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

[@jaredspencer3304]

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.

[@georgehoffmann4148]

As long as you ignore the benefits of a global supply chain for the customer, like for example low prices for goods (though not services).

[@guru47pi]

The difference between 'global market' and 'global citizen' is very well put. For years I had tried to explain it by asking why I have fewer rights, and far less mobility than a corporation, than money, than objects. The fact that there's no such legal entity as a global citizen is exactly why globalization needs some correction or counterbalance. -and let's be honest about the race to the bottom with subsidies to take companies. Many countries, especially China, were doing that already; the US is just finally putting effort into competing on the same level

[@havencat9337]

look where this got you as a consumer, you have the most expensive EVs and solar panels. is that smart? you tell me...

[@csn10]

@@havencat9337 We have to balance that against lower unemployment and higher wages which enables consumption, and now protecting the supply chain. Not that this should be the overriding metric. Some governments for decades have used economist to convince us to see ourselves as consumers first and producers second, while others have mouthed the globalization principles but remained protectionist. The globalists in fact, have been merely acting in the interest of maximizing profits for multinational corporations, utilizing cheap labour, sidestepping environmental protections and the rights of countries and their citizens....

[@mathyeuxsommet3119]

That's a false dichotomy,protectionism only profit to a small part of the economy and the rest suffer a lot.Free trade is good for everyone if europe can compete with American they should get better.

[@MarkLeonard-xn8zs]

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.

[@JamesWilliam-bz1nm]

Focus on two key objectives. First, stay protected by learning when to sell stocks to cut losses and capture profits. Second, prepare to profit when the market turns around.I recommend you seek the guidance a broker or financial advisor.

[@SmithJones-yx1ut]

Stocks are pretty unstable at the moment, but if you do the right math, you should be just fine. Strategists have been aiding folks in recording gains over 250k just in a matter of months, so I think there are alot of wealth transfer in this downtime if you have someone who knows where to look like i do.

[@SmithJones-yx1ut]

'Tenley Megan Amerson' is the manager I use. Just research the name. You'd find necessary details to set up an appointment.

[@DavidLuiz-nd3dn]

I just copied and paste ''Tenley'' whole name into my browser, and her website appeared right away. You've saved me several hours of arduous research, therefore I appreciate it.

[@loktom4068]

You and the others missed the entire flaw of the US government policies. This is why you never see it coming until it finally comes in full impact, then too late, kiddos.

[@greenviolist34]

Can't say I could ever really trust a company. But I am genuinely happy to see industry return to the US.

[@UShistorymatters]

@@JR-playlists You must not be aware of the recent SCOTUS rulings. Corporations are people and the administrative state that protects both consumers and our environment have no power. You can thank corrupt judges and right-wing billionaires for this.

[@jakeroper1096]

Then you’re genuinely happy with more expensive goods and less money to pay for them.

[@greenviolist34]

@@jakeroper1096 Nope lol not everything is about money. I'm glad that it will help out fellow Americans and reduce our national carbon output. All that is much more valuable .

[@jakeroper1096]

@@greenviolist34 well.. you’re hurting fellow Americans since on average we can all buy less goods. The only Americans that get hurt are those not willing to learn or innovate into industries we dominate in.

[@chrisreyes6096]

@@jakeroper1096I think that’s the point out with old in the with new. Industrialization that happen in the 1900’s did shut down a lot of small businesses and farmer markets were also shrinking too. But we still moved forward with new business practices and technology, of course with proper regulations in place, the economic boom that happen during the roaring 20s showed that investing into these large companies can push the growth of markets and create thousands of jobs. Only concern I have is how we bring back these manufacturing jobs and compete in the global market with China.

[@IamJonny-o4v]

Inflation, bank collapse, severe drought in the agricultural belt, recession, food shortages, diesel fuel and heating oil shortages, baby formula shortages, available automobile shortages and prices, the price of living place.

[@JacobsErick-u8r]

Government policy has thrown the future under the bus for decades. The day of judgment is near. I predict an 80% drop in the stock market. Investors will abandon stocks in favor of real estate. There will be no money in banks... You must devise a strategy for survival.

[@richardhudson1243]

I agree. I have pulled in more than $435k since 2020 through my advisor. It pays off more in the long run to just pick quality stocks and ride with those stocks.

[@winifred-k9e]

Mind if I ask you recommend this particular professional you use their service? I have quite a lot of marketing problems.

[@richardhudson1243]

I'd like to give significant credit to Melissa Terri Swayne who maintains a strong online presence. You can easily find her through a web search. While there are some other individuals worth considering, it may be more challenging to locate them. In addition, She has provided excellent guidance throughout the year.

[@LUCIASMITH-d1z]

Upon conducting an online search of her name, her website promptly came to my attention, sparking my interest. The initial impression is favorable, and I plan to schedule a conversation with her. I'll be sure to keep you informed about how it unfolds. Thank you.

[@MisguidedPolicyIsBurdensome]

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.

[@abdiganiaden]

Not to be harsh but business just cares about the numbers as in dollars. No one is going out of their own way to have extra costs without some immediate profit

[@thaaatheef]

Its romantic to think that companies will suddenly stop flocking to where labor is cheapest; & that is not easily found in US...just look at new semi fabs struggling to hire talent

[@scottduncan92]

​@@abdiganiaden Companies lost a lot of money due to broken supply chains after the beginning of the pandemic, so yes they are monetarily incentivized to diversify their supply chains and "near-shore," including building more manufacturing in the US. It's also important to understand that labor in countries like China is not as cheap as it used to be.

[@SanderSovrlic-alesov]

Why would foreign and domestic billionaires and corporations hellbent on cutting costs want to manufacture in the US where worker’s rights and unions and minimum wage are all a drain on their purse? Subsidies or no, it makes much more sense to go to China or some tin-pot country and exploit the people there for maximum profit. You know, like they’ve been doing for the past 50 years.

[@johndoh5182]

@@abdiganiaden So, you don't think those 25% tariffs had anything to do with companies shifting manufacturing to India, Vietnam, Mexico, etc.... Oh yeah that's right, it effected their bottom line so they DID move from China. Yes you are correct, companies ONLY think about the money and you can look at Apple as a prime example where they still have good sales in China so they will leave a certain percentage of manufacturing there REGARDLESS of the VERY unfriendly laws the CCP is passing that puts Apple's reps in China in danger of being tossed in prison for the rest of their lives. The bottom line for many companies were affected by large tariffs on goods coming out of China and it was a significant list. After that it was sanctions of products that could be sold TO China that had a big effect, and that hurt the profits of different companies including Nvidia who if they could would get paid directly from the CCP to build them all the servers they WANT because they are ALL ABOUT the money and could care less about US security. With every change in sanctions on products that can be sold into China, Nvidia keeps creating new products that CAN be sold into China. But these companies are now looking at the Indian population the same way they did the Chinese and feel they can recreate or do even better in India because the Indian govt. isn't trying to steal every last bit of IP from these companies.

[@annspires8380]

Timestamp 20:50. This man was talking about how products will be a higher price for American goods. What has happened in the last decade is that imported items have stayed at approximately the same cost but the quality of the items has deteriorated sharply. For example, my LG dishwasher with a 10-year warranty on the motor failed in 2.5 years and the motor had to be replaced, why because the gasket that kept out water was so inferior a product that it failed allowing water into the motor. Now, could you ask given the cost to repair the dishwasher (I spent out of pocket it was cheaper than hiring an LG tech), and remediate any damages to your kitchen floor if that cheaper version is worth the cost? No, it's better to pay an honest price for a quality product. LG has had class action lawsuits on their refrigerators. I'm ready to go back to the days when you bought a major appliance and it lasted twenty-plus years. I have other things I would rather spend my money on than replacing inferior products.

[@cmck1777]

Your observation is anecdotal not factual. However it is not wholly wrong. Capitalism’s connection to planned obsolescence is well documented. Watch The Man in the White Suit from 1951.

[@sherrygadberryturner9527]

But Whirlpool and GE products are WORSE. 😢

[@akilahhicks3219]

Google Trump Tariffs affected the supply chain. Trump created this hyper inflationary state well before the pandemic

[@Q_QQ_Q]

You're not getting it back

[@tracy8591]

Not to mention terrible for landfills

[@Casey-summer]

A perfect storm is brewing in the United States. Inflation, bank collapse, severe drought in the agricultural belt, recession, food shortages, diesel fuel and heating oil shortages, baby formula shortages, available automobile shortages and prices, the price of living place. It's all coming together and it could lead to a real disaster towards the end of this year (or sooner). With inflation currently at about 6%, my primary concern is how to maximize my savings/retirement fund of about $300k which has been sitting duck since forever with zero to no gains.

