Dear Friends,
The 119th Congress has begun and our 47th President has been sworn into office. This is probably a good time to take a moment to reflect on some of the many benefits President Biden and Congress delivered for South Carolina over the past four years.
President Biden’s Consequential Accomplishments
President Biden took office during a global pandemic that claimed the lives of 1.2 million Americans. Schools were closed, millions lost jobs, and families were isolated at home. The rollout of COVID-19 vaccines helped us return to our daily lives, but at a cost. The surge in economic activity drove up prices on everyday goods and led to increased mortgage, rent, and car payments. The war in Ukraine further destabilized the global economy, causing another spike in gas and food prices. Inflation soared globally.
Despite these challenging economic conditions, America’s recovery has significantly outperformed peer nations. President Biden’s American Rescue Plan jumpstarted the economy, helping maintain economic activity at pre-pandemic levels. As a result, the U.S. economy has seen substantial growth and investment compared to other advanced economies, which are falling behind their pre-pandemic trajectories.
In addition to navigating us through the pandemic, President Biden invested in America. Whether it’s the influx of new companies investing in our state, or the bold effort to improve our highways and bridges, or our mission to connect every home and business to the internet by 2026, South Carolina is on the path to its strongest economy in decades.
With the help of Governor McMaster in implementing many of President Biden’s initiatives, I have never been more optimistic about South Carolina’s future.
South Carolina’s Economy is Booming
During President Biden’s first three years in office, South Carolina’s economy experienced its fastest growth rate since at least President Clinton’s administration. A Bureau of Economic Analysis report predicts 2024 will be another strong year.
South Carolina has also seen record private corporate investment over the past four years. President Biden’s Inflation Reduction Act (IRA) and CHIPS Act made historic investments in electric vehicles, alternative energy, semiconductor research, and manufacturing. In partnership with Governor McMaster and his team, we worked diligently to take advantage of these new incentives.
As a result, companies have invested on average twice as much in South Carolina under President Biden ($8.3 billion a year) than under President Trump ($3.9 billion a year), which will result in 55,000 new jobs. A third of this new investment has been directed towards developments in rural communities.
Five of the six largest private investments in South Carolina are by companies benefiting from IRA and CHIPS Act incentives:
- Redwood Materials, cited the Inflation Reduction Act when announcing a $3.5 billion battery recycling facility in Berkeley County, creating 1,500 jobs — marking the largest private capital investment in South Carolina’s history.
- BMW is investing $1 billion in its Spartanburg facility, along with $700 million in a nearby battery plant to produce all-electric vehicles eligible for IRA EV tax credits.
- Scout Motors, the American car brand popular from 1960 to 1980, is reviving their iconic rugged SUVs and trucks by building fully electric models at a $2 billion plant outside of Columbia, with the potential to create 4,000 jobs.
- Birla Carbon announced plans for a $1 billion facility in Orangeburg to produce synthetic graphite for electric vehicles and energy storage.
- Albemarle Corporation alluded to the IRA in announcing a $1.3 billion lithium-ion battery facility in Chester County, which will create 300 permanent jobs and 1500 construction jobs.
Beyond South Carolina’s growing electric vehicle industry, the state is emerging as a leader in clean and alternative energy technologies.
- In 2023, the U.S. Department of Commerce selected the SC Nexus for Advanced Resilient Energy initiative as one of 31 regional Tech Hubs. This new Biden Administration initiative, funded by the U.S. Economic Development Administration, fosters collaboration between public, private, and academic partners to drive innovation in future technologies and strengthen national security.
- This past summer, SC Nexus became one of 12 Tech Hubs across the nation awarded funding by the Biden Administration to expand its research and development capacity into battery manufacturing, grid-enabled cyber operations, and grid emulation. The S.C. Department of Commerce estimates that over 14,000 new jobs will be created through these investments.
All this new private and public investment in South Carolina’s economy means that our products will be accessible to global markets. Thanks to a combination of state and federal dollars, in 2022 the Charleston Harbor became the deepest harbor on the East Coast, enabling some of the largest and heaviest cargo ships to dock in our state.
