Key takeaways:
– Bidens’ key policies such as the CHIPS and Science Act and clean energy investments are at stake with Trump’s inauguration.
– Up to 1 Trillion USD could be lost if Trump discontinues Biden’s programs.
– Trump’s advisors criticize the speed at which CHIPS Act grants are being spread.
– Biden plans to deliver two significant speeches—on foreign policy and economic legacy— before he exits office.
With Donald Trump’s inauguration on the horizon, Joe Biden spends his last days in office securing his initiatives. The implemented policies have greatly influenced sectors ranging from tech manufacturing to clean energy in the last four years.
The Threat to Domestic Manufacturing
Most notably, the CHIPS and Science Act, under threat from the incoming administration, has played a significant role in bolstering domestic manufacturing. This policy was primarily devised to upscale the creation of memory chips on home turf. Economic pundits have warned that, if discontinued, the chaos could cost the U.S. as much as $1 trillion.
Trump may put a halt to the financial lifeline from the CHIPS Act. Multiple companies have been promised vast funds, even up to $7.9 billion in the case of Intel. In total, the Commerce Department holds a staggering $39 billion in grants. There is a race against time for these companies to access the funds before Trump’s administration comes into play.
The Incoming Administration’s Stand on Clean Energy
Another significant Biden initiative in line of fire is the investment in clean energy. Through a lending program in the Department of Energy (DoE), billions were given to birth and nourish clean-energy projects across the nation.
It is worthwhile noting that Republicans have previously demanded to cut down the DoE. Now, with Trump’s return, there is strong advocacy for the roll-back of programs in favor of climate science.
Simultaneously, green projects at various ports are at risk of losing their momentum. The Environmental Protection Agency (EPA) had previously given $3 billion in investment for green technologies. Now the Loan Programs Office, a significant financier, may cease its loaning operations.
Safeguarding Biden’s Policies
In light of these potential policy setbacks, officials under Biden’s administration strive to secure his actions. This involves ensuring that funds are rightly disseminated while there’s still time.
Although Trump’s advisors have criticized this rush, world-renowned individuals such as Elon Musk, Tesla’s CEO, and Vivek Ramaswamy, a biotech entrepreneur, have been assigned to scrutinize the grants and their distribution.
The Curtain Call: Biden’s Farewell Speeches
As he prepares for his departure from the White House, Biden is scheduled to deliver two significant speeches. He will reflect on his term in office, shedding light on his economic legacy and his strides in foreign policy. Named key areas include infrastructure growth, semiconductor advancements, and a slew of climate projects.
In Conclusion
As the power dynamics shift in Washington, the concerned parties wait eagerly to see how these policy changes will play out. Biden’s initiatives that once seemed secure are now in jeopardy as critics and supporters alike watch this transition closely. As the clock ticks towards January 20, 2025, an air of uncertainty lingers over the future of Biden’s economic and environmental initiatives. However, the final impact remains to be seen as Trump assumes his position in the White House.