[@mellon-wrigley3]

These are the conditions in which life-changing money is made by those who remain calm, patient, and take controlled risks. Volatility goes both ways. The bigger the red candles, the bigger the green ones.

[@lilyhershey1]

Investing in stocks can be a wise decision, especially if you have a dependable trading system that can lead to successful outcomes. Personally, I've been working with a financial advisor for about a year now. Starting with less than $200K and I'm now just $19,000 away from making half a million in profit.

[@lilyhershey1]

"Izella Annette Anderson" is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment

[@lilyhershey1]

Izella Annette Anderson is my FA, simply do due diligence . You'd find necessary details online to work with and set up an appointment.

[@louie-rose7]

Thank you for the lead, curiously searched Izella on the web by her full name and spotted her consulting page, no sweat. Just sent her an email, hoping she gets back to me soon..

[@kgeo753]

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

[@Dave-bz4pb]

They sold it as an inflation reduction bill. That's all they cared about to pass this giant pork bill.

[@kgeo753]

@@Dave-bz4pb Who cares how they sold it? It had to be sold. Inflation is normal, we've never had runaway inflation, and it's just about back to normal levels. Republicans used to describe infrastructure as a necessary component of economic growth. Now it's just "pork." I think they're salty that Trump couldn't get an infrastructure bill through despite describing himself as a "builder" and "deal maker." He was a failure This spending is overdue and Biden got it done. Cry about it.

[@timeflex]

And especially at 17:23 -- the comparison to the 1914.

[@MaxRuso]

Lol

[@richardalvarado-ik9br]

Your probably right since larry kudlow over at the other side will tell you that your appliances from 1996 should still work today.....a new Hyundai Ioniq cost the same as a Ford, Toyota or Chevy. I remember back in 2009 when analog TV came to a end and it happened at the behest of networks and telecommunication companies not racist old blond billionaires. SO IGNORE THE MAGA BLATHER.. BYE!!!!!

[@WideEnt]

Excellent piece of video journalism. Exactly the sort of comprehensive, not dumbed down, quality news that we need at this time.

[@NicholasBall130]

Our economy is facing challenges due to uncertainties, housing issues, foreclosures, global fluctuations, and the lingering effects of the pandemic, all contributing to instability. With rising inflation, slow economic growth, and trade disruptions, it's crucial for all sectors to take immediate action to restore stability and promote growth.

[@StocksWolf752]

In particular, amid inflation, investors should exercise caution when it comes to their exposure and new purchases. It is only feasible to get such high yields during a recession with the guidance of a qualified specialist or reliable counsel.

[@cowell621]

True, initially I wasn't quite impressed with my gains, opposed to my previous performances, I was doing so badly, figured I needed to diversify into better assets, I touched base with a portfolio-advisor and that same year, I pulled a net gain of 550k...that's like 7times more than I average on my own.

[@LiaStrings]

How can I reach this adviser of yours? because I'm seeking for a more effective investment approach on my savings

[@cowell621]

Rebecca Nassar Dunne maintains an online presence that can be easily found through a simple search of her name on the internet.

[@VictorBiggerstaff]

I just curiously searched her up, and I have sent her an email. I hope she gets back to me soon. Thank you

[@sp4263]

Than you Joe Biden for real policies, real investment in the US industry 🇺🇸🇺🇸

[@cmck1777]

Why aren’t democrats screaming this from the rooftops??? Massive investment in Southern States?

[@randomone4832]

@@cmck1777They are but conservatives in the south are.. no that sharp. Read in an article that although many people are happy that they’re getting advanced manufacturing jobs, they hate EVs and the environment so much that they believe Trump will convert them into gas car plants lol.

[@ridge7524]

💯💙🗽🇺🇲24

[@gunnin-tb3rw]

Trump/Vance 2024🇺🇲

[@ridge7524]

@@gunnin-tb3rw Kamala/Walz2024🇺🇲

[@ivanalcazar9060]

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.

[@surplusking2425]

Yes...except most of them are filled with cheap labor from Latin America and that make Latin American country more left-leaning.

[@sawittwo]

It’s been a long time coming.

[@MrExZacktly]

I'd be surprised if Biden is really doing this for America's working class and more for geopolitical reasons. We may just see manufacturing rerouted to India or Mexico.

[@rich-bk7md]

Us government: we got this Green new deal: americans: we don't want it Government ok we'll call it the inflation reduction act: Americans: we love it

[@Sovereign_Citizen_LEO]

It's total and complete propaganda. The Financial Times is a partisan Communist Rag (anti-Basic Economics and common sense/ yellow propaganda journalism). This is absolute nonsense. You cannot create actual economic growth through debt any more than you can force technologal advancement ahead of it's time in an attempt to presumably deal with non-existent manufactured conspiratorial problems. This Agenda/ Scam which is actually a continuation of Pre-American Imperial/ Colonial European Globalist Usury International Banker/ Royal Family Conspiracies to destroy the Western Middle Class, prevent Developing Nations from Developing (to force the same Communism upon them which has been forced upon the West) has the hidden underlying centuries old Goal to control Humanity and the entire world (all resources, all assets, all wealth, all politics, all nature/ environment) completely. It's all about total control. That is what the [non-existent completely lacking in any scientific proof let alone evidence whatsoever] Global Warming Fraud is all about.

[@hamzamahmood9565]

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!

[@koltoncrane3099]

I’m not. I think economic isolation is okay as long as free trade is promoted still. I can just imagine environmentalists thinking mining in Mexico is moral but not in the U.S. Isolation is okay, but we really need a Great Depression or something tk force austerity. 50% of all millennials live wjtb family cause they can’t afford a house thanks tk the government buying up a third of all mortgages and two decades of cheap money. Sure the Us can transform and be in isolation. But does that mean a higher standard of living for younger generations or for boomers that’s benefited from 40 years of ever lower interest rates?

[@koltoncrane3099]

Until we get a free market type mentality the U.S. IS. screwed. Some people are pathetic saying look at the U.S. and how they responded after Pearl Harbor. We can do that today if needed. It’s like no we can’t. We can’t just line things or build things economically. You mentioned exploiting Mexicans. That’s one way to keep costs down but when Biden is also closing down tons of public land tk mining the US is shooting them selves in the foot. Americans are going to have to exploit australia and Latin America if they want more isolation but we’re never going back to pre WW2 levels. I talked to an old miner in Colorado. He said well Never go back to ww2 type Production or even mining until there’s a ww3 and we actually need inputs that we can’t import. It’s sad but true.

[@Avantime]

The cost of labor is only significantly relevant in certain low-end industries like textiles and toys, which is why so much clothing is made in Bangladesh, where labour is even cheaper. The value added processes depends on the skill and reliability of the workforce (e.g. work ethic in China such as '996' are such that no average Mexican would want to emulate) as well as automation and economies of scale. China already has the world's biggest domestic market for many goods, from cars to computers, and in certain segments like EVs, solar and wind turbines, it completely dwarfs the rest of the world. And stuff just happens much faster in China. Everything gets done faster, everything gets built faster, and there's no red tape. And like Japan and South Korea before them they're moving up the value chain fast, too fast for American politicians. Mexico will absolutely take over a lot of the business China would lose in a tariff/sanctions war against the US, but make no mistake those affected Chinese companies may themselves end up dominating the Mexican market without ever touching the US. Don't be surprised to see Mexicans assembling US-bound Fords and Toyotas, while those same factory workers themselves drive BYDs, MGs and Havals to work.

[@brentsrx7]

You want the Chinese people to understand and empathise with American ideas, to prevent war.

[@ralphemerson497]

Why is it OK to pay a Mexican laborer $10 per day but his counterpart in the US will not work for less than $30 per hour?

[@keylime2998]

China invests in their companies. The US must also invest in America to be competitive! China drove this. American responded.

[@0501Cocoa-si3rs]

Let's be honest here. China nationalizes its industrial base and calls them corporations. Big difference. It sends government spies overseas to steal trade secrets. This has been happening for well over 50 years. And American companies have scrambled there in frantic efforts to garner and mine cheap labor. All done in the name of greed and the holy bottom line. American based companies that do this should be penalized.

[@nicolasbenson009]

News Alert! Inflation hasn't just started to affect us. People have been suffering greatly from inflation for almost a century, but notably after 1971. During the industrial revolution, prices of products and services were auctioned down to the point that consumers could literally buy them for as little as a penny thanks to a free market and sound money. All of the problems we have today are a result of government meddling.

