The CHIPS and Science Act
On August 9, President Biden signed the bipartisan CHIPS and Science Act of 2022 into law. Today, the president is in my home state, touting the legislation at the IBM facility in Poughkeepsie, New York. The bill provides $52.7 billion for American semiconductor research, development, manufacturing, and workforce development. The White House describes it as “an industrial strategy to revitalize domestic manufacturing, create good-paying American jobs, strengthen American supply chains, and accelerate the industries of the future.”
New York Governor Kathy Hochul expressed excitement, noting that it means tens of billions of dollars—and lots of jobs—for the region. During his speech at the IBM facility in New York, the president asked, “Where it is written that we can't lead manufacturing in the world? That's one thing the CHIPS Act is going to change, a law that's going to build a proud, proud legacy, not only for IBM but the country."
I could link you to all sorts of interesting articles, but I feel like I’ve already recommended a lot of reading today. So instead, I’ll point you to a short but highly informative podcast episode—co-hosted by me—that was released earlier today!
It’s all about the CHIPS and Science Act and the opportunities (and challenges) facing US manufacturing in the months and years ahead. I learned a lot recording this one and hope you enjoy it.
'Significant bipartisan support' = 'perceived key component of US's on-going policy of military Keynesianism'. This policy will therefore likely exist independent of who US citizens vote for.
This package is loaded full of socialism... for the corporations, they call it subsidies and research grants. About $200 Billion of research for the chip industry and $50 Billion for them to build factories.
We need to start calling their subsidies, grants, tax incentives what it is... Socialism for the Corps.
We the People need to benefit, not A Few People.