- August 1, 2022
- Posted by: Stratford Team
- Category: Economy
Joe Biden’s political prospects have just built back better. Last week’s passing of the Chips and Science Act by Congress breathed new life into the White House’s plans for industrial policy and support for US manufacturing.
Meanwhile, the famously intransigent West Virginia Democrat Joe Manchin, the king of coal country, performed a shocking turnabout on climate change. He agreed to back clean energy investment and healthcare subsidies to be paid for in large part by a 15 per cent minimum tax on big corporations.
Thus, in a week that was even more economically dismal than usual — with the Fed’s latest rate increase to battle inflation, dismal consumer confidence numbers and news that the US was now in a technical recession, Biden managed to score a big political win by doing something almost unheard of in Washington these days — orchestrating compromise. His win matters politically. The question now is what it might mean…
