• Latest
  • Trending
  • All
  • News
  • Business
  • Lifestyle
REPORT: $84 Billion Worth Of Biden-Subsidized Manufacturing Projects Are Floundering

REPORT: $84 Billion Worth Of Biden-Subsidized Manufacturing Projects Are Floundering

August 12, 2024
Some Chicago Dems Clamoring For Ex-Con To Run For Congress Again

Some Chicago Dems Clamoring For Ex-Con To Run For Congress Again

July 8, 2025
DANIEL MCCARTHY: Democrats Need Populism, But Not Zohran’s Sort

DANIEL MCCARTHY: Democrats Need Populism, But Not Zohran’s Sort

July 8, 2025
Reporter Asks Pam Bondi About Missing Minute In Epstein Jail Footage

Reporter Asks Pam Bondi About Missing Minute In Epstein Jail Footage

July 8, 2025
DeSantis, Harris Volley Jabs Over Hurricane Milton: ‘It’s Not About You, Kamala’

DeSantis to Musk: America Party Not the Answer

July 8, 2025
‘Who The Hell Does He Think He Is?’: JD Vance Blasts Mamdani For His Disrespectful Tone Toward US

‘Who The Hell Does He Think He Is?’: JD Vance Blasts Mamdani For His Disrespectful Tone Toward US

July 8, 2025
Key GOP-Aligned War Chest Overflowing With Cash As Midterms Loom

Key GOP-Aligned War Chest Overflowing With Cash As Midterms Loom

July 8, 2025
Trump Admin Moves To Block China From Grabbing Up American Farmland

Trump Admin Moves To Block China From Grabbing Up American Farmland

July 8, 2025
Biden Admin Paroled Thousands Of Migrants Into US Without Any Plan To Return Them Home

Biden Admin Paroled Thousands Of Migrants Into US Without Any Plan To Return Them Home

July 8, 2025
Rubio Announces Release of American Former Ballerina From Russian Prison

Report: Imposter Poses as Rubio Using AI

July 8, 2025
Trump To Send Portion Of Key Missile Shipment To Ukraine

Trump To Send Portion Of Key Missile Shipment To Ukraine

July 8, 2025
Feds Throw Book At Armed Leftists Arrested In Texas ICE ‘Ambush’ Attack

Feds Throw Book At Armed Leftists Arrested In Texas ICE ‘Ambush’ Attack

July 8, 2025
Elite College Says It Will No Longer Appease Pro-Hamas Protesters

Elite College Says It Will No Longer Appease Pro-Hamas Protesters

July 8, 2025
  • Donald Trump
  • State of the Union
  • Elon Musk
  • Tariffs
  • Congress
  • Faith
  • Immigration
Tuesday, July 8, 2025
  • Login
IJR
  • Politics
  • US News
  • Commentary
  • World News
  • Faith
  • Latest Polls
No Result
View All Result
IJR
No Result
View All Result
Home News

REPORT: $84 Billion Worth Of Biden-Subsidized Manufacturing Projects Are Floundering

by Daily Caller News Foundation
August 12, 2024 at 11:31 am
in News, Wire
250 2
0
REPORT: $84 Billion Worth Of Biden-Subsidized Manufacturing Projects Are Floundering
491
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter

Daily Caller News Foundation

President Joe Biden’s flagship industrial and climate initiative has struggled to get off the ground, as $84 billion worth of projects backed by the White House are paused or delayed, a Financial Times investigation found Monday.

Of the nearly $228 billion of manufacturing projects worth more than $100 million that are subsidized by the president’s Inflation Reduction Act (IRA) and Chips and Science Act, roughly 40% — totaling $84 billion — are paused or delayed, the outlet reported. The setbacks raise questions around the viability of Biden’s efforts to create a U.S. green energy manufacturing supply chain, as falling electric vehicle (EV) demand, persistent inflation, high interest rates and Chinese competition continue to dog domestic manufacturers, according to FT. (RELATED: Biden Admin Inks $12.6 Billion Deal With Blue State For Massive New Green Energy Hub)

“There will be attrition,” John Hensley, vice-president of markets and policy analysis at American Clean Power, told the FT. “Not every single one of these facilities is going to come online.”