[@berniceburgos-]

It has never been easier to understand how to build your money than it is right now, when you may study and experience a completely variegated market passively by employing a successful portfolio-advisor. The impacts of the U.S. dollar's gain or fall on investments, in my opinion, are complex.

[@tatianastarcic]

I think it's great to use a portfolio advisor when investing. Before I met with a certified portfolio advisor during the pandemic crash in March 2020, I had recently started having terrible dreams. Finally, with the help of my advisor, I was able to increase my initial investment of $400k to over $2.8 million dollars.

[@Michaelparker12]

Where may one locate a wise FA? Even while I like the idea of using their services, it's unfortunate that recent stock market catastrophes have started to happen more frequently.

[@tatianastarcic]

Yes, ‘Melissa Terri Swayne’ made headlines in 2020, but I'm not sure if I can bring her up in this context. She manages my portfolio and acts as a counselor for me.

[@BridgetMiller-]

I looked up her name online and found her page. I emailed and made an appointment to talk with her. Thanks for the tip

[@casparcoaster1936]

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!!

[@sirrathersplendid4825]

There are many good things in the IRA, but it’s such a bloated behemoth of an act that many aspects that should’ve been properly reviewed never got adequate scrutiny because there was no time. There’s probably two or three hundred million dollars of pointless spending that would never have got passed had it been presented to the House in smaller acts. Edit: I meant 200/300 Billion not Million.

[@WisdomRanger]

@@sirrathersplendid4825 Realistically, $300M is pocket change at the Federal level. ~$1.50 from each taxpayer is not going to make a difference to anyone. Pinching pennies is not how we solve the country's long term debt problems and really just gives cheapskate "vibes". I am all for responsible government spending, but there are bigger fish to fry, especially when theoretically* the IRA is revenue positive over the next 10 years. *: The legislation as a whole is at worst revenue-neutral, but it seems like fairly conservative assumptions by OMB are used to make it at least mostly-true that it revenue-positive.

[@SalieriM]

@@WisdomRangeryou forgot about 3 zeroes, literally an order of magnitude off. It’s a sum that would be enough to give us free healthcare for a few years. It’s the largest investment in clean energy in the history of the world. And for it to work, it will have to be renewed. The subsidy can’t go away any time soon so this is just the beginning. Forget China, this is such a big deal that Europe is freaking out. All of this is in the video you clearly didn’t watch.

[@sirrathersplendid4825]

300/1300 is over 23%. That’s not chump change. If you can shave 20% to 25% off all state expenditure you could probably balance the budget. The over-bloating of bills like the IRA in order to smuggle through questionable legislation is undoubtedly one of the key reasons US debt is growing so fast.

[@greg2502]

​@@sirrathersplendid4825t was clearly explained to you why it is revenue neutral at worst

[@kimberlysauber5601]

I don’t think Biden will get his flowers until long after he’s gone!! This is FANTASTIC and people don’t realize how Biden put us back on the TOP!! Thank you for this, great information that we didn’t all realize. Thank you President Biden, thank you. 🙏🏽 💙🤜🏽🤛🏼💙🇺🇸

[@alexjohnson606]

American have become too much polarized with the rise of Trump, people deny truth when it is infront of them now

[@BlackIrish-ec]

Are you drunk, how are we “back on top” yet getting bent over by the economy as a whole ?

[@tommodeski8637]

😂😂 u haven't been to the gas pump or to buy food in a while have you???

[@alexjohnson606]

Their Communication have been aweful, We are the Fastest growing economy in G8 and Western World, Manufacturing Jobs are back, inflation cooled

[@luzmaya7787]

@@tommodeski8637 How are the investigations into Big Oil and OPEC collusion coming along? Ever wondered why price gauging is part of both the Biden's administration's agenda and the Harris' platform? Google OPEC, Big Oil, and collusion. It will give you something to blame. A bunch of somethings. Rising food prices -- or commodity prices, for that matter -- isn't a uniquely American phenomenon, it's happening all over the world. Ideally, the best scenario involves reducing import-dependence and working toward food self-sufficiency (i.e. growing crops and raising livestock within the US)... which reminds me... I wonder what will happen if mass deportation of immigrants does ensue... who'll work in the farms? The nomad community can't cover them all... Especially considering his illegal immigration record was similar to Obama's -- he didn't make much of impact -- go ahead, google it. What Trump restricted was LEGAL immigration, regardless of what he says today. (Is it true that legal immigration was mostly available to Europeans? I'll have to check that of course...) After Trump's UniVision town hall, I'm pretty convinced his understanding of supply and demand is at best questionable and at worst, nil. That farmer who asked him a question understood it better than he did.

[@ac1888]

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

[@Camille738]

Alright

[@1carusGG]

This was literally Trump's idea that Biden stole, just like the election.

[@MSDGroup-ez6zk]

The USA is history.

[@cooldude7062]

Do American want to pay for that? Cooperation is all you really need.

[@freeforester1717]

There is no climate crisis. The whole rationale as to the actual need to go electric (reducing carbon dioxide emissions) is based on a provable lie, one that professors Happer and van Wijngaarden at Princeton have conclusively proven that man made carbon dioxide emissions - themselves but a very small part of global total (natural origin) emissions - do NOT drive climate change. See Dr Thomas P Sheahen’s presentation ‘Methane - the irrelevant greenhouse gas’ for details, or look up either of the professors named on Tom Nelson’s channel.

[@DigitalSeanProcessing]

I’m excited to see where my country, the USA is going in terms of implementing clean energy everywhere. Pres. Joe Biden, I’m proud of you for this.

[@ldxstormeaglex2194]

​@keepcool2330Okay, but the sun is basically free energy though lol

[@wilfredoortiz3820]

You cant be serious

[@Quaking_Aspen]

@keepcool2330Those are not the laws of thermodynamics lil’ bro where did you get this information 😭

[@eddymumford4086]

TRUMP WON 🙂🙂🙂

[@DevineAbyss]

Usually I would think that Governments shouldn't subsidize their companies just to pull production on shore. This makes for a very distorted market where the market is not functioning and money is wasted. Stuff will be produced inefficiently and innovation is stifled. BUT I see 3 exceptions: 1. If it is something that your society cannot do without and the supplier econonmies are not diverse enough. For example a country that does import all of it's food and can only import it from a single country is gambling with their future. If they can they should and must create some food production on shore. 2. If it is a global distaster like climate change that has been known for decades and every country is still moving incredibly slowly. The progress in carbon reduction clearly outweighs a little damage to the global economy. And I don't think it's even a contest long term. The benefits outweigh the disadvantages by so much. 3. If you are currently dependant on a hostile autoritarian regime, you should lessen your vulnerability. We shouldn't depend on China for solar technology and receive all fossil fuels from Russia and Saudi Arabia. These are not countries you should stake your existance on. Especially with all the rising tensions. It is probably ok to depend on fellow working democracies. You shouldn't depend on a dictator that wants to ruin or conquer you.

[@TheStonesQT93]

Most of the technology we use today came from government subsidizing innovation. That’s basically what they’re doing now. It’s going to take years before green starts turning a profit. So the government subsidizes until it does then basically takes its hand off the wheel and leaves it to the private market. Happened with the internet, GPS, computers, etc. Why would the government do this and why is it smart? The business and markets innovation makes creates like income (taxes), jobs, and increases productivity across the economy. As they say, everything in economy boils down to productivity.

[@Ashes2New]

I found this documentary very well done. The IRA & Chip Act was well intro'd within the video and the comments from the various individuals helped to provide multiple points of view from the US administration, general financial folks, some domestic producers, and our EU point of views. I truly enjoyed the highlighting of the use of statecraft and establishment of working with other nations for the US to make the efforts of the IRA to work. From South Korea, to trade with Canada & Mexico, etc. Liked & subscribed. Please keep up the great content. Cheers!

