A year has now passed since President Joe Biden signed into law the CHIPS and Science Act:
“The goal of the $52.7 billion package was to reshore the semiconductor supply chain in America and in turn, improve national security by decreasing reliance on foreign countries.
“The law also prohibits funding recipients from expanding semiconductor manufacturing in China or other countries deemed a national security risk by the United States government.
“The federal subsidies are meant to help offset the higher cost of building these manufacturing hubs….”
Biden, Inc took the passing of the annum - as an excuse to break both arms patting themselves on the back.
White House Fact Sheet: One Year after the CHIPS and Science Act, Biden-Harris Administration Marks Historic Progress in Bringing Semiconductor Supply Chains Home, Supporting Innovation, and Protecting National Security
Shocker: There is a surprising dearth of facts contained therein.
Except: Things are moving at the speed of government. Biden, Inc broke their arms - for no real reason.
In the meantime, the objectives of the law - can not really begin to be realized:
“In total, $231 billion has been announced in private sector semiconductor investments in the United States, according to the White House. But many of those projects are contingent on receiving federal government aid.
Money has been ANNOUNCED. None has been delivered:
“(S)o far, no funding set aside by the legislation has been awarded….
“‘We will start to give out the money later this year,’ said Secretary of Commerce Gina Raimondo.”
I’ll believe that when I see it.
We wait, and wait, and…. But the government expansion - was much more rapid:
“The Department of Commerce has hired 140 staff members tasked with evaluating CHIPS Act applications…”
I’d bet large sums of my money - government also spent our money hiring hundreds of other bureaucrats to actually dole out our money.
That is, whenever the government gets around to giving it up.
Except: The government may never get around to giving it up - at the levels prescribed in the law:
“(L)awmakers failed to appropriate the funds needed to meet this target in Fiscal Year 2023 - and the outlook for 2024 is even worse.”
Given DC is nearly $33 trillion in debt? And is now paying nearly $900 billion per year - just in interest thereon? Which is greater than the Defense Department budget?
And Social Security and Medicare are a combined $100+ trillion short in the next thirty years?
DC appropriating funds to actually back the bill? May never, ever happen.
Biden, Inc’s broken arms aside?
The CHIPS Act was nothing more than a promissory note.
On which DC - has yet to keep its promise.