Posted on 08/03/2024 3:02:27 AM PDT by Libloather
Well, ladies and gentlemen: the chips are down — literally and figuratively.
Two years ago, Joe Biden and Kamala Harris touted their “Chips Act” to bring the semiconductor industry back home from Taiwan, China and Singapore.
The price tag on the bill: a cool $280 billion of corporate handouts. It was arguably the largest corporate welfare bill in American history.
Intel, Micron, Global Foundries, Polar Semiconductor, Taiwan Semiconductor Manufacturing Company, Samsung, BAE Systems, and Microchip Technology have been the direct beneficiaries of the law.
This was supposed to be one of the “Crown Jewels” of the Biden-Harris admin. A massive job creator that would allow America to take back its technological leadership.
Even many Republicans in Congress shamelessly voted for the handouts at a time when the federal government was already borrowing more than $1 trillion a year.
But today, the failures far outweigh the successes — and in spectacular fashion.
Intel was one of the biggest beneficiaries of the Chips Act, receiving an $8.5 billion grant announced in March, a $25 billion sweetheart tax incentive and likely the lion’s share of an $11 billion federal loan program. That’s only the opening act.
What did we get in exchange? Intel this week announced it was laying off 15% of its workforce — 15,000 positions.
America lost twice: billions of dollars and thousands of jobs.
(Excerpt) Read more at nypost.com ...
One positive outcome of this great boondoggle: the executives at these companies likely received huge bonuses.
Micron’s planned chip manufacturing facility in upstate New York is still 5 years from breaking ground.
But I recon that the kickbacks were a sight to see!
They needed that money for donating to politicians. You don’t expect them to donate their own money do you?
Intel stock dropped 26.06% yesterday.
It does not appear that Apple was a recipient of these funds. I also understand they have abandoned Intel chips in favor of manufacturing their own. Does this make them less dependent on government ties?
Another one of his ‘big f’’’ing! deals’
Find out where 850 million of it went.
I worked for a small, sole proprietorship shipyard before I retired. We had a guy on staff whose only job was securing government grants. He was good. We got millions. We still went bankrupt eventually. Government grants to private business should not exist.
Stop referring to money issued from this criminal central socialist government as ‘taxpayer money.’
It ceased being ours when we we were mugged by the Infernal Revenue goons and our money was seized.
The IRS should be abolished and the goobermint should revert to pre-1913 where there was no income tax!
The good news is they donated plenty of it to the DNC.
Look at the taxpayer billions Obama-Biden lost with their solar energy grants to companies that quickly went bankrupt, or collapsed. Solyndra. Somebody made money on those deals. It wasn’t the taxpayer.
Intel did not need the subsidy, making them a government dependent.
They needed a top down management shakeup that would strive to match the AI advances of Nvidia, AMD, and other chip makers that have focused on R&D matching growing market demands, instead of the woke management policies Intel pursued.
Harris wants a 35% tax on corporations.
HOW much will that cost INTEL????
Bring chip making back to the USA-—and TAX THEM EVEN MORE...
GREAT PLAN-—NOT
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