As President Biden kicked off his “Invest in America” tour this week to highlight how his economic policies are benefiting Americans across the country and reinforce what’s at stake if MAGA Republicans in Congress get their way, new data shows the clear contrast in what these different agendas would mean for people in New York.
“President Biden’s Investing in America Agenda is delivering results — since the President took office in 2021, companies have committed over $48 billion in private sector investments right here in New York to create more good-paying jobs, rebuild our infrastructure, and more. Thanks to the leadership from Governor Kathy Hochul, Micron is bringing in an unprecedented up to $100 billion investment into New York State’s semiconductor industry with tens of thousands of new jobs on the way. Meanwhile, MAGA Republicans are pushing plans that would be a disaster for New York residents, endangering public safety and worsen public health, raising costs for families and students, and harming seniors and veterans. The contrast is clear,” said Chairman Jay S. Jacobs.
Thanks to President Biden’s Investing in America Agenda, companies are investing here again, helping to bring good-paying jobs back home, rebuilding our infrastructure, small businesses are booming, and more. Here’s a look at how the president’s agenda is delivering for New York:
Unleashing a private investment boom in New York:
- Micron is investing $20 billion this decade and up to $100 billion over twenty years in semiconductor manufacturing in Clay, NY, creating tens of thousands of good paying jobs.
- IBM is investing $20 billion in the Hudson Valley Region to expand quantum computing development and build out its semiconductor ecosystem.
- Anovion is investing $294 million to expand its battery-grade synthetic graphite manufacturing in Sanborn, NY, a key input into electric vehicles, clean energy storage systems, medical devices, and other industrial applications.
Rebuilding New York’s infrastructure:
- The New York State Department of Transportation will invest $55 million to cap approximately 4,100 feet of the Kensington Expressway (NYS Route 33) to help create greenspace and reconnect the community.
- Three school districts in New York City will invest $18.5 million to allow the purchase of 51 new clean school buses and help phase out diesel school buses.
- The Hudson Tunnel Project will invest $292 million to support concrete casing intended to preserve future right-of-way for the new passenger rail tunnel under the Hudson River. The overall Hudson Tunnel Project is an over $16 billion investment that will improve resilience, reliability, and redundancy for New Jersey Transit (NJ Transit) and Amtrak train service between New York and New Jersey.
- New York City will invest $110 million to redevelop the Hunts Point Terminal Produce Market, which is one of the largest food distribution centers in the country. The project will support the development of a new intermodal facility with expanded refrigerated warehouse space, EV charging stations for trucks and cars, and improve circulation and efficiency.
Getting New York Back to Work and Supporting New York’s Small Businesses:
- At the start of 2021, the New York unemployment rate was 8.5% and many small businesses had closed. Today, New York’s unemployment rate has dropped to 4.2% with 852,000 jobs created since the President took office. Meanwhile, the number of new New York business filings have hit new records, with 608,000 new business applications filed over 2021 and 2022. Emergency relief from the Biden-Harris Administration during the pandemic helped to keep open 9,768 restaurants and bars and 15,465 child care programs across New York, and is providing up to $502 million in funding to make new loans and investments in its small businesses through the State Small Business Credit Initiative.
Creating Clean-Energy Jobs and Combatting the Climate Crisis:
- Expanding electric vehicle opportunities, with millions of people in New York eligible for discounts on new or used EVs through the Inflation Reduction Act, which will be supported by networks of EV chargers across the state funded by the Bipartisan Infrastructure Law.
- Protecting New York against extreme weather, with historic investments for more resilient homes, businesses, and communities. In the last decade, New York has experienced 34 major extreme weather events, costing the state up to $18.5 billion in damages and often disproportionately affecting historically underserved communities.
- Supporting rural communities, by investing in climate-smart agriculture practices to help New York’s 33,400 farmers lead on climate solutions, and helping electric cooperatives that deliver cleaner and cheaper power to thousands of New York homes and businesses.
