The US was for decades the exemplar of free market globalisation. That changed with Donald Trump’s ‘America first’ agenda. President Joe Biden’s landmark Inflation Reduction Act continues the push for re-industrialisation by using tax credits, loans and grants in a bid to create a domestic clean energy supply chain. The FT looks at three companies using IRA incentives to invest in the US and examines whether the legislation signals the end of globalisation
#manufacturing #globalisation #useconomy #joebiden #inflationreductionact #trade #tradewar #industrialstrategy #protectionism
00:00 – What is the Inflation Reduction Act?
03:46 – Georgia embraces clean energy dollars
08:20 – General Electric brings jobs back to the US
11:49 – How the Inflation Reduction Act changed the world
14:15 – What the Inflation Reduction Act means for Europe
16:22 – Trade tensions and international relations
19:06 – China remains the factory of the world
22:06 – What the Inflation Reduction Act means for the global south
24:14 – A second Trump administration could change everything
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The Inflation Reduction Act, passed by the Biden administration, has had a significant impact on the global economy and has brought about a positive change in the world. The act, aimed at curbing inflation and stabilizing prices, has been widely praised for its bold and effective measures.
One of the key aspects of the Inflation Reduction Act is its focus on increasing supply and reducing demand. This has been achieved through various means, such as promoting competition, investing in infrastructure, and encouraging businesses to expand their production capacity. By addressing the root causes of inflation, the act has helped to alleviate the financial burden on consumers and businesses alike.
Another important feature of the act is its emphasis on fiscal responsibility. The Biden administration has taken a proactive approach to fiscal policy, aiming to reduce government spending and bring down the national debt. By doing so, the act has restored confidence in the economy and paved the way for sustainable growth and prosperity.
The Inflation Reduction Act has also had a profound impact on the global market. By stabilizing the US economy, the act has had a positive spill-over effect on the rest of the world. As the world’s largest economy, the US plays a crucial role in global trade and finance, and the act has helped to restore stability and confidence in the international markets.
Additionally, the act has been instrumental in reinvigorating the US economy and creating jobs. By investing in infrastructure and promoting innovation, the act has laid the groundwork for long-term economic growth and prosperity. This has not only benefited the American people but has also contributed to the overall global economic recovery.
Furthermore, the act has set a precedent for other countries to follow suit. By demonstrating the effectiveness of its policies, the Biden administration has inspired other governments to take similar actions to tackle inflation and promote economic stability. This collective effort has helped to create a more secure and prosperous global economy.
In conclusion, the Inflation Reduction Act has had a transformative impact on the world. By addressing the root causes of inflation, promoting fiscal responsibility, and revitalizing the US economy, the act has brought about positive change on a global scale. Its effects have been felt in the financial markets, in international trade, and in the lives of people around the world. The act stands as a testament to the power of effective economic policy and its ability to shape the future for the better.
Globalism's dirty little secret was that the West got cheap products on the backs of underpaid 3rd and 2nd-world workers. Friend-shoring guarantees that a) product prices skyrocket b) if they don't, then at-home worker rights must erode, and c) the US commits itself to eternal subsidies for clearly uncompetitive at-home industries, else outsourcing to Mexico, which then causes problems with cartels supply chain unreliability, and continued human rights abuses.
Ethics or green energy or incentivizationalism or flashy documentaries aside, this is a horrific policy for US citizens in the medium and long-term, and it comes at a time where Congress is suffocated by debt and external conflicts. If there was ever Louis XVI-esque policy action, this would be it: completely delusional and dislocated from the needs of average Americans.
What am I watching? A political campaign ad? What is the journalistic value exactly?
How many of these jobs will be Visa'd or exported in 10 years?
I've seen many people in my community go to school for high level engineering jobs in electronics and other things, then at the drop of a hat lose their job to a visa supported worker, or the job is completely exported from the country.
american union workers are the answer.
