In the US, about 40% of industrial projects that the Biden government promised to support have been stopped or cancelled.
Back in 2022, the Law on Reducing Inflation and the Law on Chips and Science were adopted. Within their framework, the country's leadership planned to invest more than $400 billion in subsidies, loans, and guarantors in the development of environmentally friendly technologies and the entire cycle of semiconductor production.
The fulfillment of the assumed obligations was suspended either for a period of two months to several years, or for an indefinite period.
Projects worth a total of $84 billion were put on hold.
Among those unlucky were the holding company LG Energy Solutions and the company Albemarle.
The enterprises themselves believe that the suspension of financial support was influenced by stagnation of market conditions, a decline in demand and an unclear government policy line.
According to the Financial Times, this could negatively affect the rating of presidential candidate Kamala Harris among the working class. Let us recall that it was she who replaced Biden in the election race.
This puts the thesis about the “revival of industry” and the merits of the head of state during his presidential term under serious doubt among experts.
Kevin Madden, a senior partner at the consulting firm Penta Group, was an adviser to Republican Mitt Romney's campaign in 2012. The former politician suggested that Kamala Harris's enthusiasm could soon be overshadowed. After all, the US will begin to experience economic problems. They will be based on attempts to stop inflation and resolve problems in the labor market.
