Chip makers could flee the US in 'months' unless Congress acts, Commerce secretary says

[Yo_Mama_Been_Loggin]

After months of debate, Congress is still slow-walking a bill that would spend over $50 billion on semiconductor manufacturing.

Commerce Secretary Gina Raimondo has been frustrated by the slow pace for months and upped the stakes in a new interview by saying the economic damage could soon become permanent. She says companies that may want to be in the U.S. could shift manufacturing overseas in “months [because] they have to make decisions.”

During the conversation Wednesday with Yahoo Finance Editor-in-Chief Andy Serwer from the World Economic forum in Davos, Raimondo said the U.S. could lose that business unless the bill passes soon.

-snip-

“I've talked to maybe four CEOs of chip companies here, they've all said, ‘We want to be in the U.S., but we can't wait any longer,’” she says, noting that companies are weighing inducements from countries like Singapore, Germany, Spain and others to build plants there.

https://finance.yahoo.com/news/davos-2022-chip-makers-could-flee-the-us-in-months-unless-congress-acts-commerce-secretary-says-210302098.html

[WarGamer]

1. It's corporate welfare... but possibly the good kind.

[Fullduplexxx]

2. Another failure the GOP can stick biden with

[former9thward]

3. Versions of the Bill have passed both the House and the Senate.

It is in the House-Senate conference committee right now. As usual, a poorly written story. It does not say what the hang ups are. This is corporate welfare and I don't think there is any good kind. Apparently these companies want to socialize all the up front costs and infrastructure and just keep the profits once everything is built.

[RainCaster]

4. Our taxes will pay the CAPEX, they do another buyback

Fuck that. No executive should get a bonus until that $50B is repaid. With interest.