10 ladies working making small solar cells in georgia, give me a break!!!!!!!
all these wind and solar farms are being built by foreign and non union companies and conglomerates it is not helping blue collar americans
China did the same thing long ago.. This is nothing new. No need to be pompous about it…
Anything that the liberal dems get their hands on, it WILL be a disaster!!!
It's the end of 2023 and the inflation is still high
Saying the intent, does not create the effect. Nice piece of agenda, disguised as a victory, not even waiting for the impacts to take effects.
Don’t get me wrong, it is a very good direction you guys are heading into.
Makert distortion? Hasnt China done insentives for industry for years.
Sometimes I wish Democrat politicians were as militant and aggressive as Republicans. This Republican politicians have no shame, going back to their districts and taking credit for the IRA funding after they voted against it.
– Overview of Inflation Reduction Act's objectives (0:10)
– Discussion on reshoring and reducing China dependence (0:23)
– Analysis of job creation and investment impact (3:29)
– Insights into international reactions and economic shifts (7:48)
– Consideration of the act's long-term sustainability and global influence (11:01)
13:55, "climate change is a war that we have to win."
Everything wrong and fucked with the USA mindset summed up in one sentence, wow.
Sitting on their asses for ages about a major problem an then acting all hostile and bullish last minute thinking it will solve anything. Such idiocy and immaturity.
We are so back.
Very one-sided, left-wing propaganda
Trump said that first
This IRA is not going to fully felt by the economy for many years or even decades from now. Just because the manufacturing of supplies start soon in America doesnt mean the supplies will escalate immediately. Its going to take years before actual production comes to the market place. Right now its too early to say it will work let alone be fiscally responsible like how a comment was made in the first few minutes of the video. Time will tell. God bless America!
I appreciate this video, because it is easy to understand from the perspective of the layman like myself, it is filled with insights (that are fresh ways of looking at things, at least to me) and it doesn’t seem to have a particularly sharp partisan leaning.
Way to little far too Late. About 50 Years Late and about $20 Trillion short. Enjoy the End Folks. Everything Biden does is totally inadequate to promote any real change and Climate Chaos and Fossil Fuel policy is Business as Usual.
Chips and Science Act, lets just give super Profitable Chips manufacturers $300 Billion in Tax Credits and Subsidies so they build some factories here so the Department of Defense never runs out of Chips for their Bombs. How Insane.
It is only the "largest investment in "Clean Energy" because there have been no investments in Clean Energy. And it is insanely inadequate, won't even put a Dent in the Locomotive called Climate Chaos, enjoy the End Folks, it is all you have. 2:30 Ah there is the rub "if all the Tax Credits are taken up" however even those "Tax Credits" only allow for about 30,000 new Wind Turbines when America needs about 1.5 Million wind turbines to provide some actual relief from Fossil Fuels. These bean counters are downright stupid.
Excellent, does that include Math? Sorry but the IRA does almost nothing to reduce GHG emissions and $389 Billion will do nothing to change a $25 Trillion economy based on 80% Fossil Fuel Consumption. The numbers just don't add up. It is about 1.5% of what would be necessary, so really almost nothing. Especially when that $389 Billion is spread out over 10 Years (so 0.15% of what would be necessary) and the War Budget is $886 Billion every year, the Military is the largest institutional emitter of GHGs on Earth, so those are some weird numbers too . The correlation between global energy production and global GDP is overwhelmingly strong. A simple linear regression between energy production and GDP has a correlation coefficient of 0.997. You cannot run a $25 Trillion economy based on 80% Fossil Fuel use and expect 0.15% of GDP investment per year into Climate Stability to accomplish anything. Weirdest number of all? That the Biden administration somehow thinks these provisions will produce a 50% decrease in GHG emissions by 203O, that is comical in its stupidity.
Look at Wikipedia for: "U.S. economic performance by presidential party"
Donald Trump, if re-elected, has stated on several occasions, that he will KILL 100% of Biden's Inflation Reduction Act, and give that money to America's wealthiest 1% where it BELONGS!!
Easy. Employ immigrants and provide free or cheaper education to fill in the skills needed for these efforts. It was what built the USA but is held back by terrible immigration system