[@curiaregis9479]

It's propaganda meant to disguise exploitative economic parasitism as "help" from the government. Ridiculous, corrupt, dumb empire is what we are now. The government would massively improve the economy by not extracting value from the dollar by use of fiat currency money-printing. They could stop with the massive subsidies to big pharma, big agriculture, big tech etc. They could stop the special legislation that allows these interests to be "too big to fail" and hence encourage business practices which ultimately pay billions to the elite while endlessly charging the consumer and middle class citizen. They could end the massively wasteful military industrial complex and become more sensible less exploitative in our foreign policy. And so on. Instead, they pretend to "incentivize," which simply means the government spending billions of dollars the way GOVERNMENT wants it spent, not the way the private citizens (who that money is taken from) would have spent it. It means GOVERNMENT is going to take massive risks with OUR money, paying all the usual parasites at every step for various things like "environmental" R&D and technologies- things which would NOT be supported voluntarily in a truly free market but which government can give the ILLUSION of viability to by use of a massively expensive public expenditure. It's all CORRUPTION. Just another transfer of wealth from the middle class to the 3%. Unfortunately, slick propaganda like this hides the true nature of how economically unviable it all really is and how government hides their greedy, exploitative nature by pretending to advance goals that no reasonable person would disapprove of. It takes someone with more than a propagandized, normie perspective on economics to understand just how corrupt and wasteful it all is. Oh yes, and the establishment can't help but make this propaganda include a hit piece on Trump because they hate anyone who disrupts their control.

[@coreyham3753]

Agreed. Very informative overview about the IRA and the impacts of it. Kudos should go to Biden and the democrats for getting major economic legislation done like this. Unfortunately you will never see anything like this from Chump and the republican party. Why americans are not giving Biden credit for far reaching economic actions like this is simply wrong and evidence of the misinformation that is the hallmark of the current republican party.

[@Rainy_Day12234]

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.

[@talkinghand122]

Spot on.

[@C-Culper4874]

The problem is that it isn't the manufacturing we need to survive. These projects don't make seals to fix a water leak. Brake parts for a truck. The list goes on and on. We are still reliant on China to make it day to day.

[@Myusername468]

​@@C-Culper4874so because we haven't fixed anything it isn't good? This is just the first step

[@ElisaacGuzman]

​@@Myusername468exactly

[@aJarrowLad525]

Seems like brics has all the good stuff that Americans need Seems no one talking about the raw materials short time gane long time pain

[@trentcannon3161]

The Biden Administration should put this on their website on loop... Great information for all Americans. Biden Communications Team is one of the worst ever

[@nwabobo]

They should actually run a TV space for it, especially in the winnable red/purple states..

[@Lingboysc2]

its because people dont look at actual news. stuff like this is all there just no one looks at it. When you want to learn something, you go to your favorite pundit, not communications for the white house.

[@alexjohnson606]

I agree one of the worst communication Ronald Reagan destroyed this country policy wise but his Communication pulled him Through to become one of the best

[@CODstreamz]

Globalization has destroyed American manufacturing. In business it's all about the profits. My previous employer has gone as far as removing distillation columns, and relying on China for raw feed.

[@sirrathersplendid4825]

US firms continue to outsource and subcontract jobs abroad. My wife who works in US telecomms had her entire department transferred to an Indian partner just last week.

[@aminy23]

@@sirrathersplendid4825 The day lockdown started, I had said I'm not afraid of the virus, I'm afraid of the aftermath of political action. Zoom and remote learning was a great advantage early on, however when paired with factory closures - we built a platform to rapidly outsource American jobs. Silicon Valley relies on H1B workers, and now there's no reason they can't hire workers in those countries instead of in the US.

[@digitaldemocracyai-rob]

Whisky distillery?

[@CODstreamz]

@@digitaldemocracyai-rob silanes

[@victuz]

The United States is only losing to China because the workers in the United States are undervalued and can't afford housing, healthcare, and education.

[@Michael-pq4wd]

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.

[@nightking8490]

The good old ASML

[@SafetySpooon]

Yet another reason to not trust the general media; they are selling themselves rather than the truth.

[@BrandonCRFC]

Biden's move to secure more chip hardware is needed militarily. Not like he did it for our economy, he simply knows China is on the move in Taiwan. It was the only intelligent policy he and his handlers have done.

[@jaywulf]

"Biden surprised me here." You mean he is not a baby eating monster? Wow... maybe expand your information intake.

[@bardsamok9221]

Yeah good ol USA making essential steps to secure and stabilise chip supply at this critical time.

[@octobrain23232]

The IRA basically gives the US an industrial policy which it has lacked for the past 4 decades or longer.

[@reichjef]

It’s been a long time coming. There were similar bills attempted during Obama, but after the 2010 “schlacking” it became almost impossible to get passed.

[@Susanhartman.]

People are affected by inflation far more quickly than they are by a stock or property market crisis because it directly impacts their standard of living. The current level of negative market sentiment is not surprising. To survive in this economy, we urgently need your assistance. The ETF/Equity market continues to fluctuate. My portfolio of $370K is laid bare in ruins

[@mikegarvey17]

Indices frequently go from a bear market to a bull market when the news is at its worst and investor confidence is at its lowest. This demonstrates how quickly the direction of the market may alter.

[@mariaguerrero08]

You need a Financial consultant to avoid being taken advantage of. They offer personalised advice to individuals based on their risk tolerance and investment capital.

[@ThomasChai05]

I fully agree and place great value on my advisor's role in guiding my daily investments. They excel in both long and short strategies, managing risk for potential gains and protection against market downturns. Their access to exclusive insights and in-depth analysis makes exceeding expectations a regular outcome. In the two-plus years I've worked with my advisor, I've gained over 1.2million dollars.

[@CliveBirse]

@@ThomasChai05My partner’s been considering going the same route, could you share more info please on the advisor that guides you?

[@ThomasChai05]

"Izella Annette Anderson" is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment

[@mcneeson]

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.

[@MHG796]

Usa is doing very good compared to the rest of the world

[@szahmad2416]

@@MHG796 Canadian here. No, you're not.

[@Pan_Z]

@@szahmad2416 Imagine being from Canada, where the median price of a home has doubled since 2015, and then mocking Americans. All the G7 countries have struggled in recent years, but Canada has notable declined fastest.

[@szahmad2416]

@@Pan_Z (1). You’re right on home prices. (2) Y’all are still a third world country amongst developed countries…and that’s why Trump is likely gonna be re-elected.

[@Historyswatching]

@@MHG796🙏🏽

[@ReflectionOcean]

- Overview of Inflation Reduction Act's objectives (0:10) - Discussion on reshoring and reducing China dependence (0:23) - Analysis of job creation and investment impact (3:29) - Insights into international reactions and economic shifts (7:48) - Consideration of the act's long-term sustainability and global influence (11:01)

[@hotshot-te9xw]

What are your thoughts on our progress in this fight?

[@Karen-py2dg]

It’s common sense. In order to cut Fed must increase money supply. That spikes inflation. Bond holders then require higher yield on long term bonds which will cause long term rates to go up, while the fed is dropping short term rates. The fed obviously knows economics and knows this. But, their purpose is to save a dying economy at the expense of higher long term rates, until the collapse happens - in other words the rate cuts are designed to “kick the can down the road” at the expense of a worse collapse. The final conclusion can only be that this is a controlled collapse, engineered as the great economic reset with the participants being the fed, well for me tho Bitcoin is the ultimate defence against a tyrannical government.r.....I've been engaged in active trading and managed to grow a nest egg of around 2.3Bitcoin to a decent 24Bitcoin....I'm especially grateful to Aria Cookings, whose deep expertise and traditional trading acumen have been invaluable in this challenging, ever-evolving financial landscape.

[@Karen-py2dg]

Aria Cookings program is widely available online.

[@ZoraidaMayapis]

One thing I know for certain is crypto is here to stay, the only thing that leaves is the people who don't manage their risk. Manage that, or the market will manage it for you. With the right strategies you will survive.

[@panoxa2]

In a field as rapidly evolving as cryptocurrency, staying updated is crucial. Aria’s continual research and adaptation to the latest market changes have been instrumental in helping me make informed decisions.

[@Josealjornaavila]

Her technical analysis is excellent and her interpretation/projections of the market is so accurate I sometimes ask myself if she is human haha. Point is, Aria is the perfect trader to follow for advise and daily signals.

[@22lsmall]

Everyone needs more than a Basic Income to be Financially Secured in this present time that there's an Economic Decline.

[@caesarhuang7662]

“I’m from the government and I’m here to help” the meaning behind this still stays true, Mr.Wolf.

[@RaveYoda]

The state has always been an actor in the economy and Xi based a lot of his industrial strategy on prior American principles/actions of WW2 and the Cold War. Ultimately government can and does chose winners but in our case the state had often opened whatever knowledge and technology researched/gained back to the private sector to do with as they pleased. Fundamentally, free markets can't or are unwilling to focus long term and the state can.

[@timothytendick1550]

elections every 2 and 4 years is why the state (usa) is terrible at long term planning

[@Zyzyx442]

Yes you're right, democracies can plan much more long term than authoritarian regimes where the sovereign needs to constantly worry about internal coup d'etat or populist revolution. Democratic directorates and institutions can plan over decades as we saw with the military industrial complex and NATO, the state can do a few things very well, but many things poorly, hopefully the investments will be specific, targeted and audited and not go to waste in anonymous corruption.

