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Biden-Harris wasted $8.5 billion in taxpayer
money to lose 15,000 jobs at Intel

Original Article

Posted By: Imright, 8/3/2024 1:28:57 AM

Well, ladies and gentlemen: the chips are down — literally and figuratively. Two years ago, Joe Biden and Kamala Harris touted their “Chips Act” to bring the semiconductor industry back home from Taiwan, China and Singapore. The price tag on the bill: a cool $280 billion of corporate handouts. It was arguably the largest corporate welfare bill in American history. Intel, Micron, Global Foundries, Polar Semiconductor, Taiwan Semiconductor Manufacturing Company, Samsung, BAE Systems, and Microchip Technology have been the direct beneficiaries of the law. This was supposed to be one of the “Crown Jewels” of the Biden-Harris admin. A massive job creator that would allow America to take back its technological leadership.

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Reply 1 - Posted by: Strike3 8/3/2024 3:36:06 AM (No. 1771672)
Just one more failure in an extremely long list.
26 people like this.

Reply 2 - Posted by: Trigger2 8/3/2024 3:48:05 AM (No. 1771675)
That's what demonrats do - waste taxpayer money left and right.
23 people like this.

Reply 3 - Posted by: mifla 8/3/2024 3:59:15 AM (No. 1771681)
Our government hands out free money with no strings attached and is surprised when nothing changes or things get worse.
28 people like this.

Reply 4 - Posted by: privateer 8/3/2024 6:48:23 AM (No. 1771742)
Maybe they should have moved the chip industry to Ukraine. Then it could never run out of money.
21 people like this.

Reply 5 - Posted by: snakeoil 8/3/2024 9:26:58 AM (No. 1771805)
Sad news. Know some people who work for Intel. Not old enough to retire but too old to look for a new job. Intel was the Cadillac of microprocessors. Nothing last forever.
10 people like this.

Reply 6 - Posted by: LC Chihuahua 8/3/2024 9:35:25 AM (No. 1771809)
Government is all about control. What conditions were attached to that 'free' money? Short answer: All those woke DEI initiatives. Don't forget the looters. They are all for the 'Cash Cow' strategy rather than investment. As for Intel, are they producing what the customer wants? Probably too much emphasis on being woke rather than the business. They are in a competitive field.
11 people like this.

Reply 7 - Posted by: stablemoney 8/3/2024 10:30:13 AM (No. 1771832)
Intel is a disaster of a company. At a time of 9% inflation, the CEO announced they were going to build new plants all over the world, that after cutting their dividend, having current losses, and competition that is eating their lunch. Naturally, the Biden administration thought this was a good place to invest your money.
10 people like this.

Reply 8 - Posted by: vhs68 8/3/2024 10:32:53 AM (No. 1771834)
FTA: Now the car companies are losing billions of dollars even as they chase down all this “free” money............. And that right there my friends says it all.
8 people like this.

Reply 9 - Posted by: Zigrid 8/3/2024 10:33:55 AM (No. 1771835)
Let's remember what President Reagan said..." if the government comes to you and says...let me help...run the other way"...still good advice...and how much of that amount spent went into the crime families bank accounts?...10%?...no wonder they sport $4000 suits and Jill's $7000 dresses...and live in palacious homes while Americans struggle to pay for gas and groceries...
12 people like this.

Reply 10 - Posted by: Foghorn 8/3/2024 11:53:37 AM (No. 1771884)
The federal government should not support any business with subsidies. They gave GMC 2 billion dollars in subsidies and they refused to pay it back. Now GMC is following the mandate concerning EVs. The government should not be involved in any private companies.
7 people like this.

Reply 11 - Posted by: lana720 8/3/2024 12:28:43 PM (No. 1771899)
Once again, the American taxpayer paid for separation bonuses and pensions for Intel workers. Great job with other peoples money!
3 people like this.

Reply 12 - Posted by: cor-vet 8/3/2024 3:09:33 PM (No. 1771982)
I seriously doubt that the billions were lost. More like it found its way into a lot of politically connected bank accounts.
2 people like this.

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