“But it is a new way of using the government in a multipronged and muscular manner to shape, prod, and mobilize the economy in certain directions.” Pointing to the efforts to promote green energy and high-tech manufacturing, as well as efforts to locate new plants in parts of the country that have lost manufacturing jobs, Wong went on, “They are trying to shape markets, ultimately.” “It isn’t quite the arrival of a New Deal it’s not like we’ve created all these new agencies,” Felicia Wong, the president of the Roosevelt Institute, a liberal think tank, told me. economic policy, the spending certainly represents a sharp break from the past. of $26.13 trillion, the sums involved in the Biden strategy aren’t as big as they seem. Spread out over many years of spending, and relative to a G.D.P. These two pieces of legislation built upon the $1.2 trillion bipartisan infrastructure bill, which Biden signed into law in November, 2021, and which was posited on the unchallengeable notion that it isn’t possible to build a twenty-first-century economy on dilapidated transport links and public utilities. The CHIPS and Science Act, which Congress passed in August, provided more than fifty billion dollars to encourage manufacturers of semiconductors to build factories in the United States, and pledged about a hundred and seventy billion for research into technologies of the future. Last year’s Inflation Reduction Act contained about four hundred billion dollars in green-energy spending, including tax credits for green-energy producers and purchasers of electric vehicles. In large part, the policy consists of federal tax credits, government grant programs, and infrastructure projects that were enacted in three landmark bills during Biden’s first two years in office. But the heart of Biden’s speech will likely focus on his economic agenda, the core of which is an ambitious industrial policy designed to strengthen manufacturing, hasten a green energy transformation, create well-paid jobs, and insure American technological leadership over China. In the past year, he has signed into law several major pieces of legislation, retained control of the Senate, presided over an economy that added five million jobs, led a coalition in support of Ukraine, and, just last week, ordered the shooting down of a Chinese spy balloon. Joe Biden will have plenty to talk about in his State of the Union address.
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