President Joe Biden visited Philadelphia, Pennsylvania, on Friday to promote his economic plan, Bidenomics, and announce new investments in clean hydrogen hubs as part of his effort to achieve net-zero emissions by 2050.
The president spoke at the Tioga Marine Terminal, Philadelphia’s largest multi-purpose cargo handling facility. During his speech, he highlighted the value his administration places on “clean manufacturing” initiatives and jobs.
“Today’s announcement is transformational,” President Biden said. “And as a result, I truly believe this country is about to take off.”
The Biden administration announced $7 billion in funding for seven hydrogen hubs as part of the Bipartisan Infrastructure Law of 2021 to help speed the domestic hydrogen market.
The initiative will raise the total public and private investment in hydrogen hubs to about $50 billion, making it “one of the largest investments in clean manufacturing ever,” according to the White House.
Seventeen states, including Pennsylvania, will benefit from this investment.
“Taken together, emission reductions from these hydrogen hubs will be the equivalent of taking 5.5 million gas-powered vehicles off the road,” President Biden said. “Hubs are just one example of what we’re doing to rebuild America for all Americans.”
He also compared his investment projects to FDR’s rural electrification effort and President Eisenhower’s effort to build the Interstate Highway system.
He lauded the investments made during his administration in more than 38,000 projects spanning 4,500 communities nationwide.
Some critics, however, argue that these are wasteful subsidies. The Economist magazine, for example, recently called President Biden’s industrial policy a “mistake” as it’s “luring manufacturing with subsidies.”
It argued that Europe should avoid copying Bidenomics because these state handouts “will waste money and, over time, encourage firms to compete for subsidies rather than customers.”
During his speech, President Biden defended his policies, claiming that federal investments attract private-sector investment.
“It used to be an argument that you couldn’t have industrial policies dictated by the government,” he said. When the government “invests in America and the American people, guess what? The private sector jumps on really quick.”
The seven selected regional clean hydrogen hubs will spur over $43 billion in private investment and create tens of thousands of union jobs, according to the White House.
Inflation and the Middle East
During his speech, President Biden also touted his administration’s economic policies. However, inflation has been a persistent problem under the president’s watch, and his approval rating has remained poor as a result.
The U.S. annual inflation rate came in higher than expected at 3.7 percent in September, according to government data released on Thursday. Monthly inflation rose by 0.4 percent, and rising shelter costs were the largest contributor, accounting for more than half of the increase.
President Biden’s visit to Philadelphia also comes as Israel is still reeling from last weekend’s surprise Hamas attack, which killed more than 1,000 civilians, including 27 Americans.
“The more we learn about the attack, the more horrifying it becomes,” he said at the start of his speech in Philadelphia. “They make Al-Qaida look pure. They’re pure evil.”
Secretary of State Antony Blinken and Defense Secretary Lloyd Austin both visited Israel to show U.S. support, he said.
“It’s also a priority for me to urgently address the humanitarian crisis in Gaza,” President Biden said. “We can’t lose sight of the fact that the overwhelming majority of Palestinians have nothing to do with Hamas or Hamas’ attacks.”
According to the White House, 14 Americans are still unaccounted for after Hamas attacks in Israel last week.
President Biden said that he spent more than an hour on a Zoom call speaking with the families of the Americans who are still missing.
“I assured them of my personal commitment to do everything possible” to bring them home, he said.
Naveen Athrappully contributed to this report.
From The Epoch Times
