How Biden's Inflation Reduction Act changed the world | FT Film

The only American who won't acknowledge this Administration's failed economic policies is Joe Biden. "Shrink-flation' is the least of our worries compared to rising rents and stagnant wages, but it is an undeniable indicator of how bad our inflation has gotten. I have $100k that i like to invest in a non-retirement account, any advice on that?

With markets tumbling, inflation soaring, the Fed imposing large interest-rate hike, while treasury yields are rising rapidly—which means more red ink for portfolios this quarter. How can I profit from the current volatile market, I'm still at a crossroads deciding if to liquidate my $125k bond/stocck portfolio.

The whole talk about "reverse" market crash (real estate and stock market) basically argues that we are nowhere near done with inflation and that we might actually experience "hyperinflation" in the near future combined with accelerating poverty levels across the nation or going thru a historical economic depression...those are the extreme conditions that have produced the reverse market crashes in most examples I've seen. I personally don't see anything that extreme coming, but who knows.

I'm glad someone told this story clearly. Neither the President's communications team nor his campaign seem capable of doing so.

The reaction of European governments to the IRA is a perfect illustration of why Globalization, as it currently stands, doesn't work. It creates a global market, but not global citizens. People still belong to their countries, not the globe. To protect their citizens, individual European countries will compete with each other, because their citizens are ultimately who they're held accountable to (ideally). The US sent its manufacturing base to China, which was great for "the global market", and terrible for the citizens of the United States. So you either need to move past the idea of the nation state, or you have to abandon the idea of an unrestrained global market. You can't have both over the long term.

It is not the end of globalization. It is moving to avoid the complete annihilation of select manufacturing in various economies. It is a recognition that when you build here, you also have a chance to protect the workers, the environment, and the customers here. It is reducing potential liabilities.

I'm glad to see America rebuilding it's industrial core. For far too long, we've freely given away our consumption and production of goods. Time to bring more back to the United States and ensure that we have a certain industrial capacity for both our own consumption and national security reasons.

Very good for the US citizens. I hope we in the EU can pass some similar policy to help our citizens as well. We need to get rid of our dependence on cheap countries production. We have eastern Europe for that.

Surprised I never grasped what the hell the IRA is... this was really eye opening about how big a deal this is in historical perspective... and really well done. Much obliged!!

Geopolitics aside, the fact that Mexican labor is now 1/3rd the cost of Chinese labor means pure economics alone will force the American industrial base to relocate closer to home. If the current rate of factory build out continues alongside our energy independence, U.S. can reach pre-WW2 levels of economic isolation within 10 years. And I'm all for it!

My Step-dad is from Holland. He told me, through this ACT, the U.S. bought a LOT of very expensive chip-manufacturing machines from the only company in the world that makes them - which is based in Holland. I have to admit, Biden surprised me here.

Shipping every single product we buy across the entire world has been a climate disaster. It does need to change.

Industrial policy is good and biden deserves more credit for taking these steps. It's insane how much industrial capacity has been lost after the cold war ended.

I love it. Bring everything back where many of the technologies were invented. Good for the American workers and the US economy.

This is an excellent step. Hopefully it is the first step to give America the confidence to tackle the rising cost of living, education system, prison system, and other issues facing our nation.

As both an American who resides in the US and a born and raised European I am split about this. I understand both sides. I believe that as an American the country will benefit greatly from the IRA. Manufacturing is one of the if not the biggest reasons the US manage to win in WW2. Shipping manufacturing abroad to an ideological and geopolitical adversary is not a good way of preparing for potential conflict. When I say conflict, that could mean trade war, regular war or some kind of cold war. Cheap products are good and useful, but as a country you do not want lower your manufacturing capacity. And cheap products come with the hidden price-tag of lower salaries and less jobs and job security. Now as a European, I understand the frustration as well. Europe also had a lot of factories and manufacturing. However after the US led the globalization transition, most European countries willingly or not adapted by shutting down their factories and transitioning to service based economies. Now the US has shifted it's policy, but European countries cannot do that as fast or with the volume that the US is doing it. Europe is not a single country. And the economies (GDP) of all the countries together is much less than the economy of the US. As it stands, European countries will fall behind even more that they already have. The IRA could trigger a subsidy war within the EU and undermine the single market. Since the EU is more bureaucratic and requires more time to pass something as big, this will make it hard for Europeans to compete. And that could make EU -US relationships worsen. I guess only time will tell what actually happens.

I thought Biden was part Irish but I’d never had thought he would support the IRA to such an extent, especially without backlash from the British.

There’s still going to be global trade, but supply chains become more disperse across geographies and the United States is bringing strategic manufacturers closer to home…here and Mexico. With automation, AI, less transportation costs, etc costs will be slightly higher at first then lower over time, but quality will be much better. Also the leverage China currently has over us is significantly reduced.

The more free, clean energy any society has, the STRONGER that society’s economy IS!

How awesome would it be if Canada-US-Mexico developed a system where they each benefited from their unique resources and abilities.