- Nearly 40% of President Biden’s key industrial and climate projects, representing $84 billion in investments, are facing delays or have been put on hold.
- These projects are part of the administration’s efforts to promote clean energy and strengthen domestic manufacturing, funded by the Inflation Reduction Act and Chips and Science Act.
- The delays raise concerns about the government’s ability to effectively manage large-scale industrial transformations and meet its ambitious climate goals.
President Joe Biden and Vice President Kamala Harris signed the Democrats’ Inflation Reduction Act and Chips and Science Act in 2022, promising to lower inflation and make life more affordable for Americans. However, the reality has been quite the opposite, as the federal government embarked on a spending spree of taxpayers’ dollars. Even VP Harris recently admitted on the camping trail that a cost of living crisis persists.
Two years after Biden-Harris’ Inflation Reduction Act and Chips and Science began offering some of the $400 billion in tax credits, loans, and grants to promote the development and promotion of clean energy across the country while expanding the semiconductor supply chain, a number of projects have been delayed or paused.