[@sputnickers]

The "invisible hand" has always been, and always will be the government. Economists don't recognize, understand or notice the government, so it is therefore invisible.

[@craven5328]

This reminds me of Marinna Mazucatto's book The Entrepreneurial State, where she chronicles how government agencies (DARPA, the NIH) were the first investors / developers of technology or innovations that no private companies were willing to take a risk on in the early stages, but were of course only too happy to leverage (largely for free) once it started to look like things would be viable (the internet and GPS figure prominently in the book).

[@jeremietellier3116]

@@timothytendick1550 Hope Biden wins again, it would be the best choice for America and the World.

[@micheal_mills]

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?

[@donna_martins]

I would avoid index funds, mutual funds, and specific stocks for the time being. Right now, the best option is a fixed income of five percent. Put money aside for the times when the market really starts to bounce back.

[@Robert_Seaman]

45% of Americans do not invest in the stock market because of lack of guidance. Every year you don't invest, you are falling behind. I’m hitting numbers in the stock market I used to dream of… Going from $50k to $600k in my portfolio is surreal all thanks to insights from my financial advisor.

[@Trevor_Morrow_LTD]

Your adviser must be really good, I hope it's okay to inquire if you're still collaborating with the same adviser and how I can get in touch with them?

[@Robert_Seaman]

'vivian jean wilhelm’ maintains an online presence. Just make a simple search for her name online.

[@Trevor_Morrow_LTD]

I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.

[@dulcedeleche22]

Americans will regret voting in Trump. Biden was building back America with the investing back into American industries. Sadly his administration and Kamala’s campaign couldn’t communicate these successes and the time it needs to feel its deep impact. Trump and his administration will set America back, America, you definitely got the president you deserve, a shining reflection of the idiocracy you live in.

[@RossiPopa]

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.

[@RichardMoore-jg5tl]

The market is volatile at this time, hence i will suggest you get yourself a financial-advisor that can provide you with entry and exit points on the shares/ETF you focus on.

[@FusunTumsavas-cq7tp]

Exactly. Failed businesses are just steps forward. Don't despair. When choosing a financial advisor, find someone who understands your needs-I learned this from experience. Now, I earn six figures from investments alone, and even more from my businesses.

[@RusuSilva]

in times like these, it's crucial to be cautious and not rush into the market , Who is this your FA , my portfolio needs urgent attention , been a lot of loss.

[@RusuSilva]

I appreciate it. After searching her name online and reviewing her credentials, I'm quite impressed. I've contacted her as I could use all the help I can get. A call has been scheduled.

[@mariaoropallo2386]

Market tumbling?

[@josdesouza]

If you wanna hear music , you gotta pay for the band. Investing heavily in environmentally-sustainable, in-country, productive capacity is by far the best long-term way to keep inflation under control.

[@jayden7945]

@King_Athelstan yeah how could investing in an emerging trillion dollar industry be good for business...

[@arthurh5707]

Seems like the human species isn't that intelligent and very repetitive. Always a group of powerful, influential people seek to gain permanent power positions by stacking the deck to benefit themselves. That has always been the harbinger of decline for every empire. Wash, rinse, and repeat.

[@liammitchell2225]

Thank you for the video, this cleared up the IRA quite a bit. Also just interesting to see the political rhetoric: you have the GOP touting this as a pro-China agenda when it really just seems like the continuation of protectionism. I'm not an economic expert, but it also seems like the fight against climate might also be a fight against globalism. I'm really fascinated to see what the next 20-30 years looks like.

[@isatousarr7044]

The Inflation Reduction Act (IRA), signed into law by U.S. President Joe Biden in August 2022, stands as one of the most significant pieces of legislation in recent U.S. history, with profound implications for the global economy, climate action, and social welfare. While its primary focus is on reducing inflation, it encompasses a broad range of policies aimed at addressing climate change, healthcare, and taxation. The IRA has the potential to reshape both domestic and global economic landscapes, influencing everything from energy production to international trade and investment. At its core, the IRA aims to reduce inflation, but this is achieved through a combination of long-term investments in clean energy, healthcare, and tax reform. The act sets out to lower energy costs, make healthcare more affordable, and curb the deficit-all while raising revenue through a corporate tax increase and a minimum tax on large corporations. These measures reflect a broader shift in economic policy that seeks to balance fiscal responsibility with investment in future growth, particularly in the face of challenges such as rising costs and climate change. One of the most far-reaching impacts of the IRA is its emphasis on clean energy and climate action. The act includes over $369 billion in funding for clean energy initiatives, marking the U.S.'s most ambitious effort to combat climate change. This includes tax incentives for renewable energy production, electric vehicles (EVs), and energy-efficient technologies. By driving investments in renewable energy, the IRA aims to accelerate the transition from fossil fuels to cleaner, more sustainable energy sources. The global implications of this shift are vast, as the U.S. is one of the world’s largest carbon emitters, and its actions set an example for other nations, particularly as countries around the world work to meet their climate commitments under the Paris Agreement. The IRA also has the potential to reshape the global energy market. By providing incentives for clean energy production and consumption, it is likely to spur innovation and investment in green technologies, boosting the growth of industries such as solar, wind, and electric vehicle manufacturing. Additionally, the act includes measures to reduce dependence on foreign energy sources, which could affect global supply chains and trade patterns, particularly for oil and gas exports. This may lead to shifts in the geopolitical landscape, as countries that are major exporters of fossil fuels might experience changes in demand for their resources. In terms of healthcare, the IRA takes significant steps toward making prescription drugs more affordable, particularly for seniors. It allows Medicare to negotiate prices for certain high-cost drugs, capping out-of-pocket prescription costs for seniors at $2,000 per year. This policy is expected to reduce healthcare costs for millions of Americans, particularly the elderly and those with chronic conditions. While the direct effects are domestic, the act could influence global pharmaceutical markets, as other nations may follow suit in seeking to negotiate drug prices or implement similar measures to curb healthcare costs. From a global perspective, the IRA also has significant economic implications. The act aims to reduce the U.S. deficit by increasing corporate taxes and ensuring that large corporations pay a minimum tax rate. This could alter the international tax landscape, particularly for multinational corporations, as countries look to harmonize their tax systems in response to the U.S.'s new corporate tax policies. It may also lead to greater scrutiny of global tax practices, as the U.S. takes a more active role in addressing tax avoidance by large corporations. Furthermore, the IRA's focus on reducing inflation through targeted investments in clean energy, healthcare, and tax reform is expected to have a ripple effect on global inflationary pressures. As the U.S. seeks to rein in inflation domestically, it may also impact global supply chains and commodity markets. The IRA's measures could help ease supply-side constraints by encouraging more sustainable production and reducing energy costs over time, thus alleviating some of the inflationary pressures that have plagued global economies in recent years. In conclusion, the Inflation Reduction Act has the potential to change the world by reshaping the U.S.'s approach to climate action, healthcare, taxation, and economic growth. Its emphasis on clean energy investment, healthcare affordability, and fiscal responsibility sets a new paradigm for addressing the interconnected challenges of inflation, climate change, and social inequality. The global implications of the IRA are vast, influencing everything from energy markets to healthcare systems and international trade. While the act's full impact will unfold over time, it is clear that it marks a significant turning point in both U.S. policy and global efforts to tackle the pressing challenges of the 21st century.

[@michaelmejia8678]

It is fantastic that America is finally investing significantly in upgrading its infrastructure and supply chains! Seeing manufacturing return to America after years of outsourcing is truly beautiful! Make More In America!

[@swapshots4427]

Everyone needs to be grateful for Biden and Support Him.!

[@AsaelTheBeast]

@@swapshots4427 The guy who the supreme court judges as being to mentally incompetent to stand trial? That Biden? Personally, I'm not looking forword to a rematch between the two Alzheimer sufferers. I'd rather have a real damn candidate- doesn't look like we'll be seeing one any time soon though.

[@swapshots4427]

@AsaelTheBeast Do you think a President is a one man show? There are many, many talented and dedicated people who work with and for him & the country. You should pay more attention to all the positives being accomplished rather than being another dimwitted mockingbird.

[@michaelmejia8678]

@@AsaelTheBeast Buddy, it is going to be Biden vs. Trump in 2024. You judge candidates based on surface-level observations, while I judge candidates based on what results they deliver because that’s what really matters in the end. Trump promised infrastructure, but Biden actually got it done! I know who I am backing.

