The Climate Economy Is About to Explode

[Beachnutt]

The Atlantic
Late last month, analysts at the investment bank Credit Suisse published a research note about America’s new climate law that went nearly unnoticed. The Inflation Reduction Act, the bank argued, is even more important than has been recognized so far: The IRA will “will have a profound effect across industries in the next decade and beyond” and could ultimately shape the direction of the American economy, the bank said. The report shows how even after the bonanza of climate-bill coverage earlier this year, we’re still only beginning to understand how the law works and what it might mean for the economy.
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https://www.theatlantic.com/science/archive/2022/10/inflation-reduction-act-climate-economy/671659/?utm_source=apple_news

[Johnny2X2X]

1. I don't think the left has celebrated this bill as much as we should be

Instead of fully grasping the enormity of this investment to fight climate change, it seemed like we nit picked the trade offs that were in it to secure Manchin's vote.

This does in fact get us to our Climate Change goals, we're going to be less than 2005 emissions levels by 2030. This was truly a monumental bill.

And what it will mean for the economy is amazing. People still don't appreciate everything Obama did for the EV industry, today we are seeing the fruits of his investments in this technology. We've got exciting high quality EVs everywhere right now. We're seeing battery plants being built all across the rust belt. It's just been a huge shift that's been great for that industry.

A new green economy. This is how the middle class is rebuilt. These are good jobs in making the products Americans will be switching to for energy and transportation.

https://www.mlive.com/news/grand-rapids/2022/10/chinese-battery-manufacturer-to-bring-26b-investment-up-to-2350-jobs-to-big-rapids.html

Big Rapids is a small city in Michigan that could be the poster child for the decay of the middle class. Factories closed, poverty increased, and the town has just withered despite having a decent sized University at the center of it. 2350 new well paying jobs will create thousands of other jobs to support this business.

Biden's bill is going to go a long way towards rebuilding the Middle Class.

[Beachnutt]

2. 100% ☝️

[Alexander Of Assyria]

8. The Climate Economy is a great name, politically useable.

[progressoid]

11. Right wing media is villainizing it. We need to champion it.

[TheBlackAdder]

3. And thanks to most Red States, they'll be stuck in the 20th Century and expecting socialist handouts

.

Clowns like Rand Paul & Mitch McConnell want to keep their states depressed so they can win re-election on the platform that they are bringing home the bacon. If they made sure their state was self-reliant, they might not have a job anymore.

They are sacrificing a million homes in exchange for their two-person jobs program.

.

[Johnny2X2X]

4. And industry wants these changes for the most part

Even on DU, there was outrage about California saying they were going to ban the sale of new gas cars by 2035. When the California ban is largely meaningless because the major auto manufacturers are stopping the production of gas vehicles by that year.

This is happening, Obama and now Biden have laid the ground work and incentivized industry to go Green, nothing is going to stop this.

And before people say, "yeah, but China and India..." China is further ahead of us in the same clean energy goals. India is also working toward ambitious goals, but have some catching up to do. The world has decided on a green economy, it's not going to happen over night, but it's happening.

Because of Bush, China left us behind on solar and windmill production. Trump set us back a lot, but we are transforming our economy now.

It took massive incentives to get industry on board, but they fully are now and are running with it. Even when Trump tried to stop the auto industry from being more green, they told him no thanks.

[Alexander Of Assyria]

6. Government is lagging the business which is lagging the consumer on electrification...of everything.

Seeing a Ford Lightning power a home for days in an emergency in Florida, for example, i see the conversion of fossil fuel consumption to electrical consumption, thank you modern batteries, as only limited by imagination.

[Hermit-The-Prog]

10. Except for the oil industry -- they won't give up their revenue streams and subsidies easily.

[Hortensis]

5. + a million. The IRA's an awesome multitasking powerhouse in itself.

Last edited Thu Oct 6, 2022, 12:14 PM - Edit history (1)

Climate and economic groups (real ones) are all stoked by its scope. And want more of this. If we get better control in DC with the midterms, we'll do it.

Another underestimated bill to go with the IRA is the CHIPS Act. It's not as big and broad, but just as awesome in its way.

Not just a "how to out-compete China" bill, it's designed to multitask environmentally, economically, socially, strategically, etc, with big, broad effects.

The CHIPS and Science Act ... "is designed to boost US competitiveness, innovation, and national security. The law aims to catalyze investments in domestic semiconductor manufacturing capacity. It also seeks to jump-start R&D and commerciali­zation of leading-edge technologies, such as quantum computing, AI, clean energy, and nanotechnology, and create new regional high-tech hubs and a bigger, more inclusive science, technology, engineering, and math (STEM) workforce...."

Economically, CHIPS is investing $280 billion over the next 10 years, most in scientific R&D. But, again fo instance, it attacks economic injustice with "landmark provisions to bring 21-century jobs, training, money to those missing out before, particularly focused on bringing it to minorities, women, and rural areas.

BUT ALSO, while Republicans focus on military protection, Democrats know that social and economic parity and justice are central to America's strength, and both of these bills put that belief in action:

However, what’s equally significant—but less noticed—are the CHIPS programs aimed at increasing economically disadvantaged demographic groups and geographic areas’ participation in the innovation economy.

Addressing the demographic side of the equation are provisions to increase the participation of underrepresented groups and firms in CHIPS-funded projects and diversify STEM participation more broadly. Another provision would create a chief diversity officer at the National Science Foundation. And others would build STEM and research capacity at minority-serving institutions. Such efforts are a start at recognizing and addressing the extreme lack of diversity among those who obtain STEM degrees or receive federal research funding in technology fields.

[Johnny2X2X]

9. Thanks for bringing that up

People, even here, haven't celebrated these major achievements enough. Dems need to do a better job of tooting their own horns. This was a massive investment in technology that we'll be reaping the benefits from for a generation.

Biden has gotten huge things done.

[FakeNoose]

7. K & R bookmarking

This needs to be shared with the Dem/Liberal/Progressive community far and wide.

[Mr.Bill]

12. I agree but

changes and improvement however great that happen a decade from now won't win elections now. People expect instant results.

[Hortensis]

13. True. But they can't have it. Nobody can do that for them.

Achievable, exciting expectations, real plans with funding, and genuine hope for the future are what the Democratic Party is offering.

They're available to all who pay some attention, i.e., browse a daily, or even weekly, paper. Or are fortunate to have someone to explain what's happening and will be.

We haven't even mentioned the $110 trillion bipartisan infrastructure law that is funding projects in every state and nearly every county in the nation, except... where are they? It's certainly an example of the problems of people not being able to see their new bridge, roads, inland port and hundreds of thousands of good-paying jobs pop up in a couple months.

At least ACA subsidies that were expiring this year are now funded until 2024. (Though how many knew they were going to expire?) It is unfortunate that other health-related provisions don't kick in until 2025.

Although the IRA's a pared back version of the Build Back Better bill, battling climate change is still most important, and doing that in ways that also address other problems from national to local levels, is one way or another all over it. Including protecting our health from devastation caused by climate change.

Synergy. Tell someone? Carry candy to console those who have to have it now?

[Mr.Bill]

14. No, but the republicans can promise it.

And they can say all day that (fill in the blank) wouldn't be happening if Trump was still president. Trump himself is saying that every day. That won't make Democrats vote for him, but it could sway independents that are on the fence.

[Hortensis]

15. Yes By now, though, the only ones who believe that would also

vote for the R-names on the ballot if they shot down people in the middle of the street. Outside elementary schools. While parents were dropping their children off. They know what to support before it's stated.

Only tRump's authoritarian loyalists have anything to vote FOR: "Him".