BRINGING IT ALL TOGETHER!

The Inflation Reduction Act is part of a comprehensive package of solutions that make up Bidenomics!

How do you like this headline from the Washington Post Editorial page?

Yes, something wonderful is happening in the economy. But unexpected? Unexpected by whom? Not by the Democrats in the House, the Senate and the White House, who have assembled the package of measures that make up “Bidenomics.”

The elements are:

• The American Recovery Act

• The Bipartisan Infrastructure Act

• The Inflation Reduction Act

• The CHIPS and Science Act

Passed by the barest of margins when the Democrats held both chambers of Congress, these four pieces of legislation are bringing about the biggest transformation in the American economy for decades.

We saw in last week’s piece how Republican “Reaganomics” - based on the idea that wealth would trickle down to the bottom level of the economy - has benefited only the rich. We showed a graph of the way in which income growth has accrued almost exclusively to the top 10% of the population.

“Bidenomics” on the other hand, is rooted in the recognition that the best way to grow the economy is from the middle out and the bottom up. “Bidenomics” believes that targeted public investment can attract more private sector investment, rather than crowd it out. “Bidenomics” posits that the government should take an active hand encouraging investment in emerging industries, new factories, equipment, and research, across the public and private sectors. Those four pieces of legislation were crafted with those ideals in mind. Has it worked?

• The economy has added more than 13 million jobs—including nearly 800,000 manufacturing job.

• A “clean energy” boom is building, including more than 150 battery plants and 50 solar plants already announced.

• There were more than 10 million applications for new small businesses filed in 2021 and 2022—the strongest two years on record.

• Thanks to the Bipartisan Infrastructure Law, 35,000 new projects have been awarded funding in communities all across the country - including in our district.

• America has seen the strongest growth since the pandemic of any leading economy in the world.

• Inflation has fallen to 3% - the lowest of any industrialized nation in the world.

But the best indication that it is working is the way Republicans have climbed on board to claim credit for projects they never even voted for, or voted against!

Let’s look at a few of them.

In 2021, Alabama Senator Tommy Tuberville voted against President Joe Biden’s infrastructure bill, which he said would fail to give his state a “fair slice of the pie while also saddling Alabama taxpayers with even more debt.” But in June, the Republican sounded a different note when he touted the “crucial funds to boost ongoing broadband efforts” his state would receive — without noting that those funds were part of the 2021 infrastructure legislation he had vocally opposed.

Marsha Blackburn, Republican Senator for Tennesse, celebrated the “progress” on broadband in Tennessee; as did Republican Senator John Cornyn in Texas; Nancy Mace (R, South Carolina) held a press conference to promote a $26 million grant for a transit project — “one of the largest” such grants, she said — that was made possible through the Democratic-led legislation, which she condemned in 2021 as a “monstrosity.” Blackburn, Mace and Cornyn all voted against the infrastructure package.

And there is Lauren Boebert, who lamented the nation's infrastructure issues, despite having voted against legislation to address them.

“Most of them have opposed everything I’ve done,” Biden said of Republicans in a speech in Chicago touting his economic record.

“Most of them want to get rid of it all. But they don’t hesitate to take credit for it.”

Including our own Tom Kean Jr, touting credit for the Gateway Project (this from the man who voted with Christie to torpedo it’s predecessor!).

It’s up to all of US to remind our friends and families and neighbors that we are in the beginning of a great American revival!

Something Wonderful is indeed happening!