Some 40% of biggest US manufacturing investments announced in 1st year of Biden’s signature overhaul of industrial & climate policy have been delayed or paused, per @FT. Of the projects worth >$100M, a total of $84B have been delayed or paused indefinitelyhttps://t.co/uQ6IloeUZF

— annmarie hordern (@annmarie) August 12, 2024

Slowing U.S. demand for EVs has contributed to the manufacturing freezes, with Korean auto parts maker Samkee delaying its electric vehicle lines in Alabama by one to two years, the FT reported. EV market share plummeted in the first quarter of 2024, with the average EV sales price falling 3.6% year-over-year to $44,186 in March as dealers looked to offload inventory.

A difficult macroeconomic backdrop has also contributed to the delays, according to the FT. Elevated interest rates have raised businesses’ cost of borrowing as the Fed continues to hold its federal funds rate target range between 5.25% and 5.5%, a 22-year high, since July 2023.

Adding to the strain for the fledgling projects is inflation, with prices up more than 20% since Biden became president in January 2021.

“Everybody’s running into higher-than-expected costs just because of labour and supply chain,” Craig MacFarland, mayor of Casa Grande, Arizona, told the FT.

Chinese competition has also caused problems for Biden’s flagship manufacturing initiative, as China’s superiority in establishing solar supply chains combined with its government’s heavy subsidization of raw polysilicon makes it difficult for U.S. companies to compete, even with tariffs and Biden-backed subsidies.

“Of course, we want to see these projects get up and moving as fast as possible,” Alex Jacquez, special assistant to the president for economic development and industrial strategy, told the FT. “We continue to work to clear barriers related to permitting, to financing, where they exist.”

The 2022 Inflation Reduction Act and Chips and Science Act provided more than $400 billion in tax credits, loans and grants to manufacturers, in an effort by the White House to spark domestic green energy technology and semiconductor production.

“This analysis cherry picks anecdotes to misrepresent the ongoing historic surge in manufacturing investment and factory construction. It has always been common for construction timelines to shift as projects advance,” White House spokesperson Robyn Patterson told the Daily Caller News Foundation in reference to the Financial Times report.

“Under this President, manufacturing investment has hit all-time highs for six consecutive quarters and we’ve added twenty thousand new construction jobs each month throughout 2024. It’s odd that this story makes no reference to officially released, comprehensive statistics demonstrating record construction of new manufacturing facilities.”

(Featured image credit: Screen Capture/CSPAN) 

All content created by the Daily Caller News Foundation, an independent and nonpartisan newswire service, is available without charge to any legitimate news publisher that can provide a large audience. All republished articles must include our logo, our reporter’s byline and their DCNF affiliation. For any questions about our guidelines or partnering with us, please contact licensing@dailycallernewsfoundation.org.

Tags: businessDCNFU.S. News
Share196Tweet123
Daily Caller News Foundation

Daily Caller News Foundation

Advertisements

Top Stories June 10th
Top Stories June 7th
Top Stories June 6th
Top Stories June 3rd
Top Stories May 30th
Top Stories May 29th
Top Stories May 24th
Top Stories May 23rd
Top Stories May 21st
Top Stories May 17th

Join Over 6M Subscribers

We’re organizing an online community to elevate trusted voices on all sides so that you can be fully informed.





IJR

    Copyright © 2024 IJR

Trusted Voices On All Sides

  • About Us
  • GDPR Privacy Policy
  • Terms of Service
  • Editorial Standards & Corrections Policy
  • Subscribe to IJR

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Politics
  • US News
  • Commentary
  • World News
  • Faith
  • Latest Polls

    Copyright © 2024 IJR

Top Stories June 10th Top Stories June 7th Top Stories June 6th Top Stories June 3rd Top Stories May 30th Top Stories May 29th Top Stories May 24th Top Stories May 23rd Top Stories May 21st Top Stories May 17th