The CHIPS and Science Act was approved by the House of Representatives at the tail end of July.
This legislation provided funds for a regulation that has been in place for nearly two years now.
The recently enacted legislation, which will soon be delivered to Joe Biden’s office for his signature, will designate a total of $280 billion to be distributed among subsidies, tax breaks, and research grants associated with the semiconductor chip industry.
This is being done to support the domestic semiconductor industry.
“Today, the House passed a bill that will make cars cheaper, appliances cheaper, and computers cheaper,” Biden said in a statement.
“It will lower the costs of everyday goods. And, it will create high-paying manufacturing jobs across the country and strengthen U.S. leadership in the industries of the future at the same time.
“The CHIPS and Science Act is exactly what we need to be doing to grow our economy right now. By making more semiconductors in the United States, this bill will increase domestic manufacturing and lower costs for families.”
So, what exactly is the CHIPS Act? Well, a worthless waste of money to be quite honest. It’s supposed to be a measure that is meant to address the shortages of semiconductor chips that we’ve been experiencing for the last few years.
But when it all boils down, all you’re left with is us giving big tech more taxpayer money that they can then just outsource production of chips off to China once again.
The whole idea was to stop relying to heavily on overseas production of the chips because it’s not working out for us anymore and we need to start producing more domestically. This does nothing for that.
It even attracted criticism from Democrats, Independents, and Republicans.
“Senator Bernie Sanders said the senate CHIPS Act is ‘a $53 billion bribe’ that semiconductor companies demanded in exchange for staying in the United States,” Massie wrote on Twitter. “He’s right. Taking money from working Americans and giving it to profitable corporations is immoral and won’t even work.”
Rep. Marjorie Taylor Green wrote on Twitter, “Nancy Pelosi’s CHIPS plan is nothing but more corporate welfare that thriving big companies don’t need. America Last policies forcing us to depend on foreign countries and shutting down our economy [are] why we don’t have chips.”