Friday, July 29th 2022
US Congress Passes the CHIPS and Science Act
As The CHIPS and Science Act of 2022 heads to President Biden's desk for his signature, following its passage in Congress, OSTP's Dr. Alondra Nelson is releasing the following statement: "The bipartisan CHIPS and Science Act of 2022 is the most significant American investment in science, technology, and innovation in a generation. It will revitalize and advance U.S. leadership in science and technology, spur U.S. competitiveness and economic development, and bolster our domestic semiconductor supply chains. Most important, it will deliver opportunities for Americans all across the nation.
For working Americans, the stakes of this legislation could not be higher. Semiconductor chips power our daily lives, from the telecommunications that keep us all connected, and medical devices that keep our loved ones alive, to financial institutions that help secure our families' futures, and the computers from which millions of Americans run their businesses. They are a door to a future of innovation, progress, and economic security.The CHIPS and Science Act opens that door and delivers a transformative investment in that future. For the American people, this legislation means addressing the supply chain shortage, driving future American innovation, and delivering nearly 100,000 good paying jobs to communities across the United States.
By accelerating the development of key technologies—like artificial intelligence, quantum information science, advanced manufacturing, and clean energy technologies—this legislation will help keep Americans safe and allow America to continue shaping global markets. It will also help build the research infrastructure to seize the opportunities and confront the challenges of the future with commitments to the National Science Foundation, the Department of Commerce including the National Institute of Standards and Technology, the Department of Energy, and the National Aeronautics and Space Administration.
This historic legislation will also transform our research investments in science, technology, engineering, and mathematics (STEM) education and help prepare the next generation of STEM leaders. These investments will drive opportunity and equity for learners, educators, and researchers at minority-serving and emerging research institutions and in rural communities, as well as broaden participation to include people of all backgrounds and experiences, enabling the creation of a STEM ecosystem that looks like and benefits all of America.
The CHIPS and Science Act meets the magnitude of the challenges facing the American people today, while ensuring global leadership for years to come.
Put simply, this bill delivers on a core Biden-Harris Administration commitment: Science is back."
Source:
The Whitehouse
For working Americans, the stakes of this legislation could not be higher. Semiconductor chips power our daily lives, from the telecommunications that keep us all connected, and medical devices that keep our loved ones alive, to financial institutions that help secure our families' futures, and the computers from which millions of Americans run their businesses. They are a door to a future of innovation, progress, and economic security.The CHIPS and Science Act opens that door and delivers a transformative investment in that future. For the American people, this legislation means addressing the supply chain shortage, driving future American innovation, and delivering nearly 100,000 good paying jobs to communities across the United States.
By accelerating the development of key technologies—like artificial intelligence, quantum information science, advanced manufacturing, and clean energy technologies—this legislation will help keep Americans safe and allow America to continue shaping global markets. It will also help build the research infrastructure to seize the opportunities and confront the challenges of the future with commitments to the National Science Foundation, the Department of Commerce including the National Institute of Standards and Technology, the Department of Energy, and the National Aeronautics and Space Administration.
This historic legislation will also transform our research investments in science, technology, engineering, and mathematics (STEM) education and help prepare the next generation of STEM leaders. These investments will drive opportunity and equity for learners, educators, and researchers at minority-serving and emerging research institutions and in rural communities, as well as broaden participation to include people of all backgrounds and experiences, enabling the creation of a STEM ecosystem that looks like and benefits all of America.
The CHIPS and Science Act meets the magnitude of the challenges facing the American people today, while ensuring global leadership for years to come.
Put simply, this bill delivers on a core Biden-Harris Administration commitment: Science is back."
52 Comments on US Congress Passes the CHIPS and Science Act
In Canada most of the manufacturing jobs were decent paying jobs with benefits, pensions, etc. Most of them went overseas when the cold war ended and China joined the WTO leaving people to work for min wage and nothing in Tim Hortons, home depot, etc.
God, I hate the double-standard. Always has been. Hindsight is always 20/20.
Also an FYI they did roughly ~45 billion USD in stock buybacks over the last 5 odd years since 2017 :nutkick:
www.intc.com/stock-info/dividends-and-buybacks
I'm not even counting the divided payouts! Your tax payer money at work, enriching the already filthy rich :pimp:
This thread is full of hot takes and has more BS than a cattle ranch, you shouldn't be surprised.
It's called cronyism to be more precise.
