The U.S. Senate is considering including in a new bill to boost competitiveness $30 billion in funding for previously-approved measures to promote the country’s chipmaking industry, a congressional source told Reuters on Thursday.
Lawmakers aim to bring the package, which would include other elements to boost the U.S. tech sector, to a full vote in April, the person said, declining to be named because the legislation has not been finalized.
The source, who is involved in the effort, said that the [Sen. Charles] Schumer-led package is likely to have provisions curbing China’s access to U.S. capital markets, a focus of the Trump administration’s crackdown on Beijing.
Schumer said last month he had directed lawmakers to craft a new bill to boost U.S. competitiveness against China, based on legislation he and Republican Senator Todd Young proposed last year to provide funding of $100 billion to spur research in key tech areas, from artificial intelligence to quantum computing and semiconductors.
Schumer’s office also said the package could be used as a vehicle to provide emergency funding for the bipartisan semiconductor programs included in last year’s National Defense Authorization Act, which are still awaiting money.
MacDailyNews Note: Last May, Taiwan Semiconductor Manufacturing Co. (TSMC) announced a plan to build a multibillion-dollar chip plant in Arizona.
FREE MONEY TO A CORPORATION IS SOCIALISM FOR THE RICH
So who is going to pay for that?
Who is going to replenish that spent money?
FREE MONEY TO A CORPORATION IS SOCIALISM FOR THE RICH
So who is going to pay for that?
Who is going to replenish that spent money?
Will that increase the worrisome deficit?
Will that weaken America by adding to the crippling debt?
How much will that corporate pork add to inflation?
Where are the moderating and sane voices of austerity?
What happened to Nancy Pelosi’s “PayGo?”
What happened to Mitch McConnell’s “Offsets?”
Which legislators in both parties will get the biggest or recurring kickbacks?
Which legislators can afford to decline any kickbacks because they have no need to for money to finance their campaigns?
Which legislators are setting themselves up for a post- legislative job w/that corp. by voting yes?
Artist John Dingler — and the majority of citizens who are Progressive — is due these answers.
Well I guess you could alternatively just sit back and watch China increasingly run on National Socialist lines which as was shown first time around can be incredibly effective in combining individual entrepreneur dynamism inherent in capitalism with focused state ‘guidance’ shall we say to fulfil political aims using economics as a weapon, kick ya ass. Unless you have a better idea of how you reverse the competitive disadvantage you have. Hell many of your major successful companies have relied on Govt Input directly or indirectly through contracts, often defence, University or sponsored programmes initiated or supported by State or central funds. Even Space X only survived early on by NASA contracts. Apple is probably one of the exceptions but then it is greatly reliant in so being on Taiwanese, Chinese and Korean industries who of course have had focused Govt support and/or control to provide those capabilities to companies like Apple. Indeed it’s how the West got into this mess hiving off such services to countries who could do it cheaper precisely because they publicly invested and providing them for the sake of consumer side pricing the very markets they needed to eventually become competitive and dominant.
So it’s a bit late to get uppity about them becoming dominant economic powers, we all caused it and now they are off the leash with increasingly wealthy alternative markers to exploit. It’s why China is becoming increasingly flexing of its political muscles. So Focused Govt investment now in carefully selected strategic technological industries is probably western mankind’s last big hope of surviving in any competitive manner …. or worst case scenario in any way at all independently. So I think it’s time to get real and realise another unique post war advantage that the US enjoyed and everyone tninks was the great period isn’t going to happen again, it needs serious Govt incentives, like it or not to stay relevant in an increasingly Asia centric world. A country seriously split down the middle seeking an increasingly mythical perceived past glory period is the least likely to come together to actually achieve a new one.
Well put.
Basically we can help our businesses now or continue to help China.
Exactly, Hardtalk and TowerTone.
In other words, you now support socialism (or socialism light if you want to get super picky).
