Things Biden and the Democrats did, this week #22
Vice-President Harris announced that the Consumer Financial Protection Bureau is moving to remove medical debt for people's credit score. This move will improve the credit rating of 15 million Americans. Millions of Americans struggling with debt from medical expenses can't get approved for a loan for a car, to start a small business or buy a home. The new rule will improve credit scores by an average of 20 points and lead to 22,000 additional mortgages being approved every year. This comes on top of efforts by the Biden Administration to buy up and forgive medical debt. Through money in the American Rescue Plan $7 billion dollars of medical debt will be forgiven by the end of 2026. To date state and local governments have used ARP funds to buy up and forgive the debt of 3 million Americans and counting.
The EPA, Department of Agriculture, and FDA announced a joint "National Strategy for Reducing Food Loss and Waste and Recycling Organics". The Strategy aimed to cut food waste by 50% by 2030. Currently 24% of municipal solid waste in landfills is food waste, and food waste accounts for 58% of methane emissions from landfills roughly the green house gas emissions of 60 coal-fired power plants every year. This connects to $200 million the EPA already has invested in recycling, the largest investment in recycling by the federal government in 30 years. The average American family loses $1,500 ever year in spoiled food, and the strategy through better labeling, packaging, and education hopes to save people money and reduce hunger as well as the environmental impact.
President Biden signed with Ukrainian President Zelenskyy a ten-year US-Ukraine Security Agreement. The Agreement is aimed at helping Ukraine win the war against Russia, as well as help Ukraine meet the standards it will have to be ready for EU and NATO memberships. President Biden also spearheaded efforts at the G7 meeting to secure $50 billion for Ukraine from the 7 top economic nations.
HHS announced $500 million for the development of new non-injection vaccines against Covid. The money is part of Project NextGen a $5 billion program to accelerate and streamline new Covid vaccines and treatments. The investment announced this week will support a clinical trial of 10,000 people testing a vaccine in pill form. It's also supporting two vaccines administered as nasal sprays that are in earlier stages of development. The government hopes that break throughs in non-needle based vaccines for Covid might be applied to other vaccinations thus making vaccines more widely available and more easily administered.
Secretary of State Antony Blinken announced $404 million in additional humanitarian assistance for Palestinians in Gaza, the West Bank and the region. This brings the total invested by the Biden administration in the Palestinians to $1.8 billion since taking office, over $600 million since the war started in October 2023. The money will focus on safe drinking water, health care, protection, education, shelter, and psychosocial support.
The Department of the Interior announced $142 million for drought resilience and boosting water supplies. The funding will provide about 40,000 acre-feet of annual recycled water, enough to support more than 160,000 people a year. It's funding water recycling programs in California, Hawaii, Kansas, Nevada and Texas. It's also supporting 4 water desalination projects in Southern California. Desalination is proving to be an important tool used by countries with limited freshwater.
President Biden took the lead at the G7 on the Partnership for Global Infrastructure and Investment. The PGI is a global program to connect the developing world to investment in its infrastructure from the G7 nations. So far the US has invested $40 billion into the program with a goal of $200 billion by 2027. The G7 overall plans on $600 billion by 2027. There has been heavy investment in the Lobito Corridor, an economic zone that runs from Angola, through the Democratic Republic of Congo, to Zambia, the PGI has helped connect the 3 nations by rail allowing land locked Zambia and largely landlocked DRC access Angolan ports. The PGI also is investing in a $900 million solar farm in Angola. The PGI got a $5 billion dollar investment from Microsoft aimed at expanding digital access in Kenya, Indonesia, and Malaysia. The PGI's bold vision is to connect Africa and the Indian Ocean region economically through rail and transportation link as well as boost greener economic growth in the developing world and bring developing nations on-line.
