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Money Talks from The Economist
Money Talks: Touring America’s industrial revival
Nov 9, 2023
President Biden's Inflation Reduction Act has sparked a surge in green infrastructure projects across America. Toyota's investment in a new electric vehicle plant in North Carolina is discussed. The debate between economists and politicians on place-based policies and incentives is explored. The effectiveness of the Industrial Revival Act is analyzed. Shifting dynamics of dating and the industrial transformation of Stanton, Tennessee are also covered in the podcast.
44:54
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Quick takeaways
- The Biden administration's investments in green infrastructure have led to a surge in manufacturing construction, creating jobs and spurring economic growth in small towns across America.
- While the industrial revival is generating excitement, concerns remain about the sustainability of the investments, including the balance between clean energy objectives and consumer demand, the impact of protectionist policies, and the competitiveness of the EV industry.
Deep dives
Investment in Green Infrastructure and Industry
In August 2022, Joe Biden signed the Inflation Reduction Act, promising $370 billion of government funds for green infrastructure and industry. This includes tax credits for Americans on solar panels and electric vehicles made in the country. Investments like Toyota's new EV plant in North Carolina, with a total investment of $13.9 billion by 2030 creating 5,000 jobs, demonstrate the surge in manufacturing construction across the country.
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