Investing at Home
January 2024
President Biden understands that investing at home is the best way to keep us safe and prosperous in a volatile world. That’s why he’s partnering with the private sector to invest in critical industries that are vital to our long-term national security and economic competitiveness.
Other countries, especially China, are seeking to erode the competitive edge that has undergirded our security for decades – an advantage that not only keeps us safe, but also allows American businesses and workers to thrive. President Biden is standing up to those adversaries and ensuring that our economy isn’t dependent on overseas competitors, especially in vital sectors like clean energy, semiconductors, quantum computing and more.
While President Biden is strengthening the foundations of our national security, Donald Trump is actively undermining them. Rather than bolstering global supply chains, revitalizing advanced manufacturing or leading the world towards a clean energy future, Trump is focused on undermining American alliances and weakening the global institutions that keep us safe.
TALKING POINTS:
America’s industrial strength is critical to our safety, economic competitiveness, and to the wellbeing of working families. That’s why President Biden has worked since day one of his Administration to revitalize domestic manufacturing, create good-paying American jobs, strengthen American supply chains, and accelerate the industries of the future.
President Biden understands that historically, America's special sauce – whether in building the interstate highway system or creating the internet – has been that unique partnership between government and the private sector. Strategic government investment in critical sectors drives private sector innovation.
That’s especially true today in critical industries like clean energy, semiconductors, quantum computing, and critical supply chains. These sectors require huge financial and infrastructure investments that only the government can provide to jumpstart private sector innovation.
These investments are critical to our security. Other countries are making them, some with the explicit intent to undermine our competitive edge.
And that’s exactly why President Biden is working tirelessly to leverage the full weight of the federal government, alongside private sector ingenuity, to unleash America’s potential and grow our economy for decades to come.
Rebuilding the American Semiconductor Industry:
America is the birthplace of the modern semiconductor, but makes just 10 percent of the world’s supply – and none of the most important, advanced chips that power critical civilian and military technologies. Instead, we rely on East Asia for 75 percent of global production – an imbalance that has made us less safe. President Biden is making long-overdue investments to reassert American dominance in this vital market.
Through this work, he’s unlocked hundreds of billions in private sector semiconductor investment across the country, including production essential to national defense and other critical sectors – helping to build the infrastructure and workforce necessary to ensure that America can compete with our adversaries and win the race for the future.
Leading the Global Energy Transition:
President Biden is also helping reestablish American leadership on the world stage as we confront the existential threat of climate change and unleash a new era of American innovation and ingenuity to build a future-proofed economy.
He has championed historic efforts to invest in clean energy – helping the United States meet its climate goals, strengthen energy security and create good-paying jobs – all while lowering energy costs for working families.
Bolstering Supply Chains:
As we learned during the pandemic, supply chains are global – and even minor disruptions can be economically devastating for a country’s economy. That’s why President Biden is working alongside our partners to secure reliable supply chains for semiconductors, advanced batteries, pharmaceuticals, and the critical minerals necessary for our clean energy transition – the latter of which China has spent years dominating.
Protecting American Ingenuity:
America’s adversaries, especially China, go to great lengths to exploit American ingenuity and steal our intellectual property. President Biden is protecting the investments we’re making at home by establishing strict export controls on many critical technologies – ensuring that taxpayer dollars benefit the American people.
While President Biden is strengthening the foundations of our national security, Trump is actively undermining them – whether by weakening key institutions, rolling back progress on clean energy, or enabling our adversaries through corrupt pursuit of his own interests. Trump has no strategy to ensure Americans prosper in the decades to come - his only strategy is focused on avoiding prison time. We don’t have time to waste with another chaotic and reckless Trump presidency.