President Biden signed an executive order on the 25th of January that was intended to strengthen the Buy American Act and bolster manufacturing efforts in this country.
On Wednesday, February 10th from 2:00 to 3:00 p.m. (ET), REMI CEO & Chief Economist Frederick Treyz, Ph.D. and business development representatives Carson Poling and Julia Wacker will be hosting “Buy America and American Manufacturing,” our upcoming webinar that examines how buying American can impact the nation’s economy. During this presentation, they will use our Policy Insight model to evaluate the long-term, dynamic economic impacts of Biden’s executive order as they analyze the benefits and trade-offs across the entire economy.
The Buy American Act requires the United States to contract with U.S. businesses whenever possible. By increasing the required threshold for how much of a product must be made in the U.S. to qualify as “Made in America” and changing how domestic content is defined and measured, the Biden administration aims to close loopholes and allow for direct federal spending on American goods and services.
Administrative officials have said that “when we use taxpayer money to rebuild America, we buy American and we support American jobs.” However, critics of the executive order claim that positive impacts to American production and manufacturing will be minimal when compared to the increase in costs to taxpayers and the federal government caused by this policy.