On the anniversary of President Joe Biden signing the CHIPS and Science Act into law, the Trump-Vance ticket is still running on a failed MAGAnomics agenda that would hurt working families. In response, DNC Rapid Response Director Alex Floyd released the following statement: 

“Thanks to President Joe Biden and Vice President Kamala Harris, the CHIPS and Science Act is making us a global leader in cutting-edge technology while  helping create thousands of good-paying jobs for the American people. But the Trump-Vance ticket is running to bring back the failures of Donald Trump’s first term — offshored jobs, tax giveaways for the ultra-rich on the backs of working people, and a devastated economy. Voters know Trump and Vance’s talk about good jobs for working families is just lip service – and when it comes to getting things done for the American people, it’s Democrats who actually deliver.”

Donald Trump broke his promises to hardworking Americans: He rigged the economy for the ultra-rich, jobs were offshored, and he ballooned the deficit. 

The Guardian: “Donald Trump’s $1.5tn tax cuts have helped billionaires pay a lower rate than the working class for the first time in history.”

CBS News: “Two years after Trump tax cuts, middle-class Americans are falling behind”

Bloomberg: “The Offshoring of U.S. Jobs Increased on Trump’s Watch”

Wall Street Journal: “President Trump’s trade war against China didn’t achieve the central objective of reversing a U.S. decline in manufacturing, economic data show, despite tariffs on hundreds of billions of dollars of Chinese goods to discourage imports.”

Detroit Free Press: “Trump, tweets couldn’t save U.S. auto jobs in 2017”

Washington Post: “Trump promised ‘America First’ would keep jobs here. But the tax plan might push them overseas.”

Washington Post Analysis: “One of President Donald Trump’s lesser-known but profoundly damaging legacies will be the explosive rise in the national debt that occurred on his watch. The financial burden that he’s inflicted on our government will wreak havoc for decades, saddling our kids and grandkids with debt. The national debt has risen by almost $7.8 trillion during Trump’s time in office… The growth in the annual deficit under Trump ranks as the third-biggest increase, relative to the size of the economy, of any U.S. presidential administration.”

Politico: “The nation’s fiscal outlook looks ever bleaker, thanks in part to deficit spending during President Donald Trump’s first term, Congress’ nonpartisan budget scorekeeper projected Tuesday.”

CNN: “Trump told GM workers he could save their plant, but it’s gone for good”

“The President cast himself in 2016 as a savior for workers, taking the unusual tack of publicly pressuring corporations like Carrier into changing their plans for moving or changing production. But despite months of demands, Trump has been unable to get GM to keep jobs at Lordstown…

“Manufacturing activity in September [of 2019] fell to its lowest point in a decade. The Rust Belt states of Wisconsin, Pennsylvania and Michigan, which Trump flipped, have all lost manufacturing jobs since June. Many of those jobs have moved overseas.”

With a record like that, it’s no wonder Trump left office with the worst jobs record in modern American history.

Fortune: “Trump to leave office with the worst jobs record since Herbert Hoover”

Washington Post: “President Trump took office at the crest of the longest economic expansion in U.S. history. He leaves presiding over the worst labor market in modern U.S. history, as an already-sputtering economic recovery has turned negative.”

Bureau of Labor Statistics: When Trump left office, there were over 170,000 fewer manufacturing jobs than when he started.

Now, Trump-Vance ticket has a Project 2025 agenda that includes giving handouts to the ultra-wealthy and big corporations (again) at the expense of working Americans and risks supercharged inflation.

Trump: “You’re all people that have a lot of money … You’re rich as hell. … We’re gonna give you tax cuts.”

Vanity Fair: “Donald Trump Wants to Give His Favorite Corporations Another Giant Tax Cut in a Second Term: Report”

Vance: “I’ve reviewed a lot of [Project 2025]. There are some good ideas in there.”

Axios: “Sixteen Nobel prize-winning economists are jumping into the presidential campaign with a stark warning: Former President Trump’s plans would reignite inflation and cause lasting harm to the global economy if he wins in November.”

Project 2025: “The corporate income tax rate should be reduced to 18 percent.”

The Atlantic: “Trump’s Plan to Supercharge Inflation”

Here are just some of the ways the Biden-Harris administration’s CHIPS and Science Act is investing in America and strengthening our economy:

• Invested about $53 billion to encourage American leadership in the semiconductor manufacturing industries. Dozens of companies have committed to nearly $400 billion in total semiconductor investments across the country. 

• Two years ago, the U.S. produced none of the world’s most advanced chips. Now, it’s home to all five of the world’s leading-edge logic, memory, and advanced packaging providers in just two years — putting us on track to produce nearly 30% of the global supply by 2032. 

• CHIPS-funded projects are creating more than 115,000 good-paying construction and manufacturing jobs while establishing workforce pipelines for related industries across the country.
  
• Unleashed funding to help small businesses explore innovative ideas and the commercial microelectronicsmarketplace.