Wednesday 14 September 2022 08:23 PM Biden lauds his Inflation Reduction Act as he announces $900M to build ... trends now
President Biden lauded the green energy provisions of his Inflation Reduction Act as he announced the first $900 million in funding toward electric vehicle charging stations from the Bipartisan Infrastructure Law at a Detroit Auto Show in Michigan.
The president warned that without proper investment, the U.S. would lose its 'edge' to China.
We risk losing the edge of he nation, and China and the rest of the world are catching up. We used to invest almost 2 percent of our entire GDP in research and development, now it's 0.7 percent,' he said.
'With America's workers leading the way we're rebuilding the economy, clean energy economy, and we're doing it from the bottom up with the middle out,' Biden continued.
'I'm so tired of trickle down I can't stand it!' Biden told Detroit auto workers, referencing the 1980s-era idea that tax breaks for the wealthy and corporations trickle down to the average person.
'Remember, when the middle class grows, the middle class grows everybody does well, the poor have a way up, and the wealthy do very well,' Biden said.
He then touted the infrastructure bill and the Democrat-led Inflation Reduction Act, both of which made investments in clean energy.
'I signed into law the inflation Reduction Act and gives tax credits to new electric vehicles fuel cell vehicles made in America for the first time. You get a tax credit if you buy a used electric vehicle - that's all coming. And part of the infrastructure bill we're investing $7.5 billion to build electric vehicle charging stations.'
The president was in Michigan to announce the first $900 million for electric vehicle chargers across 53,000 miles of the national highway system in 35 states.
He made the optimistic remarks as new inflation data showed prices only ticking down slightly from historic highs and grocery prices and rent still on the rise.
President Biden lauded the green energy provisions of his Inflation Reduction Act as he announced the first $900 million in funding toward electric vehicle charging stations from the Bipartisan Infrastructure Law at a Detroit Auto Show in Michigan
'Remember, when the middle class grows, the middle class grows everybody does well, the poor have a way up, and the wealthy do very well,' Biden said
While the yearly pace of inflation dipped slightly to 8.3 percent in August, the core Consumer Price Index, which is a better measure of long-term trends, showed a larger-than-expected increase to 6.3 percent. Prices climbed in August by 0.1 percent compared to the month before, despite the falling costs of gas.
Meanwhile, the Dow Jones Industrial Average took a tumble and had its worst day since June 2020 after news of the new figures Tuesday.
He told the group of auto workers, mostly members of the United Auto Workers' union (UAW), that when he took office as vice president in 2009, the auto industry was 'on its back.'
'We were told when the when the automobile industry was going belly up, that it would never recover,' Biden said, adding that he made the case to then-President Obama that it could come back.
'We bet on the UAW to bring it back. I swear to God you brought it back No, I'm not joking. Think about it- the UAW brought it back.'
'American manufacturing is back. Detroit is back, Americans back, and folks we're proving it is never ever, ever a good bet to bet against the American people,' he concluded.
Before his remarks, posed in the driver's seat of an orange electric Corvette Wednesday as he toured the Detroit Auto Show.
'I'm driving home. Wanna come with me?' the president, a self-confessed 'car guy,' said.
He revved the engine with awe as General Motors CEO Mary Barra looked on.
The president then sat in the driver's seat of a blue all-electric Silverado, before heading to the Ford section and checking out an orange electric Mustang with Bill Ford, CEO of Ford Motor Company. He then headed to the Jeep section where he checked out an electric Grand Cherokee.
Accompanying Biden on the visit were Michigan Gov. Gretchen Whitmer, Rep. Debbie Dingell and Sen. Debbie Stabenow.
Whitmer initially brushed off a question from the White House pool about whether Biden should run again in 2024, but Dingell jumped in and said she would support him. 'I'm gonna tell you if he runs, we're all supporting him,' Dingell said, adding that those are 'questions designed to cause trouble.'
