Biden's agenda for 2024 primarily focuses on continuing to implement and build upon major legislative achievements from his first term, aiming to foster long-term economic growth and job creation through significant investments in American industrial policy.
Core Pillars of Biden's 2024 Agenda
For his 2024 reelection efforts, President Biden has highlighted the transformative impact of three landmark pieces of legislation. These acts are collectively expected to invest between $1 to $2 trillion in industrial policy over a decade, with the goal of strengthening the U.S. economy, boosting domestic manufacturing, and addressing critical national challenges.
The key legislative achievements that form the bedrock of his ongoing agenda include:
1. Infrastructure Investment and Jobs Act (IIJA)
The Infrastructure Investment and Jobs Act, signed into law in 2021, represents a historic commitment to upgrading America's foundational infrastructure. For 2024 and beyond, the agenda involves the continued rollout of funds and execution of projects nationwide.
- Key Focus Areas:
- Modernizing Transportation: Repairing and rebuilding roads, bridges, railways, and public transit systems across the country.
- Expanding Broadband Internet: Ensuring that all Americans, particularly those in rural and underserved communities, have access to reliable and affordable high-speed internet.
- Upgrading Utilities: Improving water pipes, power grids, and wastewater systems to enhance safety and efficiency.
- Impact: This legislation is designed to create millions of good-paying jobs, enhance the nation's economic competitiveness, and improve daily life for communities by providing safer and more efficient infrastructure.
2. CHIPS and Science Act
The CHIPS and Science Act, enacted in 2022, is designed to revitalize American manufacturing, particularly in the critical semiconductor industry, and bolster scientific research and development. The 2024 agenda emphasizes stimulating domestic production and innovation.
- Key Focus Areas:
- Boosting Semiconductor Manufacturing: Providing incentives for companies to build and expand semiconductor fabrication plants (fabs) within the United States, reducing reliance on foreign supply chains.
- Investing in Scientific Research: Funding cutting-edge research and development in areas like artificial intelligence, quantum computing, and biotechnology to maintain America's technological leadership.
- Strengthening Supply Chains: Making critical supply chains more resilient and secure by bringing essential manufacturing back home.
- Impact: This act aims to create high-tech jobs, secure the supply of essential components, and ensure the U.S. remains at the forefront of global innovation.
3. Inflation Reduction Act (IRA)
The Inflation Reduction Act, signed into law in 2022, represents the largest investment in climate action in U.S. history, alongside measures to lower healthcare costs and reform the tax code. The 2024 agenda focuses on realizing the benefits of these investments for American families and businesses.
- Key Focus Areas:
- Addressing Climate Change: Promoting clean energy technologies, electric vehicles, and energy efficiency through tax credits and incentives, aiming to significantly reduce carbon emissions.
- Lowering Healthcare Costs: Empowering Medicare to negotiate prescription drug prices, capping out-of-pocket costs for seniors, and extending Affordable Care Act subsidies.
- Reforming Corporate Taxes: Implementing a minimum tax on large corporations to ensure they pay their fair share, and investing in IRS enforcement.
- Impact: This legislation is designed to reduce energy costs for families, accelerate the transition to a clean energy economy, make healthcare more affordable, and promote fiscal responsibility.
A Cohesive Strategy for American Prosperity
These legislative achievements collectively form a strategic approach centered on "Bidenomics", an economic vision that prioritizes investment in America, growing the middle class, and fostering competition to lower costs and create opportunities. For 2024, the agenda is about demonstrating the tangible benefits of these policies—from new factories breaking ground and infrastructure projects creating local jobs to lower prescription drug costs and increased access to clean energy technologies for everyday Americans.
The following table summarizes the primary focus of each act:
| Act Name | Primary Focus Areas |
|---|---|
| Infrastructure Investment and Jobs Act | Modernizing roads, bridges, public transit, broadband internet, water systems, and power grids to create jobs and enhance connectivity. |
| CHIPS and Science Act | Boosting domestic semiconductor manufacturing, investing in scientific research, and strengthening critical technology supply chains. |
| Inflation Reduction Act | Combating climate change through clean energy investments, lowering prescription drug costs, and implementing corporate tax reform. |
This agenda reflects a commitment to a long-term economic strategy focused on domestic growth, innovation, and direct benefits for American workers and families.
