The President took office determined to move beyond failed trickle-down policies and fundamentally change the economic direction of our country. His plan—Bidenomics—is rooted in the recognition that the best way to grow the economy is from the middle out and the bottom up.
A core tenet of Bidenomics is making smart public investments in America.
This is based on the belief that targeted public investment can attract more private sector investment, rather than crowd it out. This is particularly true in sectors that are central to the long-term economic and national security interests of the United States—from our infrastructure, to semiconductors, to clean energy and climate security.
The President has a unique approach to making smart investments in America.
Today, the National Economic Council and the Investing in America Chief Economist released a brief that outlines the economic case for this approach—both the investments the President is making and his approach to making them in a way that benefits the middle class.
Bidenomics invests in infrastructure, clean energy and electric vehicles, semiconductors, and innovation.
- Investments in industries are often more productive when made on top of a solid foundation of reliable infrastructure.
- Necessary investments in the semiconductor, clean energy, and electric vehicle supply chains will not be made by the private sector alone.
- Risky or long-term investments in innovation require public investments to fill the gaps that private investors won’t.
Bidenomics chooses to invest in industries from the middle out and the bottom up.
- This is the most effective approach to deliver long-term economic benefits to American workers, families, and consumers by building pathways to the middle class.
- In order to recruit workers and build lasting, productive industries, employers must offer high-quality jobs—with strong wages and benefits. These jobs offer pathways to the middle class that do not require four years of college.
- Policies that create opportunities in long overlooked communities pay off with greater economic benefits.
- Building resiliency within and across industries can protect our economy from economic shocks that can raise prices for consumers and reduce growth.
- Creating competitive markets in critical industries makes room for new ideas and new businesses that can increase American competitiveness and help the economy grow.
The President’s agenda is already powering a resurgence in American manufacturing.
Construction of manufacturing facilities in the U.S. has grown nearly 100 percent in two years. From increasing private investment in semiconductors, electric vehicles, and clean energy to funding over 35,000 infrastructure projects to building a Made-in-America electric vehicle charging network, Bidenomics is leading to new investments in communities all across America.
To read the full brief, visit: https://www.whitehouse.gov/wp-content/uploads/2023/07/Economics-of-Investing-in-America.pdf