Joe Biden is thinking about his legacy as his time in office comes to an end.
What he thought was a signature accomplishment looks like another failure.
And Joe Biden was groaning when this big bet came back to haunt him.
Joe Biden’s corporate welfare program for computer chips failed
The CHIPS and Science Act was supposed to be one of the signature achievements of Joe Biden’s Presidency.
Biden touted it as a bipartisan victory after it was passed with the help of RINOs in 2022.
The bill gave $280 billion in taxpayer money to boost the production of manufacturing of semiconductors in the United States.
Taiwan and Asian countries dominate the production of semiconductors.
The CHIPS Act was sold as a way to boost production at home, create jobs, and improve national security.
But it turned into another failed effort in central planning by the government.
Intel is the largest recipient of money from the CHIPS Act.
The California-based company got $8.5 billion in grants and $11 billion in loans from the bill.
Intel promised to build domestic manufacturing facilities for semiconductors with the taxpayer money it received.
But the company lost $16.6 billion in the most recent quarter and was replaced in the Dow Jones composite by rival chip maker Nvidia.
Nvidia has become one of the hottest stocks in the country without any taxpayer support.
Intel announced it was halting plans to build a chip manufacturing facility outside of Columbus, Ohio.
Left-wing provisions inserted in the bill have made it a disaster.
There are 19 different diversity, equity, and inclusion (DEI) requirements that companies have to meet to receive money from the CHIPS ACT.
Taiwanese chip maker TSMC abandoned plans for a plant in Arizona after delays from diversity hiring requirements to build one in Japan.
Environmental regulations have also led to red tape piling up for any company trying to use CHIPS funding to build a plant.
The CHIPS ACT has been an abject failure after Biden spent more than $200 billion.
Donald Trump trashes the CHIPS Act
Former President Donald Trump could put the CHIPS Act on the chopping block after he takes office in January.
He slammed the bill during an appearance on comedian Joe Rogan’s podcast.
“That chip deal is so bad,” Trump said. “We put up billions of dollars for rich companies.”
Trump said tariffs on foreign chips would have had those companies racing to build plants in the United States on their own dime.
“You didn’t have to put up 10 cents,” Trump stated. “You tariff it so high that they will come and build their chip companies for nothing.”
He criticized Taiwan, which manufactures 90% of the chips in the world, for operating like the mob.
“They want us to protect, and they want protection,” Trump explained. “They don’t pay us money for the protection, you know? The mob makes you pay money, right? When I see us paying a lot of money to have people build chips, that’s not the way.”
Speaker of the House Mike Johnson (R-LA) has suggested that the law could be repealed next year.
The end of one of Joe Biden’s biggest failures could be on deck.