Ironic how the rabid right slung their labels around in the past attempting to be nasty whenever anyone from any point of the political spectrum proposes public/private partnership, federal investment in R&D, underwriting of business loans, or stimulus of any kind. They never understood that the whole spectrum of economic theories haven’t really ever been implemented in any pure form. There has never been a purely capitalist, socialist, or communist economy ever. All nations have chosen some balance of mixed economic models. And the neocon gang rabidly embraced the most wasteful/expensive socialist programs of all: military programs. So many trillions burned, so little to show for it. They simply refused to admit what economic model that is, while hypocritically attacking others for promoting the common good.
Now when someone asks if we can get a public accounting of any federal assistance for corporations — especially hugely rich corporations like those from Silicon Valley who can easily fund all their own manufacturing if they wanted to do so — now the neocon clan decides socialism is good. As long as they are first in line for share dividend distributions, the righties are completely OK with socialism. Just don’t call it what it is.
Funny how the winds change.
You ask relevant questions. This kind of expenditure is almost always a grant where profits are privatized and losses are made public. What a great investment where there’s effectively no down-side for the investor. The plebs will “cover,” if the investment goes south.
With that said, your post is either disingenuous, or you’ve recently entered a transformation machine and drunk kool-aid, because as a MMT’r, what do you care? Spending and debt are irrelevant to the Magic Money crowd, as inflation will supposedly save the day, by balancing the books. I have a sense, your post is written with the usual animus toward Capitalism–with a “strawman” concern about the resulting debt.
Bottom line; we are screwed when it comes to debt and we are approaching screwed when it comes to China’s advance. Shall we NOT spend the $$ to save our financial ass…at the expense of sovereignty? (During these times, even sovereignty can’t be assumed as desired…it sounds so bigoted and contrary to the one-world aims of many). Or, shall we dig the financial hole deeper with chip investments, hoping to stave off tech disparity with China?
We either lose our sovereignty with financial collapse, or succumb to China because of tech inferiority. When between a rock and a hard place, I chose wager #1.
i’ve got an idea for the Senate and House. Why don’t you 500+ diverse people figure out how to be a bit more frugal and while you’re at it, why don’t you 500+ diverse people figure out how the GOVERNMENT can, for once, actually MAKE some of that money that you’re so fond of spending.
Governments do not exist to make money. They exist to provide public services that cost money. As I have suggested before, those who have a problem with that can move to one of the regions of Somalia or Yemen that have no taxes or services.
TxUser, do you have any idea how bloated and how expensive our Federal government has become ?????? TxUser, do you have any idea how indebted our Federal government has allowed itself ????? TxUser, do you have any idea how unwilling our Federal government is to exercise a penny-wise execution of public services ????? TxUser, do you have any idea how wasteful our Federal government has been with our hard-earned taxes ????? TxUser, do you still understand that the USA government is one of the people, for the people, by the people ????? TxUser, if you have a problem with these things I’ve mentioned, perhaps, it’s you that might well be advised to consider a move somewhere governed by methods and ideas more to your authoritarian preference.
Yes, I know all those things and I watched them grow worse during the last four years precisely because of the authoritarian and oligarchic preferences of people within the Executive, Legislative, and Judicial Branches of the federal and many state governments. The answer to bad government is not no government. It is good government. Good government requires a funding source, but it is not intended to make money doing anything that could generate a profit for the private sector. Your suggestion that the Federal Government should own the means of production and make money is the dictionary definition of socialism.
hooly fk. #1 I did NOT suggest ‘no government’ #2 the American government is very well funded by the American taxpayer, it does NOT lack a funding source #3 I did NOT suggest the Federal government own the means of production. DO NOT misrepresent what I say.
I DO expect elected officials to be creative. by-the-way, they own over 640 million acres of land across all the states, even I can think of ways to generate an increase in foreign tourism which generates revenue in legitimate ways yet to be imagined.
