Public News Service described how investment in electric vehicles will spur economic growth and create jobs in California, citing comments from AEE’s Ryan Gallentine. Read snippets below and the full article here.
The U.S. economy would see a five-fold return from every tax dollar invested in electric vehicles and the grid, according to a new report.
Researchers from a trade group called Advanced Energy Economy (AEE) found the Biden administration's infrastructure bill, known as the American Jobs Plan, would spur economic growth and private investments and create jobs.
Ryan Gallentine, policy director for AEE, said the data is based on Biden's proposed public investment of $274 billion.
"That number, invested in transportation electrification, would deliver $1.3 trillion to the U.S. GDP, create 10.7 million jobs, and generate $231 billion in savings for consumers, governments and businesses, while accelerating the move to electric vehicles," Gallentine outlined.
Gallentine added tax dollars act as an incentive for the private sector to go all-in.
"For each dollar of public investment, it generates $2.60 of direct private investment," Gallentine asserted. "So that's a good deal for consumers. It's a good deal for the U.S. economy, and it's something that should have bipartisan support in Congress."
Read the full article here.