This Biden economic collapse you dream of? It just isn't happening.
But what about the future?
1. The U.S. will produce more oil in 2023 than ever before in history, and set another record in 2024, per a new government projection.
2. Biden’s green energy law is turning out to be huge
The biggest sleeper event of the Biden presidency may end up being the laughably misnamed and poorly understood Inflation Reduction Act.
Green energy tax incentives are turning out to be way more popular than expected. The cost of the law is rising because there’s a lot more private sector investment in green energy, driven by tax breaks included in the law. Given that the law’s main purpose was to speed green energy adoption, rising costs mean a faster transition away from fossil fuels and a more muscular response to global warming.
Goldman Sachs expects higher-than-expected private investment in all green energy categories affected by the IRA, but sees the biggest gains in two areas: electric vehicle production and advanced manufacturing.
Many big automakers have announced new plans to build EVs or battery factories in the United States since Biden signed the IRA. This green energy buildout is a major factor behind a new boom in US factory construction, which is likely to generate a lot of additional manufacturing jobs.
Nations in Europe and elsewhere are rattled by the possibility that the United States might now capture an outsized portion of the global green energy economy, and some are planning muscular incentives of their own to stimulate home-grown technology. That could create a race to solve the problem, if only to capture the economic benefits.
3. Biden’s hydrogen bombshell leaves Europe in the dust The EU is investing billions into becoming a green energy superpower. But Washington’s Inflation Reduction Act means it’s the U.S. reaping the rewards.
A Norwegian energy company building its factory in Michigan.
The U.S. has its sights set on overtaking Europe when it comes to both hydrogen and the electrolyzers that extract it.
The CEO of Hydrogen Europe: "There are some very smart dung beetles that just sit by the side and watch while others do hard work. Then they shoot in, take the dung ball, take the girl and run away with everything. That’s Joe Biden."
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This Biden economic collapse you dream of? It just isn't happening.
But what about the future?
1. The U.S. will produce more oil in 2023 than ever before in history, and set another record in 2024, per a new government projection.
2. Biden’s green energy law is turning out to be huge
The biggest sleeper event of the Biden presidency may end up being the laughably misnamed and poorly understood Inflation Reduction Act.
Green energy tax incentives are turning out to be way more popular than expected. The cost of the law is rising because there’s a lot more private sector investment in green energy, driven by tax breaks included in the law. Given that the law’s main purpose was to speed green energy adoption, rising costs mean a faster transition away from fossil fuels and a more muscular response to global warming.
Goldman Sachs expects higher-than-expected private investment in all green energy categories affected by the IRA, but sees the biggest gains in two areas: electric vehicle production and advanced manufacturing.
Many big automakers have announced new plans to build EVs or battery factories in the United States since Biden signed the IRA. This green energy buildout is a major factor behind a new boom in US factory construction, which is likely to generate a lot of additional manufacturing jobs.
Nations in Europe and elsewhere are rattled by the possibility that the United States might now capture an outsized portion of the global green energy economy, and some are planning muscular incentives of their own to stimulate home-grown technology. That could create a race to solve the problem, if only to capture the economic benefits.
3. Biden’s hydrogen bombshell leaves Europe in the dust
The EU is investing billions into becoming a green energy superpower. But Washington’s Inflation Reduction Act means it’s the U.S. reaping the rewards.
A Norwegian energy company building its factory in Michigan.
The U.S. has its sights set on overtaking Europe when it comes to both hydrogen and the electrolyzers that extract it.
The CEO of Hydrogen Europe: "There are some very smart dung beetles that just sit by the side and watch while others do hard work. Then they shoot in, take the dung ball, take the girl and run away with everything. That’s Joe Biden."
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