Lowering Costs for New York Families:
- Over 3,326,000 New York residents with Medicare will benefit from the $2,000 yearly cap on out-of-pocket prescription drug costs, a $35 monthly cap per insulin prescription, and free vaccines.
- 212,000 individuals in New York signed up for health insurance through the ACA Marketplaces during the Open Enrollment Period for 2023 and will benefit from up to thousands of dollars per year in savings from lower health care premiums.
- The average new homeowner in New York will save $212 annually — or 8.4% on their utility bills — if state and local governments use new grants to adopt the latest building energy codes.
- New York residents will be eligible to get 30% off solar panels, battery storage systems, heating and cooling upgrades, and weatherization, which can help them save hundreds of dollars every year on their energy bills. Over 220,000 additional New York households will install rooftop solar panels as a result of these new tax credits.
- Over 1.2 million New York households are able to access affordable high-speed internet through the Affordable Connectivity Program investments made as part of the President’s Investing in America agenda.
- Over 137,000 students are getting help connecting to the internet from their school or library.
Meanwhile, MAGA Republicans are demanding reckless cuts while pushing trillions in deficit-increasing tax cuts skewed to the super wealthy and big corporations. In New York, extreme MAGA House Republican plans could:
Endanger Public Safety and Worsen Public Health:
- Cut 330 Rail Safety Inspections in New York. At a time when train derailments are wreaking havoc on community safety, extreme MAGA House Republicans’ proposal would lead to 330 fewer rail safety inspection days and 690 fewer miles of track inspected in New York next year alone. Since the Norfolk Southern train derailment, bipartisan Senators have called for more rail inspections, not fewer.
- Deny 1,200 New Yorkers Admission to Opioid Treatment. The extreme MAGA House Republicans’ proposal would deny admission to opioid use disorder treatment for more than 1,200 people in New York through the State Opioid Response grant program—denying them a potentially life-saving path to recovery.
- Jeopardize Air Safety by Shutting Down at Least 5 Air Traffic Control Towers in New York. The Extreme MAGA House Republicans’ proposal would shut down services at at least 5 Air Traffic Control Towers in New York, and produce wait times of two hours or more at some large airports across the country.
Raise Costs for Families and Students:
- Eliminate 17,000 Preschool and Child Care Slots in New York. The extreme MAGA House Republicans’ proposal would mean 11,800 children in New York lose access to Head Start slots and 5,200 children lose access to child care—undermining our children’s education and making it more difficult for parents to join the workforce and contribute to our economy.
- Strip Food Assistance from 736,000 New Yorkers. MAGA Republicans are threatening food assistance for up to 610,000 New Yorkers with their proposals for harsh new eligibility restrictions in SNAP. The extreme MAGA House Republicans’ proposal would also mean 126,000 million women, infants, and children would lose vital nutrition assistance through the Women, Infants, and Children (WIC), increasing child poverty and hunger.
- Make College More Expensive for 397,600 New Yorkers. The extreme MAGA House Republicans’ proposal would not only eliminate Pell Grants altogether for 5,000 students in New York, it would also reduce the maximum award by nearly $1,000 for the remaining 392,600 students who receive Pell Grants—making it harder for them to attend and afford college.
- Raise Housing Costs for 67,300 New Yorkers. Under the extreme MAGA House Republicans’ proposal, 67,300 families in New York would lose access to rental assistance, including older adults, persons with disabilities, and families with children, who without rental assistance would be at risk of homelessness.
Harm Seniors and Veterans:
- Worsen Social Security and Medicare Assistance Wait Times for 4.1 million New York Seniors. Under the extreme MAGA House Republicans’ proposal, people applying for disability benefits would have to wait at least two months longer for a decision. With fewer staff available, 4.1 million seniors and people with disabilities in New York would be forced to endure longer wait times when they call for assistance for both Social Security and Medicare.
- Threaten Medical Care for New York Veterans. The extreme MAGA House Republicans’ proposal would mean 60,600 fewer veteran outpatient visits in New York, leaving veterans unable to get appointments for care like wellness visits, mental health services, and substance disorder treatment.