This legislation has been sold to the public as "creating jobs", but in reality there's not a single thing in this legislation that prevents the companies that receive it from engaging in stock buybacks, huge executive bonuses, and other typical corporate behavior that ensures short term profitability over everything else, and with the recent news that Intel didn't do so well the previous quarter, Intel has every incentive to engage in such behavior.... Just like the Airlines did once they received billions during covid, they were supposed to use that government money to keep people employed, but they didn't, they still laid everyone off or forced them into early retirement and the result of which is the current terrible service and constant cancelation of flights, and like always, the government just shrugs because there was never any intent to ensure such money was used properly.... Thanks to politicians being thoroughly bought off by legalized bribery (campaign contributions or the guarantee of a high paying job once their political career is over), these funds were intended, as they are always intended to be a "no questions asked" giveaway.
Intel will do the same, just like every corporation does once they receive a huge handout: please the shareholders, not the public who gave you the money.
In a hypothetical world, If a government who actually cares about what's best for the people we're in charge (and that's neither parties BTW), they wouldn't give Intel any money, they'd tell Intel that either they build fabs domestically, or the government is going to close every tax loophole they currently exploit, raise the corporate tax rate, launch anti-monopoly investigations into every aspect of Intel, and do whatever is necessary to ensure that everyone who's a friend of the United States, or just scared of the United States, doesn't allow Intel to build new fabs there and if they already have fabs in those countries, that they'll get the same treatment. Government should be a counterbalance to corporate power, not its underwriter.
"Fascism should rightfully be called corporatism, because it's a merger of state and corporate power" - Mussolini
-Can we honestly claim to be witnessing anything else with beha ior such as the Chips act? It just hands out money with absolutely no safe guards or stipulations, meaning Intel can engage in stock buybacks, executive bonuses, whatever thry want with the money with absolutely no oversight from the government, in almost every case this happens whether it be the bailout of 2008, the huge funds given to airlines during the worst of Covid, or now, these companies rarely, if ever use the money for its intended purpose and instead use it to increase shortterm profits and to please shareholders.
It's also funny to me that certain American politicians who do everything in their power to stop any bit of spending to directly help people or address climate change, also claim they're concerned about "the deficit", but when it comes to huge corporate handouts and military budgets (which are just more corporate handouts to defense contractors) they never once mention the deficit.
If there's any oversight to this "slush fund", which I'm sure there isn't, they'll avoid the 2008 (TARP) repeat! Oh no let's reward the company that spent the last decade milking their customers & floundering everything from their core x86 business to 4G/5G modems & now Optane ~ yup Capitalism at its finest :slap:
And just to be clear, I am not at all for state sponsoring private businesses. I am only for the state lending a hand when in a pinch. I mean, let's not forget: www.brainyquote.com/quotes/ronald_reagan_128358
loanhandout back? I haven't read the fine print but perhaps you can explain the logic behind enabling more of the same disgusting behaviour which led to the excesses of 2008 meltdown? I know that time because I suffered like millions others around the world :shadedshu: I'm fine with US doing this for their own (domestic) growth, it's hardly earth shattering with 99% countries around the globe doing something similar. It should however be merit based, with lots of string attached, or better directed. How about you directly pay the chipmaker a certain % or fixed amount for chips diffused in the US, and cap that till perhaps a fixed volume or revenue from the subsidized chips reaching say $100 billion or so.The text in OP is Soviet style "we'll build communism".
I'd appreciate listing exactly what is in the legislation, I could imagine what it could bring all by myself... Intel fights an uphill battle with fabs.
The costs are already exorbitant and only grow over time. And, unlike TSMC, Intel cannot pass those costs over to others. Phew, I was thinking I was alone.
$52 billion for the "American semiconductor industry" (it actually isn't just Intel).
$200 billion for "scientific research in areas including AI and quantum computing".
I'd sort of shrug on AI, even though US is leading it anyhoow, thanks to monsters like google and MS.
"quantum computing" sounds like such "OMG, blockchain, amazing tech, the best thing after sliced bread" sort of a waste.
Also, all that being in US, I wonder which chunk of those 252 billion will be spent on the industry created by our "diversity and inclusion" overlords.
As much as I dislike Intel, I would not like to see it giving up on own fab business.
Also, "Republic of China", which Taiwan is part of, is not officially recognized even by US. Imagine the havoc in chip world if "Peoples Republic of China" invades it.
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Notable mention: European Chips act (42 billion Euro):
ec.europa.eu/info/strategy/priorities-2019-2024/europe-fit-digital-age/european-chips-act_en
Sorry, I'm just not interested enough in your opinions to argue about how your convinced this bill is so sick and wrong (or read your wall of text). I do hope you enjoy yourself ;)