[@AsaelTheBeast]

@@michaelmejia8678 To Clarify. Biden can't be *legally* held responsible for his own action because there is nothing going on between his ears. He is litterally incapable of making sound decisions. Do you understand? You are voting for a guy who doesn't even *know* where he is most days, couldn't tell you the year, and about a week ago insisted that he had a recent meeting with a man that's been dead for decades. He's not capable of being president. That's just the facts. He's not even capable of making decisions for himself *according to the law*. Are you comprehending what all this means?

[@dr.timothypatitsas7889]

But Trump LOVES the idea of a national industrial policy that will re-shore production, compete with China, and dampen globalization. In fact, the whole point of this video is that Trump "won" in 2020 even by losing - ever since, the Democrats themselves were forced by reality to adopt versions of his three basic pillars of policy!! So, how difficult would it be to sell Trump 2.0 on keeping most of the IRA in place? The limiting function of that persuasion is explained in the video itself: When the reality of trade-offs kick in, do you prioritize domestic production OR carbon emission reduction? It seems obvious where Trump would fall on that question. And in four years - assuming he even wins next week - the new president moves on...

[@WBSummerlin]

I think reducing reliance on China is more focused towards self sustenance and guaranteeing the flow of goods over a nationalistic endeavor of dominance. Good video though.

[@Waitwhat469]

Right. It's not just a point of pride, but a real concern we should have on making sure we have a resilient economy against major disasters

[@jacksmith-mu3ee]

Nope . Its to choke china economic rise . Usa didn't want competitors China knows these dirty tricks . WTO is also angered by usa policies

[@jacksmith-mu3ee]

​@@Waitwhat469i d rather trust china

[@Waitwhat469]

@@jacksmith-mu3ee I mean, it's not just a what if a foreign power decides in their interest to hurt us directly. We also have non-geopolitical disasters to contend with...

[@jacksmith-mu3ee]

@@Waitwhat469 u are the disaster

[@LesterFinnister]

This video follows the impact of the Biden Inflation Reduction Act on the global economy. Very interesting and informative!

[@julitaalbertramdhari4247]

If China can do it so can we in America I have alot of confidence in Americans .

[@myCSRawag]

Hi FT, I have been watching FT Film on KZbin since very long. I find the discussions very insightful and very comprehensive. I, like many Indians, do not recognize the participants in such Videos. It will really help us all understand the context better if you keep on showing the names and organizations or country of the speakers and participants in such FT Film videos. Thanks Vikram Shah, Ahmedabad, Gujarat, India

[@noneofyourbizness]

so, competition between nations/regions based on R&D/tech innovation will take over from: 'who can find the world's most exploitable workforce and environment' ? sounds bloody good to me.

[@DirkusTurkess]

Why not both?

[@havenless3551]

@@DirkusTurkess Unless you're the CEO of a billion dollar corporation, why would you support manual laborers being exploited?

[@arthas640]

It's not just about wages but also about things like infrastructure, taxes, legal security (like respecting trademarks and enforcing legal contracts/agreements fairly), ease of doing business, and politics (to a degree). The turn away from China isnt about rising Chinese wages but rather about legal security and politics since China is famously shameless about stealing tech and ideas, and shameless about protectionism by blocking or discouraging companies from doing business within China, favoring Chinese companies above foreigners, and by heavily supporting exports at below market costs to kill competition.

[@israelgaladima292]

true

[@jamesadams8595]

America please remember this day and what president Biden and Harris has done with the inflation reduction act bill, we are getting things made in this country. Those wind turbines are energy efficient and the solar panels will work toward the climate change goals we’re aiming for. But now we need to know what trump and his administration will do to continue following IRA.

[@michaelmurphy5003]

One of the best lines in this presentation was 'what happens when the subsidies run out, do you just keep paying them forever or do you end up with a bunch of white elephants'

[@kimhorton6109]

That’s exactly what’s happening with oil. They are, and have been for some time, making $$$ hand over fist but the subsidies continue.

[@GrabASpriteB]

Hopefully the U.S. can make some major change in domestic manufacturing. The U.S. was at the height of innovation, income, and satisfaction when U.S. manufacturing was at its peak. People could buy a new house, a car, and send their children to college on a single salary because the middle class was backed by strong U.S. manufacturing. This is the reason things "aren't built like they used to" because we outsourced everything to third world countries with poor quality control, but rock-bottom prices. Now it's blowing up in our faces.

[@wintermonroe2894]

💯💯💯

[@PedroLopez-rw7qw]

The world is sure changing and the IRA would imply a higher degree of opposition between western values and principles and those of non-democratic regimes. Governments in the developing world ought to be taking note and acting accordingly. Excellent documentary, thanks!

[@richardwich9330]

Yeah-the usa...

[@GarretKrampe]

The IRA ? Aren't they still burning their lips on the exhaust pipes of London Buses ?

[@r.s.4174]

The USA is a democracy? Just on paper.

[@Lo-to7zh]

Democracy does not exist , some countries are just very dictatorial and authoritarian

[@tiglishnobody8750]

Why me as Irish using IRA remind me of something else?

[@cathysamborn4709]

Fantastic piece of journalism. Good job.

[@monikarani4471]

I ❤ U . S . A .

[@firstlast8258]

Gawd bless Murica 🤓 🖕

[@ReijiMoritsugu]

23:15 ah the “give me your natural resources and we will help you fix the problem we cause” good argument

[@Chairman-w7q]

Here’s the thing…it needs to happen! Look forward together but don’t look back in frozen fear.

[@bereal6590]

Personally, I think Biden is a damn genius. His presidency has been one of the bst!

[@johnhale6320]

GE General Electric (GE) is a multinational conglomerate that manufactures products to serve many industries, including renewable energy, aviation, healthcare, and appliances. The appliances division of GE was purchased by the Chinese-owned Haier company in 2016. Four years prior, the same company acquired the New Zealand appliance maker, Fisher & Paykel. When the Haier company acquired GE, they wisely retained the right to use GE brand names through 2056. Today, Haier manufactures GE, Hotpoint, Cafe, Profile, and Monogram branded household appliances. Question. How do you seperate us from China when US owns a lot of the China Companies and a lot of the China companies own USA companies?

[@rapidsqualor5367]

Many of these Chinese industries were created as a jobs program. Many are not subject to the discipline of the marketplace. I think China is going broke. Belt & Road doesn't seem to be going anywhere. China has over 700,000 empty apartments. People loosing their bank deposits. Orders are falling. When it happens the leadership may try to distract the public with a military action. Even without a war they could fall from internal problems and financial collapse. Historically, what private industry in country stays in country eg American hotels in Havana. My point is the IRA recognizes this problem of dependence.

[@hi4806]

@@rapidsqualor5367China will not collapse, Russia will not collapse, and the American media are basically nonsense. The United States can't even handle Yemeni armed forces in the Red Sea, and its allies don't participate in military activities.

[@WarPigstheHun]

Globalisation isnt going away completely. That's impractical. We're just fixing the imbalance in loss of in house manufacturing.

[@Phlegethon]

"China is the largest polluter, US is second"....China also eats way more food than the US and drink more water....take a guess why.

[@G-Man-half-life]

Actually China, India, and several countries in Africa are the biggest polluters not us Americans

[@vitolarussa]

Love how the trailer for Freyr's "clean energy factory" in Georgia shows them demolishing an old growth forest.

[@sirrathersplendid4825]

Same is happening everywhere. Wind farms are the worst culprit.

[@aaroncabatingan5238]

Based

[@silverado7253]

Clean energy is a scam

[@reichjef]

The goal is to continue to be economically dominant. China is currently hitting a middle income gap, and the Western markets are working to avoid economic contamination. Western markets did the same thing when Japan entered the middle income gap at the beginning of the lost decade. It’s just much more substantial now because of the growth of globalization since the 1990s.

[@LesMiserables999]

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

[@something1351]

Nafta

[@tc-tm1my]

US has a ton of raw minerals they haven't dug out of the ground yet. America can become a powerhouse in manufacturing and innovation again.

[@jillmaxwell4259]

Since corporations are making HUGE profits AND raising the prices of groceries and goods, arent our inflated prices directly caused by corporate greed?

[@andrewli1519]

Yeah...cause they know either way that ppl will still buy the goods, even though it a little more expensive...and been slowly shrinking the size of their products so they think u wouldn't notice and then use the tagline "+25% more" or "bonus" or whatever...at the end of the day, it's all money monrey money for them

[@Bigbirdreese1600]

Absolutely people will continue to buy these overpriced goods. Prices will never come down whoever the next president is ,inflation continues to decrease.. Corporate greed at its finest..😂😂😂

[@edjones3410]

The name "inflation reduction act" is laughable, printing government money from increasing debt to fund a manufacturing boom while there is a shortage of labour. Its only going to make inflation worse.

