HAMILTON – President Joe Biden vowed Friday that 3D printing technology would help restore factory jobs in the U.S. and lower inflationary pressures. He was traveling to an industrial Midwestern state to present his case to support the future of manufacturing.
The rise in inflation to a 40-year peak and the invasion of Ukraine by Russian President Vladimir Putin have created growing concerns about the economy. Biden is taking over the presidency because he believes that his policies on infrastructure and computer chips will create a more resilient economic system.
Biden stated, “The pandemic, economic crisis that we inherit, and Putin’s war with Ukraine have all demonstrated the vulnerability when you become too dependent on things made overseas.” “We have learned the hard lesson that inflation can be prevented if the supply chain collapses and sends prices skyrocketing every time there is a disruption.
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Biden visited United Performance Metals Hamilton in Hamilton to highlight the commitments of five top U.S. producers to increase their reliance on small- and medium-sized American companies for 3D printers. The program includes Honeywell, Lockheed Martin Martin, Raytheon (GE Aviation), and Siemens Energy (Simon Energy). The president visited the factory with executives.
3D printing has the promise that it can reverse the outsourcing of factory jobs, which could allow for more components to be manufactured in the U.S. According to Kearney, the technology could generate $600 billion to $1900 billion in economic benefit by enabling more domestic production.
The president also demanded that Congress approve a stalled Competition and Innovation bill. The Democratic president said that this bill was crucial for bolstering domestic manufacturing as well as solving a shortage of semiconductors that have delayed the production of life-saving medical equipment, smartphones, and other modern conveniences.
Biden’s Friday remarks included the words, “Pass the damn bill and mail it to me”.
Biden was seen in Ohio shortly after the results of its primary elections, where a seat in the Senate is up for grabs. Rep. Tim Ryan won the Democratic nomination easily Tuesday. He will face Republican JD Vance, author of “Hillbilly Elegy”, in Ohio. Ohio was 8 points behind former President Donald Trump during the 2020 election.
Raytheon and GE Aviation established a goal to reach 50% of all requests for quotations for products that use 3D printing and related technologies.
Siemens Energy pledged to target 20% to 40% externally sourced 3D printing parts. They will also work with 10-20 small and mid-sized firms to improve their capability. Lockheed Martin has committed to working with smaller suppliers in order to develop 3D printing as an alternative for castings and forgings. Honeywell will offer technical assistance, including part design, data generation, and post-processing, to small and mid-sized suppliers that it works with.
The problem with semiconductor chips has been increasing since major Asian chip factory factories were shut down by coronavirus-related lockdowns two years ago. It is possible that it will continue past this year, despite industry efforts to catch up with the demand.
While there is bipartisan support to increase domestic chip production in Congress, the Senate and House have to still negotiate differences.
In February, the House approved a version that would allow $52 billion to be granted and subventions to the semiconductor sector to increase U.S. manufacturing. This bill must be reconciled with the Senate version, which was adopted eight months ago.
The House Democrats included other priorities that raised concerns among Republicans about the bill’s cost and scope.
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The bill includes $ 8 billion for a fund to aid developing countries in adapting to climate change. $ 3 billion is for facilities to reduce the U.S.’s dependence on Chinese solar parts. $ 4 billion will be used to help communities with higher levels of unemployment than the national median. $10.5 Billion will be allocated to states for stockpiling drugs and medical equipment.