The president is no longer seeking reelection, but he can point to a number of beneficial industrial policies enacted during his time in office.
President Joe Biden delivered a nationally televised address from the Oval Office on Wednesday night, adding to last weekend’s shocking political news: He will end his reelection campaign for this fall’s presidential election and announce his endorsement of Vice President Kamala Harris.
“I decided the best way forward was to pass the baton to a new generation. That’s the best way to unite our country,” Biden said. Behind the Resolute Desk“I know there is a time and a place for years of experience in public office. There is also a time and a place for new voices, fresh voices, yes, younger voices. And that time and place is now.”
Biden will be the first president since Lyndon Johnson not to seek reelection, and Harris, the current front-runner for the Democratic nomination, will begin an abbreviated campaign at the top of a list of candidates in which she will outline her policy priorities.
Of the dozens of major policies, which ones will differ from Biden’s? There are currently countless news articles and editorials on the subject, and countless more will be written as the vice president outlines his specific policies. But whoever wins the White House in November, this is an election after all, and while it remains to be seen, the next president’s approval rating is likely to be bolstered by the nation’s robust economy.
“Whoever becomes president in 2025 will inherit a manufacturing economy with high ceilings and lots of room to grow,” said Scott Paul, president of the Federation of American Manufacturing. He told the New York Times“Part of the reason is that the monetary policy environment is likely to be more favorable.”
Yes, the Federal Reserve may cut interest rates over the next few years. Cheaper cars and homes are great. But the other side of the boom in the manufacturing economy is that a lot of the investments made possible by the federal programs that Biden signed into law are starting to pay off and more projects are getting started.
“Biden doesn’t shoulder all the blame for the bright outlook: White House officials play a relatively small role in curbing inflation and don’t directly control interest rates. But the massive policy package passed under his watch has spurred a surge in green energy, manufacturing and infrastructure investment that is expected to continue for years to come. Work is underway to expand dams and locks; upgrades to dozens of airports will be completed; and semiconductor factories will begin churning out chips.”
These dam, lock and airport upgrades are possible thanks to a $1 trillion infrastructure bill passed with bipartisan support in 2021. Buy America Rule Across federal spending. Semiconductor fabs are CHIPS and Science Act of 2022The bipartisan bill passed with bipartisan support, and much of the surge in investment in green energy and manufacturing went to Inflation Reduction Act of 2022 (IRA)This is what should be called the biggest clean energy industrial policy ever, but that’s a misnomer. And it’s full of incentives. Localizing production In the United States.
All of this has contributed to a boom in manufacturing over the past few years, as well as increased trade enforcement to prevent unfairly traded goods from accessing the U.S. market. This is a problem that will never be solved, but the Biden administration is working to address it. Showed good initiative in pursuing it.
The history of Biden’s economic policy is still being written, but the success of the infrastructure bill CHIPS Act and IRA Automobiles will be a big focus there, and even as internal combustion engines slowly phase out and the era of electric vehicles begins, the next president cannot afford to slow down on the Made in America industrial policies that are behind the manufacturing boom and will drive it for years to come.
