gov-incentivized factory announcements that went no where. Or worse wasted a ton of time & money of local govs + small town employees. The Obama admin had a few really bad examples of this.

jonnycomputer 3y ago
Yes, but the CHIPS act was also signed by Biden. I think we can fairly credit him for seeing it through. Trump talked a lot about bringing manufacturing back, but he did not have the self-discipline to actually see any of it through; legislatively, Trump is a master of self-sabotage. But it is true that the CHIP had bipartisan support, but the ones who supported it were not MAGA types, but people like McConnell.
- edgyquant 3y ago
  This is just not true. Trumps tariffs have been one of the biggest motivators of reshoring, which started under him. Yes the chips act is also great, there is no need to pretend one guy was useless and the other did all of the work its bipartisan and the two presidents work in this arena has complimented each other.
- dmix 3y ago
  Trump was the first president with no political, military, or even lawyer experience. And it showed, badly, when it came to congressional policy making. But he no doubt was a major reason domestic manufacturing shot to the top of Biden's election priorities, after it was a major sticking point that Trump fared far better with the working class vs Hillary. Even Michael Moore conceded back then that his messaging around rebuilding gutted industry was far better, so it's not surprising it was co-opted. Which is a good thing, what matters is listening to people and getting results at the end of the day.