Biden said the money for semiconductors will pay dividends for Ohio. Intel, which is locating a plant near Columbus for semiconductors, will increase its investment from $20 billion to $100 billion.
“That bridge you want to really build to Kentucky is going to get better,” he said.
Biden, during his speech, said he’s “never been more optimistic about America than I am today.”
But Biden’s visit also comes a day after the worst day on the stock market in more than one year.
Investors are nervous about the highest inflation rates since the 1980s: 8.5% in March, according to the Labor Department. The Federal Reserve is increasing key interest rates in an effort to tame increased prices for American consumers, but there is concern it could chill economic growth, possibly causing another recession.
Before the speech, while standing among the machinery, Biden told the local business leaders of General Electric Aviation, Lockheed Martin, and Raytheon and other tech companies they are the future.
“I was at a plant where they were making whole automobiles on that, entire automobile on that, not part, the whole deal on 3D printing,” he said. “It’s amazing what’s coming … It’s going to revolutionize the whole world.”
Republican reaction to Biden’s visit
U.S. Senate candidate J.D. Vance criticized Biden for his energy policies and rising inflation during a Friday morning press call with Ohio Republican Party Chair Bob Paduchik.
Vance’s Democratic opponent, U.S. Rep. Tim Ryan, didn’t attend Friday’s event because of a funeral and other obligations, White House Press Secretary Jen Psaki said, adding the president “remains in close touch” with Ryan.