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Every Administration says they’ll do it, but we are actually doing it.
We will buy American to make sure everything from the deck of an aircraft carrier to the steel on highway guardrails are made in America.
But to compete for the best jobs of the future, we also need to level the playing field with China and other competitors.
That’s why it is so important to pass the Bipartisan Innovation Act sitting in Congress that will make record investments in emerging technologies and American manufacturing.
Let me give you one example of why it’s so important to pass it.
If you travel 20 miles east of Columbus, Ohio, you’ll find 1,000 empty acres of land.
It won’t look like much, but if you stop and look closely, you’ll see a “Field of dreams,” the ground on which America’s future will be built.
This is where Intel, the American company that helped build Silicon Valley, is going to build its $20 billion semiconductor “mega site”.
Up to eight state-of-the-art factories in one place. 10,000 new good-paying jobs.
Some of the most sophisticated manufacturing in the world to make computer chips the size of a fingertip that power the world and our everyday lives.
Smartphones. The Internet. Technology we have yet to invent.
But that’s just the beginning.
Intel’s CEO, Pat Gelsinger, who is here tonight, told me they are ready to increase their investment from
$20 billion to $100 billion.
That would be one of the biggest investments in manufacturing in American history.
And all they’re waiting for is for you to pass this bill.
So let’s not wait any longer. Send it to my desk. I’ll sign it.
And we will really take off.
And Intel is not alone.
There’s something happening in America.
Just look around and you’ll see an amazing story.
The rebirth of the pride that comes from stamping products “Made In America.” The revitalization of American manufacturing.
Companies are choosing to build new factories here, when just a few years ago, they would have built them overseas.
That’s what is happening. Ford is investing $11 billion to build electric vehicles, creating 11,000 jobs across the country.
GM is making the largest investment in its history—$7 billion to build electric vehicles, creating 4,000 jobs in Michigan.
All told, we created 369,000 new manufacturing jobs in America just last year.
Powered by people I’ve met like JoJo Burgess, from generations of union steelworkers from Pittsburgh, who’s here with us tonight.
As Ohio Senator Sherrod Brown says, “It’s time to bury the label “Rust Belt.”
It’s time.
But with all the bright spots in our economy, record job growth and higher wages, too many families are struggling to keep up with the bills.
Inflation is robbing them of the gains they might otherwise feel.
I get it. That’s why my top priority is getting prices under control.
Look, our economy roared back faster than most predicted, but the pandemic meant that businesses had a hard time hiring enough workers to keep up production in their factories.
The pandemic also disrupted global supply chains.
When factories close, it takes longer to make goods and get them from the warehouse to the store, and prices go up.
Look at cars.
Last year, there weren’t enough semiconductors to make all the cars that people wanted to buy.
And guess what, prices of automobiles went up.
So—we have a choice.
One way to fight inflation is to drive down wages and make Americans poorer.
I have a better plan to fight inflation.
Lower your costs, not your wages.
Make more cars and semiconductors in America.
More infrastructure and innovation in America.
More goods moving faster and cheaper in America.
More jobs where you can earn a good living in America.
And instead of relying on foreign supply chains, let’s make it in America.
Economists call it “increasing the productive capacity of our economy.”
I call it building a better America.
My plan to fight inflation will lower your costs and lower the deficit.