Environment Versus Jobs ๐ŸŒŽ

Table of Contents

Environment Versus Jobs

Now that the infrastructure bill has been officially passed, the Democrats have now set their undivided attention on the social spending bill, which has stirred lawmakers on both sides of the House. The goals of the bill are to help combat climate change and improve the social mobility of America, with one of the aspects being jobs.

One part of the bill that has spurred heavy debate is Bidenโ€™s proposal to give consumers the full 12,500-dollar tax write-off if they buy an electric vehicle that was built by union workers, but only 4,500 dollars if they purchase an EV that was manufactured by non-union factories. This tax-credit was written by two Michigan Democrats in cooperation with GM and the UAW, and the reactions have been mixed.

Union groups have backed this tax-credit with complete support. There are climate groups like the Sierra Club and Energy Innovation, who are supportive of the credit because they believe Biden is balancing the goals very well, specifically on climate and union jobs. The UAW said that this will create thousands of jobs and preserve them too as fewer employees are needed to build EV cars, which means that prioritizing union jobs will be important. The backlash, however, has come from big corporations like Tesla and Toyota, who both use non-union factories. In a tweet, Tesla CEO Elon Musk said that Biden is a UAW puppet, and Toyota said that the government shouldnโ€™t be playing politics with the environment. They make interesting points as they are industry leaders in the auto industry, and more specifically the EV industry, so placing an incentive to buy otherโ€™s EVs would hurt the environment as there are fewer electric vehicles being used. The backlash side could be stronger, leading to Biden cancelling the idea, but itโ€™s possible that they stick through with it. What do you think about the tax-credit?

I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.

Share:
More Posts
Market Recap โ€“ September 28th ๐Ÿ’ฐ

After the 10-year Treasury yield bond fell off from its 15-year high, investors added some value back into the market, focusing all short-term attention on Fridayโ€™s PCE price index reading.

The Crude Oil Bust ๐Ÿ›ข

Surging global crude oil prices, driven by factors like OPEC+ production cuts have pushed U.S. West Texas Intermediate futures to over $95 per barrel.

Get your daily Invstr Crunch

Get the market news and updates you need, delivered to your inbox or available on our daily podcast.

Risk Disclosure:

Invstr is not a bank and banking services are provided by Vast Bank, N.A.

Brokerage and Banking services are currently only available to U.S. residents.

Invstr app and web services are provided by Invstr Ltd. Advisory services are provided by Invstr Financial LLC, an investment adviser registered with the Securities Exchange Commission (SEC) details of which can be obtained here. Securities brokerage and custody services are provided by Apex Clearing, a broker dealer registered with the SEC and a member of FINRA and SIPC. There is no bank guarantee on securities and securities may lose value.

Investing involves risk and can lead to losses. Past performance does not guarantee future results.

Invstr app and web services are provided by Invstr Ltd. Invstr+ advisory services are provided by Invstr Financial LLC, an investment adviser registered with the Securities Exchange Commission (SEC). Securities brokerage and custody services are provided by Apex Clearing, a broker dealer registered with the SEC and a member of FINRA and SIPC. There is no bank guarantee on securities and securities may lose value. Vast Bank N.A. a nationally chartered bank and member of the FDIC, provides the banking products, including the products and services related to digital asset accounts. As with any asset, the value of Digital assets can go up or down and there can be a substantial risk that you lose money buying or holding digital assets. You should carefully consider whether trading or holding Digital assets is suitable for you in light of your financial condition. Your digital account does not support wallet to wallet transferring of your digital assets (i.e. cryptocurrencies) outside the platform. Any Digital Assets in your digital asset account are not insured by any government entities, including but not limited to FDIC or SIPC. The Invstr Visaยฎ Debit Card is issued by Vast Bank, N.A. pursuant to a license from Visa U.S.A Inc and may be used everywhere Visa debit cards are accepted. Invstr Ltd, Invstr Financial LLC and Invstr Securities Ltd are subsidiaries of Marketspringpad Holdings (collectively “Invstr”) and Invstr is solely responsible for the application services and website content.

Watchlists provided when users first access the service are not a recommendation to invest. Instead they are provided to help users better navigate the service. Users are free to edit and create their own watchlists. From time to time, Invstr will suggest instruments solely based on an individual’s interest and the interest levels of the Invstr community. The statistical and portfolio builder models generated by Invstr do not reflect actual investment results and are not guarantees of future results. Comments provided by Invstr leaders, influencers or members of the Invstr Community are not recommendations and should not be construed as such. Invstr does not endorse the content or the positions posted by them. Their investment approach, and that of the models provided by Invstr, may be different from yours and may not be appropriate for you.