CHIPS and Science Act Will Lower Costs, Create Jobs, Strengthen Supply Chains, and Counter China
“Spurred by the passage of the CHIPS and Science Act of 2022, companies have announced nearly $50 billion in additional investments in American semiconductor manufacturing, bringing total business investment to nearly $150 billion since President Biden took office.”
Why this is important: This is a mere summary by the White House of the investment money provided by the new CHIPS and Science Act of 2022. This act partially underwrites development and the manufacture of new technology, particularly in IT and chip manufacturing. Its ostensible purpose is to motivate this industry to grow, driving the economy and reducing our reliance on Asia (particularly China) for these critical products. The details will come later, and that’s where the rubber meets the road. Everyone remembers Solyndra getting $535 million from a similar effort in 2011 and then closing its doors shortly thereafter. The government, federal or state, is historically bad at picking winners and losers. In the past, politics affected decisions. Time will tell if this is better, or more of the same.
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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
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