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Economist Podcasts
Money Talks: Touring America’s industrial revival
Nov 9, 2023
President Joe Biden's Inflation Reduction Act has sparked a surge in massive construction efforts for green infrastructure and industry. In this podcast, a correspondent goes on a road trip to small towns with new projects and evaluates the success of Biden's economic policy. The hosts discuss the impact on clean energy, electric vehicles, and semiconductor foundries. They also explore the disagreement between economists and politicians on place-based policies, highlight challenges in America's industrial revival, and showcase Ford's impact on a small town. Lastly, they discuss WeWork's founder's billion-dollar paycheck and offer acknowledgements.
44:54
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Quick takeaways
- The Inflation Reduction Act has led to a surge in manufacturing construction in the US, with factories being built for electric vehicles and batteries, indicating positive signs for US manufacturing and job creation.
- Small towns in America are hopeful that Biden's industrial policy, particularly the Inflation Reduction Act, will revitalize their communities by attracting investments, creating high-paying jobs, and stimulating economic growth, although challenges such as rising housing prices and the need for sufficient demand for electric vehicles remain.
Deep dives
US manufacturing experiences surge in construction
Since the signing of the Inflation Reduction Act (IRA) by President Joe Biden in 2022, there has been a significant increase in manufacturing construction across the US. The IRA promises $370 billion of government funds for green infrastructure and industry, including tax credits for Americans on solar panels and electric vehicles made in the country. This boost in investment has led to the construction of factories that will produce electric vehicles and batteries. For example, Toyota is investing $13.9 billion in a new EV plant in North Carolina, which is expected to create 5,000 new jobs. This surge in manufacturing construction is viewed as a positive sign for US manufacturing and job creation.
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