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Remarks by National Economic Advisor Lael Brainard on Bolstering Placed-Based Economic Development.docx

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<Remarks by National Economic Advisor Lael Brainard on Bolstering Placed-Based Economic Development>

연사: 백악관 국가경제위원회 위원장 레이얼 브레이너드 / 일시: 2024.5.16

Glossary

1.     Felicia Wong 펠리사 웡 (인물 이름)

2.     place- based investment strategy 지역 중심 투자 전략

3.     Rural Partners Network 지역 파트너 네트워크

4.     the National Science Foundation 국가 과학 재단

5.     The Bipartisan Infrastructure Law 초당적 인프라법

6.     Syracuse 시라큐스

7.     Earned Income Tax Credit (근로 소득 세액 공제), Child Tax Credit (자녀 세액 공제), the Affordable Care Act Premium Tax Credit (미국 건강보험법 프리미엄 세액 공제)

본문

Thank you, and particularly Felicia Wong for hosting this important discussion on how we can work together to lift up communities across the country.

The Biden-Harris Administration’s placed-based investment strategy, alongside our efforts to invest in workforce development, are catalyzing economic opportunity in communities across the country that had been left behind.

Our placed-based approach is intentional, and it marks a sharp break from the trickle-down policies that cut taxes for those at the top and pulled back on public investment. Towns lost anchor employers while businesses chased low taxes, low wages, and non-union labor, pushing out good manufacturing jobs and lowering tax revenue that was needed for local investment. These trends were exacerbated by artificially cheap imports from China that wiped out thousands of manufacturing jobs in manufacturing communities.

Too many of these communities saw a downward spiral of disinvestment. And the previous administration doubled down on the same failed approach by cutting taxes and public investment and promising a resurgence of manufacturing and infrastructure that never materialized. Instead, these factory towns and other communities around the country fell further behind.

The Biden-Harris Administration took a different approach by prioritizing place-based economic development to bring back investments in communities that had been left behind and give them the tools and support to move from setback to comeback.

This approach starts with correcting for decades of disinvestment in infrastructure. By investing in high-speed internet and transportation networks, the administration is reconnecting neighborhoods to opportunity, revitalizing small businesses, and rebuilding communities’ foundations to unlock new private investment.

This place based strategy is also focused on increasing the capacity of distressed communities. For example, the administration has launched the Rural Partners Network, sending federal staff across the country to help rural communities access a variety of federal resources, and special tax incentives are supporting the energy communities that have powered our nation for centuries.

Placed-based economic development means investing in innovation engines that will sustain economic development for years to come in every region of the country. In previous decades, the majority of innovation investment was concentrated in just a few major metros. The tech hubs of the government and the National Science Foundation’s regional innovation engines are seeding innovation across the country in a range of sectors where economic opportunity is immense – from clean energy to semiconductors and biotechnology.

Because of this administration’s approach, communities are shaping development strategies from the bottom-up; effectively putting communities back in the driver seat after being left out for too long.

And when faced with unfair practices from abroad, this administration is taking necessary actions on behalf of American workers, businesses, and factory towns. China is flooding the market with artificially underpriced exports in areas like vehicles and solar cells, and they’re breaking the rules when it comes to technology transfer, intellectual property, and innovation.

That’s why the President has increased tariffs on imports from China in a targeted set of strategic sectors. A 100% tariff on Chinese electrified vehicles, for instance, is enabling auto communities to continue powering our car industry.

Investing in communities also means investing in people and strong workforce programs. The Bipartisan Infrastructure Law is putting hundreds of thousands of Americans to work rebuilding our highways and bridges. And more jobs are on the way with nearly $900 billion in announced private sector investments in clean energy and advanced manufacturing across. Factory construction is at its highest level on record–  more than double the previous administration. We’ve heard from unions that they have never seen so much demand for their training programs.

We are working to ensure that communities are prepared for the manufacturing renaissance that is underway. And that these new investments create high-quality, good-paying jobs and pathways to careers in these communities.

That’s why the administration has established nine workforce hubs in areas where clean energy, infrastructure, and semiconductor investments are creating new job opportunities. These workforce hubs are bringing state, local, and regional partners together to coordinate and amplify workforce training efforts.

For example, in Michigan, a coalition of government, unions, automakers, nonprofits, and community colleges are preparing workers and businesses who have led the iconic auto industry to lead the way on electric vehicles. This includes aligning on skill needs across the EV supply chain and expanding access to a new curriculum for battery manufacturing.

In the state of New York, companies have announced billions of investments in chip manufacturing catalyzed by the CHIPS and Science Act. The administration’s workforce hub in Syracuse is now focused on meeting the training needs of this emerging industry, starting with an innovative partnership between major companies, and local high schools.

When we meet with the Americans that are opening small businesses in record numbers on main Streets around the country, we often hear that it is not only the large investments that are helping unlock opportunity but also the child supports and the health insurance tax credits that enable parents to rejoin the workforce and entrepreneurs to take the leap of faith to start businesses.

These place-based investments are more effective when the tax system rewards work and promotes economic opportunity. That means enabling many more Americans to participate in the workforce by restoring the expanded Earned Income Tax Credit and the expanded Child Tax Credit and supporting access to childcare. It also means extending the Affordable Care Act Premium Tax Credit expansions that are lifting health insurance coverage rates to record highs and narrowing geographic disparities.

Republicans in Congress and the previous administration instead prioritize tax cuts at the top and deep cuts to crucial programs that advance opportunity in communities that had been left behind.

According to a recent report which looked at 1,000 counties that were hit hard by economic shocks over the past two decades, “left-behind counties…experienced their strongest three-year period of job creation and business growth since the turn of the 21st century.”

Since President Biden took office, jobs in those previously “left-behind” counties grew more than four times faster per year than under the previous Administration. This Administration is proud to be working with communities all over the country who are turning setbacks into comebacks.