I DO expect our elected officials to be good stewards and not finding ways to engage in circuitous insider trading or having illicit affairs with chinese spys or taking advantage of their foreknowledge of future regulation or praticing tribalism with the party in or out of power. I believe in helping people to help themselves. I DO NOT believe in neverending handouts and welfare programs or open borders or illegal immigration or payoffs to friends in high places. I believe in helping people up, not turning them into dependents in order to secure their votes. I believe in fair and transparent elections WHICH WE DID NOT GET THIS TIME AROUND NOT MATTER WHAT TxUser thinks or argues or posts or wails about. I believe in facts. I absolutely abhor liars and thieves like stacey abrams or adam schiff or jerry nadler or nancy pelosi or chuck schumer or pick your democrat.
And here we see why the Conservative Political Action Conference literally erected a gold graven image of Donald Trump so the attendees could bow down and worship while awaiting his appearance on the third day from the spiced tomb in Palm Beach.
TxUser. is there any possibility you might refrain from hyperbole. is there nothing of value you’ve left to post. your allusion to worship and the resurrection typifies the gnarled embroidery of fruitful discourse in which the capitol hill democrats engage. bravo, TxUser.
Fed taxes do not pay for the fed. gov.’s expenses. And companies who pride themselves in operating Capitalistically but then ask for gov. aid are failed Capitalists.
“Yes, I know all those things and I watched them grow worse during the last four years”
You are one pathetic leftist partisan STILL BLAMING all government woes on the greatest economic recovery President of all time, the HONARABLE, President Donald J. Trump. You have LIED for over five years that Trump NEVER accomplished a government achievement in office.
So today you are reduced to false partisan drive by potshots that are totally meaningless. You are a little man, still angry at Trump SUCCEUS as he lives rent free in your deranged head.
Not a good way to good through life, son. Grow up…
It’s a little starling how many of his replies have an out-of-the-blue Trump hook…regardless of context. I can only imagine his Trump mumblings during sleep. For some, TDS is more than just a meme.
If you’re so concerned, why don’t you tell us how bloated the US government is?
Let me guess: you don’t know that the US government has fewer employees today than in the 1960s.
You don’t know that the share of incomes US taxpayers pay in Federal taxes has fallen steadily for the last 30 years?
You don’t know that the US spends more for defense than the next 17 nations combined?
You don’t know that Trump and Dubya Bush dramatically increased federal spending? Of course Obama increased DEBT, but that essentially is the unpaid bill for foreign military adventures and corporate bailouts. By not increasing foreign military adventures, Clinton and Obama themselves actually had a lower impact on long term US federal debt.
You don’t know that 2/3 of the annual federal budget is mandatory spending (autopilot), and not subject to annual Congressional approval. For example, federal payments for its debt is automated. This means those out of control costs were borrowing costs that you and your parents consumed but took for granted.
You don’t know that the largest expenditures to the federal budget are military pensions, active military wages, military programs, and healthcare expenses feeding an uncompetitive balkanized market?
You don’t know a lot, but you bitch endlessly. How about doing some reading and then offering some constructive solutions to save money?
I’ll even help out: to save costs, the US Mint should stop producing pennies, nickels, and dimes. To urge people to convert to digital payment methods, the $1 bill should be rapidly replaced with a coin which last longer and save significant printing costs — which works fine because there will be empty slots in the cashier tills vacated from the obsolete small coins.
Next, US Congress should have the exact same baseline healthcare that should be offered for purchase to all US citizens as a nonprofit public option. This plan should offer only basic preventative and emergency services, so for-profit insurance companies can continue to compete for Cadillac plans. This would eliminate a significant number of uninsured people from showing up to emergency rooms, their care paid for by local taxpayers. It would also be a real competition for greedy insurance companies that overcharge for basic coverage.
Finally, the US should adjust its tax code to set tariffs automatically — not based on where a company’s headquarters is located, but on product assembly locations. Apple is, for all practical purposes, a Korean/Chinese/Taiwanese/Indian company, since the vast majority of its content comes from. The tariffs on those content items should mirror whatever those nations levy on their US imports. Eliminate the failed political brinksmanship for tariffs and simply automate the process such that foreign nations get what they give.