In 2023, President Biden’s Investing in America Agenda Delivered Results for American Families

By Natalie Quillian, Assistant to the President and Deputy Chief of Staff

During his first two years in office President Biden worked with Congressional Democrats to pass historic laws that form the basis of his Investing in America agenda — a key pillar of Bidenomics. The American Rescue Plan, the Bipartisan Infrastructure Law, the CHIPS and Science Act, and Inflation Reduction Act are transforming lives across the country by lowering costs, creating good-paying jobs, revitalizing American manufacturing, and empowering workers. This year, the President and the entire Biden-Harris Administration have worked every day to quickly and effectively implement these laws and invest in communities that have too often been left behind. And we are showing Americans how President Biden’s agenda is benefitting their communities: we deployed Cabinet and Administration Officials across over 40 states through four Investing in America tours, holding hundreds of events to highlight the impact of the President’s agenda. And we launched a new website — invest.gov — where Americans can see how President Biden’s actions are reaching their own communities.

While we have more work to do, there are many indicators of the progress we have made this year — here are 10 of our favorites:

Investing in America 2023 Top 10

1. Saved 15 million Americans $800 in 2023 on health insurance coverage, capped insulin at $35 for seniors on Medicare, began negotiating prices for 10 drugs, made recommended vaccines free for Medicare and Medicaid beneficiaries, and implemented four quarters of the inflation rebate provision of the Inflation Reduction Act, saving some seniors hundreds of dollars per dose of medicine — all because of the Inflation Reduction Act.

2. Created over 210,000 new clean energy jobs since August 2022 because of investments spurred by the Inflation Reduction Act, and 252,000 construction jobs in 2023.

3.Mobilized nearly $180 billion in private sector investments in 2023, bringing the total private sector clean energy and manufacturing investments to $628 billion since President Biden took office. A recent Treasury study showed that 81% of announced investments in clean energy projects since the Inflation Reduction Act was signed into law have been in counties with below average wages.

4. Far outpaced forecasts and expectations for manufacturing construction investments in the United States, likely driven by new projects and investments mobilized by the President’s Investing in America agenda, including the Bipartisan Infrastructure Law, the CHIPS and Science Act, and the Inflation Reduction Act:

Significant investments in clean power generation spurred by the Inflation Reduction Act also led forecasters to increase their estimates of clean power generation in the United States:

5. Announced the first potential CHIPS award to BAE Systems, Inc. in New Hampshire, signaling a new phase of CHIPS implementation that will continue to spur investment, shore up American supply chains, protect national security, and create jobs.

6. Announced over 33,000 infrastructure projects from the Bipartisan Infrastructure Law in 2023 alone, including $30 billion for world class rail, seven regional clean hydrogen hubs, projects that will replace hundreds of thousands of lead pipes, and over 60 projects to improve the electric grid, bringing the total number of announced projects to over 40,000 since the Bipartisan Infrastructure Law was signed into law.

7. Workers across industries — particularly union workers — won historic wage gains, including a 30% raise for UAW workers at the Big Three, an up to 55% raise for Teamsters workers at UPS, a 32% raise for Culinary workers in Las Vegas, and a 21% raise for Kaiser Permanente health care workers.

8. The White House launched five Workforce Hubs across the country to build pipelines to good jobs in areas that have seen concentrations of public and private investments spurred by the Investing in America agenda. The First Lady traveled to Workforce Hubs across the country to highlight the investments secured from employers, community colleges, unions, and local leaders to create new workforce pipelines, including commitments to train tens of thousands of workers in construction trades, new semiconductor manufacturing credentialing programs, and new and expanded registered apprenticeship programs.

9. Launched the American Climate Corps to mobilize a new, diverse generation of clean energy, conservation, and resilience workers. Saw interest from over 40K people — the majority of whom were under 35 years old — in just the first few weeks after launching the initiative.

10. Enrolled 7 million households in the Affordable Connectivity Program in 2023, bringing total enrollment in the program to over 22 million households — saving families between $30 and $75 per month on their internet bills over the last year.

###