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How Not to Rebuild the American Chip Industry

This Wall Street Journal headline caught our attention:

Readers will remember the “Chips Act” was the absurd $53 billion Biden corporate welfare bill that many Senate Republicans shamefully voted for because the law was advertised as a way to prop up the U.S. microchip Industry.

Now companies of all shapes and sizes – whether they produce semiconductors or not, including construction, tool, and chemical firms – are lining up to feed at the trough.

Even more outrageous: the WSJ story notes that two of the largest recipients of this taxpayer money will be Taiwan Semiconductor Manufacturing, to help build a plant in Arizona, and Samsung. For the record: Samsung is a South Korean company.

Remind us, again: how is subsidizing Taiwanese and Korean companies going to rebuild American tech supremacy?

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