Rebuilding our Infrastructure is Real
President Biden’s Inflation Reduction Act (IRA) has significantly improved healthcare affordability for tens of thousands of South Carolinians.
- Through expanded premium tax credits, monthly premiums for healthcare plans available on the Affordable Care Act (ACA) Marketplace have been reduced. Four out of five ACA enrollees can now find plans for $10 a month or less, with some qualifying for $0 monthly premiums.
- The IRA expanded access to Federal Marketplace plans to higher income households, ensuring that no household, regardless of income, will spend more than 8.5% of their income on premiums.
- Insulin is now capped at just $35 per month for Medicare recipients, a move that prompted the three largest insulin manufacturers to lower their prices for all patients. Recommended vaccines are now free with Medicare prescription coverage.
- Starting this year, Medicare beneficiaries’ total out-of-pocket prescription drug costs are capped at $2,000 annually, no matter how expensive their medications are.
Further, in a landmark move, the Inflation Reduction Act took on the pharmaceutical industry by empowering Medicare to lower prices for common prescription drugs. In 2026, drugs like Farxiga, Jardiance, Stelara, Xarelto and others will be discounted up to 76%, and at least 15 additional drugs will be subject to price negotiations annually so long as the Inflation Reduction Act remains law.
These drug negotiations will not only save people money on their prescriptions but also save taxpayers $100 billion over five years.
Caring for our veterans
I have always believed that America has a sacred duty to care for the brave men and women we send into harm’s way. For too long, we fell short of fulfilling that commitment. Many veterans return home with serious illnesses that take years to manifest, making it difficult to establish a service connection required for VA healthcare and benefits.
Thanks to the PACT Act, signed into law by President Biden in August of 2022, these barriers to care have been removed for veterans exposed to burn pits, Agent Orange, radiation, and other toxins.
Honorably discharged veterans diagnosed with a presumptive condition who served in the Vietnam War, Gulf War, Iraq, Afghanistan, or any other combat zone after 9/11 are now eligible for VA health care and benefits. Additionally surviving spouses and dependents may qualify for PACT Act benefits
In under three years since its enactment, the PACT Act has delivered tangible results for our veterans:
- 1.4 million PACT Act claims have been approved.
- 391,352 newly eligible veterans enrolled in VA healthcare.
- 6 million veterans have received free toxic exposure screenings.
- In South Carolina alone, nearly 60,000 veterans submitted PACT Act related claims, with 8,741 newly enrolling in VA healthcare.
Our veterans swore to protect and defend our nation, and we swore to care for them upon their return. Visit www.va.gov/PACT or your local VA hospital today to determine if you are eligible for PACT Act benefits and services.
Supporting Our farmers
The past few years have been challenging for our nation’s farmers due to weaker crop prices, higher input costs, and damage from natural disasters. Last month, Congress passed and President Biden signed into law $10 billion in economic assistance to farmers producing eligible commodities and $21 billion in aid for farmers affected by hurricanes, droughts, wildfires, and flooding.
In addition to relief for producers, The Inflation Reduction Act established the Discrimination Financial Assistance Program to provide direct payments to farmers who were discriminated against in USDA farm lending. In August, President Biden announced that more than 43,000 eligible farmers, ranchers, and forest landowners nationwide received direct payments averaging $82,000. According to the USDA, 1,371 eligible South Carolinians received $54.5 million in direct payments averaging $39,750.
It is true that rising food costs and declining home ownership over the past few years have been very difficult for many families. But it’s also true that lowering the cost of medicine, eliminating internet deserts, and cancelling student loan debts are making the lives of many families much less difficult. Businesses are investing in South Carolina like never before. Our roads and bridges are finally being fixed.
Thanks to President Joe Biden’s visionary investments in our communities, South Carolinians are much better off than we were four years ago, and the foundation upon which to launch a brighter and more prosperous future has been laid.
Sincerely,
Jim