[@lexpox329]

If they balanced the budget while doing this I would maybe support it.

[@tc-tm1my]

Immigration exists. A tight labor market isn't an existential challenge for the US like it is for China.

[@jacobgates1986]

YES, BRING BACK MORE FACTORIES JOBS TO AMERICA, THIS IS GOOD.

[@priyadarshansengottaiyan2091]

Great job @FinancialTimes well documented I appreciate it.

[@sparis1970]

7:01 "$2.6B dollars investment creating 700 jobs..." That represent a $3 714 285 cost PER JOB !!!! WTF !!!!

[@strategystuff5080]

Why is protectionism treated as a dirty word? ITS GOOOD, it means your own market isn't flooded with cheap chinese and indian products, that are often lower quality or don't respect copy right. its keeps jobs and skills in your country. and makes you politically strong against foreign pressure economically.

[@truetonorth]

"80% of the money is going to Republican districts". There is a party in this country that creates policy to benefit all Americans, as opposed to giving larger tax breaks to the ulta wealthy.

[@annmarieknapp]

This should be viral. Our dependence on other countries is actually dangerous for our economy.

[@nunyabiz1771]

The United States is actually 100% capable of having a 100% insular economy and that would be great for us and I hope it happens and I hope somebody comes into office that has the balls to make it happen because we have all of our own natural resources and we have all enough people to do it and we can do anything we want

[@paulcasey5204]

Cloud cuckoo land. Did you watch the last 5 minutes?

[@rikulappi9664]

Most viewers probably didn't get you are 100% joking.

[@samuraijack1371]

HR is one of the most useless depts of any company.

[@aidandavis_]

This is some great journalism. Amazing!

[@keatongroom]

I am so happy to hear this. This is incredibly good news amongst all the bad news one hears out there!

[@pratikkatkar7885]

Wow america is back like 70 and major industrial power ,midwest, rust belt begin new make over is incredible

[@joefish6546]

The conflation of policies aimed to 1. boost domestic manufacturing and 2. encourage a transition to low-carbon energy generation is a good example of why modern day policy making is so dominated by public perception/PR.

[@israelgaladima292]

true

[@tracygresham4869]

FYI. Biden kept all of the tariffs.

[@jimsimonetti2929]

permitting reform is another huge piece of legislation that needs to be passed or a lot of this money is going to be eaten up by lawyers and consultants and not construction and factory workers.

[@arthas640]

Yeah some states, especially those on the west coast, are insane. I work construction and know people who work across the US and sometimes we on the west coast face insane permitting problems. For example I worked with a contractor who operated in almost all of the lower 48 states and he said it was easier building in New York City (pop 20,000,000) then in Olympia Washington (population 55,000). They force you to follow all kinds of redundant regulations, have pointlessly bureaucratic applications, and even inspectors admit their job is as much about increasing state revenue through pointless fines as it is about actually regulating things. In the last few years for example the housing crisis has been exasperated by permitting issues making it difficult to build homes or turning houses into duplexes or other multifamily dwellings so people have to get creative and rather then building a house they spend the same amount to build a smaller shed or garage that they then convert to a dwelling semi-illegally. Many builders, rather then turning large yards into dense housing will realize it's not cost effective or sometimes even possible so they focus on improving the property value through wasteful things like adding garages, remodeling the home, and more landscaping so you wind up with big unused chunks of land where you could have another house. Tons of pointless red tape, many cities have their own permitting departments the rely on software from the 80s and 90s and require a lot of wasted time and effort.

[@tc-tm1my]

Probably why most projects went to red states

[@rokasbarasa1]

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.

[@NukaEatsPepeni]

so nice to see a promoter of the EU speak about eastern Europe as if they're third world countries, your words are the reason why the EU is a failure.

[@rokeshp2638]

The sarcasm

[@johnpatrick1588]

Who doesn't love public money for their private businesses and their personal bank accounts? Who loves no accountability when they go bust after sucking up that free money?

[@kaymish6178]

I love it. I had investments with a couple of companies that produced nothing didn't provide any services, but the c suite all had contacts in the government and were skilled at making grant applications. About 50% of the subsidy money was paid out to us stock holders and the rest was split between performative work and getting more grants and subsidies.

[@digitaldemocracyai-rob]

They still have to pony up their own money

[@matteosfrisi1586]

Amazing production, thank you!

[@robdeep19]

This was a really informative piece. Thank you FT! Also, loved the montage of past US Presidents at the end, subtle 😂

[@silverXnoise]

I haven’t looked, but I’m faithful that this comment section is full of productive, cogent discussions between sober and informed academics and enthusiasts who aren’t driven by manipulative agendas and tragic assumptions.

[@RobertLeather]

1:10 And by "Funded by the Federal Government" he actually means "Funded by US tax payers"

[@glassmuxxic]

Tax receipts from individual taxpayers and income taxes make up about 51% of total receipts. Regardless, if folks don’t want taxpayer money to be used to back domestic manufacturing, fine - they just lose their right to complain and whine when competitor nations don’t indulge in free market voodoo and start out-competing them.

[@goula6053]

Oh wow you must be so clever. I bet no one else has yet realized that all the money the government spends is from taxes

[@JohnJones-k9d]

Foreign debt you mean

[@deniceeverham9467]

Thank you excellent information.

[@kriterium123]

Love the content of the FT ❤

[@ValMartinIreland]

You think no one thought of this scam before.

[@gregoryabbot420]

I thought THIS was what the rich people were supposed to be doing with those budget-busting tax cuts they'd been getting for decades? Looks like they actually WERE just hiding most of it away. Who would've thought they'd be so short-sighted and greedy?

[@GJ_DM]

Everyone is talking about the "end of globalism". It's the end of unilateral, US imposed neoliberalism on the globe. The US was happy to export it's industrial base to other countries so long as they were politically weak and subservient to US influence. The rise of China, a defiant, politically independent manufacturing power house suddenly threatens US domination in any market it chooses to dominate. Japan threatened the US in a very similar way in the 1980's, however it was never a real threat to US domination as it is politically subservient to the US. The US simply made the Japanese sign the plaza accords, effectively shooting themselves in the foot. China will never agree to such unilateral agreements with the United States, and now the US seeks to undermine and destroy a competitor to it's dominance in an imperial system set up to serve one country. Globalism happily cracked open global markets, however conveniently never mentioned was that globalism cracked open global markets specifically to AND for US corporations, with the backing of the US State Department and military. Any global US company could easily outcompete a foreign competitor either by use of greater access to capital, military force, and political subversion. If European industries came up with a new way to manufacture something, US corps. would simply steal the process and quickly patent it in the US, shutting out the foreign company from US dominated global markets. China is largely immune to these financial and economic tricks, and is thus why the US suddenly now is putting up economic protectionism across many sensitive industries. Tesla is beginning to beg for protections from Chinese EVs. They simply fear the capital, labor and political leverage china now wields in the same way Yugoslavian auto manufacturers feared the US car industries from leveraging on them. Globalism was all fun and games for the United States when we were the sole dominating force in the world, but that is no longer the case, and now, the magical term "globalism" leaves a bad taste in the movers of capital within the US. Our imperial edge is dulled.

[@tc-tm1my]

Chinese goods are substandard and cheap. They only benefit China. US isn't the only country opposing China dumping cheap goods on the global market. Plenty of developing countries oppose it as well.

[@LoisPickren]

Your video completely answered all my questions about trading. Thank you for sharing information for new traders.🐩

[@skillfulpeople]

The Financial Times staff has put together a great do documentary on the Inflation Reduction Act, which shows the talent of its people. The act wisely focuses on revitalizing the energy transition (under the motto "America first"), thus addressing the war against climate change, unemployment, and a economic model that leaves globalozation behind. It is really great to live in the US during these times because it is a "fundamental shift" in the way americans were running the country. Ť

[@wildthings980]

Georgians better vote BLUE to keep this progress going!

[@silverado7253]

It would have never happened with out Trump. The Obama/Bidung administration said the jobs weren’t coming back. So I’ll take my chances with Trump, I rather have less illegal aliens and less woke ideology.

[@Yeeha494]

@@silverado7253 neither of those things trump’s stopping. He’s gonna cut taxes, not help you or anyone you know, and those immigrants are stopped by border police, nothing Trump does about it. Just like his wall, it’s empty promises and no one benefits except billionaires who get your tax money in bailout and benefits. Remember besos paid less in taxes than you and me.

