Michael Underhill, a trained economist, investment strategist, and investor in the infrastructure space, emphasizes the urgency of two crucial policy areas for the future — energy and immigration. Michael and Philip Chao stress the need for a comprehensive energy policy to prepare for increased energy dependence and a coherent immigration policy to support the human capital demand necessary for the American manufacturing revival. These policies are not just beneficial but essential for the future of our economy.

With $2 trillion committed by the government through the Infrastructure, CHIP, and Inflation Reduction Acts, the revival of U.S. manufacturing and infrastructure is underway. Over the next 5-20 years, private industry might invest an additional tenfold. The goal is to bring back high-value manufacturing and critical industries to the U.S., creating thousands of blue and white-collar jobs locally. Significant investments will focus on chip fabrication, energy production, and transition. The next five years may be a renaissance for the American economy, driven by a new industrial policy emerging from great power competition and supply chain insecurities highlighted by the pandemic.

However, challenges lie ahead, particularly in sourcing strategic minerals and accessing a labor force with the necessary skills. These limited resources are a concern for all major economies. Michael Underhill explores these themes and challenges, providing insights into why inflation and interest rates will likely remain high for much longer.

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