HAMILTON (OHI) — President Joe Biden promised Friday that 3D printing technology will help bring back factory jobs to the U.S. as he traveled to an industrial Midwestern State with a Senate seat up for debate to present his case for the future manufacturing.
Voters are growing uneasy about the economy due to rising inflation and Russian President Vladimir Putin’s invasion of Ukraine. Biden is taking his presidency partly on the promise of a more resilient economy through his policies in areas such as infrastructure and computer chips.
Biden stated that the pandemic, the economic crisis we inherited, and Putin’s war in Ukraine all showed the vulnerability of being too dependent on goods made abroad. We learned the hard way that inflation can’t be stopped if supply chains are strained and prices go through the roof whenever there’s disruption.
Biden visited United Performance Metals Hamilton to highlight five commitments made by leading U.S. companies to increase their reliance upon small and medium American businesses for 3D printing. The program will be offered to GE Aviation and Honeywell, Lockheed Martin, Raytheon, Raytheon, and Siemens Energy. President Obama visited the factory along with executives.
3D printing promises to reverse the trend of industrial production being outsourced. A study by the consulting firm Kearney found that 3D printing could create $600 billion to $900 million in economic value by enabling domestic production.
Also, read WHITE SANDS: RAISES $8M FOR ITS ISLAND METAVERSE
The president also asked Congress to approve the stalled competition bill. According to the Democratic president, this bill is crucial to boost domestic manufacturing and help solve the semiconductor shortage which has caused delays in the production of life-saving medical devices and smartphones as well as other modern conveniences.
Biden stated Friday that he would pass the bill and have it sent to him.
Biden visited Ohio, where a vacant Senate seat was up for grabs due to the retirement of Republican Rob Portman. This was shortly after the primary elections. Rep. Tim Ryan won Tuesday’s Democratic nomination and will be facing Republican JD Vance. JD Vance is the author of “Hillbilly Elegy” and was a strong supporter of former President Donald Trump.
Raytheon and GE Aviation set a goal to look at small and medium businesses for 50% of their requests for quotes for products that require 3D printing or related technologies.
Siemens Energy has committed to sourcing 20% to 40% of 3D printed parts from outside sources and will collaborate with 10-20 small and medium businesses to improve their capabilities. Lockheed Martin will work with smaller suppliers to increase 3D printing’s use as an alternative to forgings and castings. Honeywell offers technical assistance to its small and medium suppliers, including data generation and part design.
Also, read Indian IPO 200m 850m | India’s Upcoming IPO
Since the closure of major Asian chip factories due to coronavirus pandemic lockdowns more than two years back, the semiconductor chip problem has been growing. It could continue beyond this year, despite efforts by the semiconductor industry to keep up with demand.
Although there is broad bipartisan support for increasing domestic chip production, lawmakers in the Senate, as well as the House, need to continue negotiations over differences.
In February, the House passed a bill that could provide $52 billion in subsidies and grants to the semiconductor industry in order to boost U.S. production. Now, the bill must be reconciled to a Senate version that was passed eight months ago.
Other priorities were also included by House Democrats, raising concerns from Republicans about the bill’s scope and cost.
The bill contains $8 billion for a fund to assist developing countries to adapt to climate change; $ 3 billion for facilities that make the U.S. less dependent on Chinese solar components; $ 4 billion to help communities with significantly more unemployment than the national average; $10.5Billion for states to stockpile medical equipment and drugs.