[@hapwyatt4550]

@@silverado7253 Trump said he is going to end the Investment Reduction Act and the CHIPS and Science Act. The IRA and CHIPS are focused on green energy manufacturing among other manufacturing. . Trump is turning back all green energy advancements including manufacturing, That's why Trump said drill baby drill at a recent campaign event. We need the IRA and CHIPS act to make the US idependent of key military and economic materials. Taiwain is has the top 5 chip manufacturing plants in the world. Our tanks and planes and ships and missles operate off of CHIPS. The BIden Administration created over 850,000 manufacturing jobs in less than four years. I want to keep that going. Harris will keep it going and expand it.

[@envixousenvixous5411]

@@silverado7253 We can already barely fill our factory jobs, and we have people who are willing to come here and work hard to help feed their families back home... so your idea is to deport all the hard workers who are willing to do these jobs and fill them with who exactly? We already are struggling to fill those jobs. You can't want to bring factories back to the U.S. AND want to deport 11 million people who are the ones willing to work those jobs to help take care of their families.

[@hugovargas7411]

I am an electrician and we are finding it really hard to find workers in our industry so we are in need of workers can’t keep up!

[@Fellowtellurian]

Summary: The rich sent jobs overseas to save money and increase THEIR profits, not the workers. When they realized that they did not have political influence in China, they moved to SE Asian. When they realized years of sending jobs overseas meant their political influence in the US was fading because they offered the American voter and the worker no real benefits, they switched course and said we will move back to the US but ONLY if you give us a TON of subsidies which we will use the create more profits for ourselves and minimize our payroll costs to the bare minimum we can get away with will keeping the worker engaged with us. What the US should have done was tax imports into the US economy and then redistributed those profits as a guaranteed universal basic income. This would give the American consumer buying power and the corporations in SE Asia would want to sell to them. This would leave the power in the hands of the people and not in the hands of a few rich people.

[@visvamkandadaisrinivasan5190]

Tariffs are one of the worst systems which historically only raise prices. While I'm no fan of subsidies as a whole, it certainly is better than tariffs.

[@Fellowtellurian]

We need to decide as a country what the role of an economy is. Is it to make the world developed and ensure all people on this earth have housing, food, water, etc or is it to make the rich nations richer and the rich in those nations disgustingly rich. A tariff would indeed raise prices on goods but downward pressure on price through competition would mean the companies would HAVE to eat into their profit margins. The benefit of the government being able to redistribute tariff funds to the lower and middle class would mean those that consume more, would lift up those that cannot keep up. Consumption SHOULD be taxed because we don't want rampant consumerism. @@visvamkandadaisrinivasan5190

[@JongJande]

The corporations that are coming back get nice new factories paid by the tax payer (which is you). The profits of the new factories are for the corporations (which is not you). You may work in the factory so that you earn money so that you can pay taxes ..... The corporations laugh their heads off ...

[@sirrathersplendid4825]

Universal Basic Income is a deeply flawed idea. The few studies that have been done suggest a large potentially productive slice of society simply leaves the workforce permanently.

[@sirrathersplendid4825]

@@Fellowtellurian- That is pure utopian thinking. It’s hard enough for a single country to balance its budget without having to distribute its profits ‘fairly’ among more than a hundred poorer nations. If there were a way to tackle the obscene disparities between company CEOs and ordinary workers that might be a valid and worthy objective. Countries like Sweden and Norway have managed to do so.

[@wilhelmvanbabbenburg8443]

Well, as a European I must say Europe deserves the tough times is heading towards... With such an incompetent economic and political elite.

[@Sq7Arno]

A big part of it is throwing more money at state industry, the right industries, and through it state politics, than fossil fuel companies do. Europe wants the situation to be controlled. It does well in a global context that it can slowly and carefully find it's own niche in. You can't blame them for it. It works for them. You can't blame them for not liking the IRA. It doesn't work for them. But, it is what it is. Action is needed, for several reasons, and the European comfort zone does not leave the rest of the world much space to maneuver in to start with. Certainly not enough room to take effective action in. At least the IRA is a rational move, and not inherently intended to be adversarial towards Europe. That's fair game.

[@noneofyourbusiness5326]

Investing in intermittent power without storage is a Quixotic quest. Germany presently has 4 times the nameplate of Intermittent energy production, but in only account for half of all the actual electricity production. If it not for the ramping up of natural gas and coal generation of electricity in Germany (plus last year's very mild winter) the German economy would have completely collapsed. Solar and wind generally produce electricity when it is least needed (during the day and in the warm seasons) and collapses the it is most needed (at night and in the winter).

[@Stargate2077]

Then they should build and install grid scale batteries.

[@mshepard2264]

I use more power in the summer than the winter but all this does depend on location. Grid scale flow batteries could work.

[@pfefferle74]

The EU should start heavily subsidizing its chip industry then. If the US wants to start protectionism in green energy technology, we should make ourselves independent from Intel, AMD and Nvidia's dominance.

[@lisaa2104]

Yes, and while I believe in free markets, I am against extreme forms of free markets: I see nothing wrong with each geo to have essential manufacturing capabilities for their own security. & ultimately, China has become so strong in certain areas such as clean tech precisely due to subsidies and industrial planning. Free market is best except for emerging/critical technologies to a country’s security.

[@Kaiserboo1871]

@@lisaa2104 There is a reason every major power in the world subsidizes its own agriculture. That’s because domestic agriculture is necessary for its own security. We are starting to apply that logic to other areas as well.

[@Spoon80085]

Obviously solar has its own set of advantages, mainly in its ridiculously low life time energy costs, but I still think the dismissal of Nuclear as a genuine solution to the fossil fueled energy grid is ridiculous. Its carbon neutral, cheap and easily scalable, yet it was media'd into extinction. The problems in solar are with the storage of that energy. You can generate a lot of power for effectively free half the time, which can put *immense* strain on a power grid unless you have gigajoule scale energy storage, which we simply don't have now. If we were able to produce solar at the scale and price to outfit the majority of the population, and we have a robust storage solution (whether that be solid state batteries, electrolysis, or water pump) *then* it would be an actual bulwark against climate change. As it stands, however, it still feels like a woefully outdated view on green energy.

[@zztissue8159]

Good luck not being the ‘largest emitter’ once you stop outsourcing your manufacturing to China

[@bumpy783]

China is the world’s largest emitter.

[@zztissue8159]

@@bumpy783 China can stop being the largest emitter... if you're willing to walk around the street buck naked, have no furniture, electronics, or pretty much anything other than a car and an empty house.

[@benlamprecht6414]

Thanks for an excellent video. Please produce MUCH more on the topic of USA, or more accurately, North American plus USA Allied countries re-industrialization

[@Kingston7591]

It'd have been better to have people from US who hold opposing view in the video, instead of just having the thoughts of companies who are the beneficiary of this act. Of course they gonna praise it, because it throws billions at their face

[@laujack24]

delusional, why would the american people opposing this. all the factory gets build r hiring local american and they paid well vs being a waiter or working at mcdonald. company will benefit, workers will also get benefit and us will finally get its own independent supply chain from china. its a pretty good deal for every one, its not like other countries dont want to do what us does, they just lacks the capital to even attend this. do consider there r now 2 active war going on in the worlds one in europe, one in middle east with possibility of another one in not so distence future in asia (taiwan). we dont live in that peaceful world any more, time to prepear for the worst.

[@lembafranck3490]

THE MAGA BUNCH WHO VOTED AGAINST BUT RUSH TO be seen at the rubbon cutting ?

[@Peterl4290]

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?

[@larrypaul-cw9nk]

I would avoid index funds, mutual funds, and specific stocks for the time being. Right now, the best option is a fixed income of five percent. Put money aside for the times when the market really starts to bounce back.

[@Mrshuster]

I wholeheartedly concur; I'm 60 years old, just retired, and have about $1,250,000 in non-retirement assets. Compared to the whole value of my portfolio during the last three years, I have no debt and a very little amount of money in retirement accounts. To be completely honest, the information provided by invt-advisors can only be ignored but not neglected. Simply undertake research to choose a trustworthy one.

[@sabastinenoah]

Could you kindly elaborate on the advisor's background and qualifications?

[@Mrshuster]

Her name is Annette Christine Conte can't divulge much. Most likely, the internet should have her basic info, you can research if you like

[@sabastinenoah]

Thank you for this Pointer. It was easy to find your handler, She seems very proficient and flexible. I booked a call session with her.

[@simoncrooks7441]

Thanks, very informative