The White House released a memo Monday highlighting that private companies have invested more than $1 trillion in U.S. industries like clean energy and semiconductors, crediting President Biden’s economic agenda for this achievement.
The memo, written by White House Deputy Chief of Staff Natalie Quillian, serves as part of the administration’s broader effort to solidify Mr. Biden’s legacy as his term concludes.
The investment stems from three major legislative victories: the CHIPS & Science Act, the Bipartisan Infrastructure Bill, and the Inflation Reduction Act. The CHIPS Act alone has generated more than $400 billion in private investment and is expected to create at least 125,000 jobs in semiconductor manufacturing.
The memo notes significant investments in various sectors, including $119 billion in electric vehicles and batteries, and $122 billion in clean power through the Inflation Reduction Act. Ms. Quillian emphasized that these investments would provide Americans with benefits such as safer water, cleaner air, faster internet and improved transportation infrastructure.
While the memo doesn’t explicitly name President-elect Donald Trump, it appears designed to defend Mr. Biden’s programs against potential changes by the incoming administration. Mr. Trump has criticized several of these initiatives, particularly the CHIPS Act, suggesting that tariffs would be more effective than government spending. He has pledged to impose tariffs ranging from 20% to 60% when he takes office in January and has promised to terminate unspent funds from the Inflation Reduction Act.
Read more: White House says Biden’s policies spurred a trillion dollars in private investment
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