'IRA 1 Year' Biden, Self-Praising Again... "Driving US Jobs and Economic Growth"

'Gap' with Voter Evaluation

U.S. President Joe Biden has launched a major campaign to promote the one-year achievements of the Inflation Reduction Act (IRA), the core of 'Bidenomics,' ahead of his 2024 re-election bid.

President Joe Biden is delivering a speech at the Inflation Reduction Act (IRA) 1st anniversary event held at the White House in Washington DC on the 16th (local time). At the event, President Biden mentioned the job and investment situation, emphasizing, "This law is one of the major drivers of American jobs and economic growth." [Image source=Yonhap News]

On the first anniversary of the IRA's implementation, President Biden emphasized at an event held at the White House, "This law is one of the biggest drivers of American jobs and economic growth."

He explained that the IRA is called the "Manufacturing Renaissance Act" because "it brings jobs back to America and makes things in America."

President Biden stated, "For years, China dominated the clean energy supply chain, but no longer," adding, "We are making those products here and sending them overseas." He continued, "I am not here to declare victory. We have more work to do, and I have a plan to change the situation. The IRA is part of that plan."

Targeting the Republican Party, he said, "They claim America is failing, but they are completely wrong," emphasizing, "America is winning."

Biden Emphasizes Economic Achievements at IRA Commemoration Event
Photo by Yonhap News

The White House also released materials to promote the one-year achievements of the IRA. It highlighted over $110 billion in private sector investments, including $70 billion in electric vehicle supply chains and $10 billion in solar manufacturing, as well as the creation of more than 170,000 jobs related to clean energy investments.

The White House stressed, "The IRA achieves climate change goals and strengthens energy security," adding, "It is an innovative law that invests in America to create quality jobs and reduces healthcare costs."

Although the Biden administration praises the IRA's one-year achievements, voter evaluations remain poor. Various polls show that general public support for President Biden's economic policies is in the 30% range. Additionally, the IRA's decision to provide subsidies only for North American-made electric vehicles has drawn complaints from allied governments and companies, including those in South Korea and the European Union (EU). Criticism has also been raised that, along with the CHIPS and Science Act (CSA), it triggers a subsidy race among countries.

This content was produced with the assistance of AI translation services.