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“No. As part of the Endless Frontiers bill we should not be handing out $53 billion in corporate welfare to some of the largest and most profitable corporations in the country with no strings attached,” Sanders, the Senate Budget Committee chairman, tweeted on Monday, referring to a centerpiece provision in the substitute amendment Schumer unveiled on the floor last week.
Sen. Bernie Sanders (I-Vt.) on Monday slammed a provision in Senate Majority Leader Charles Schumer’s (D-N.Y.) legislation to boost American competitiveness that would provide more than $52 billion…
I will politely disagree with Senator Sanders here. South Korea plans to spend $451 billion on their domestic semiconductor industry over the next decade. The US should also make investments to secure the future of our semiconductor industry.
Here's Micron CEO Sanjay Mehrotra on why the US should support the domestic semiconductor industry.
Micron Technology CEO Sanjay Mehrotra joins ‘Closing Bell’ to discuss the global semiconductor shortage and urges the U.S. to support leadership in the semiconductor ecosystem for economic growth.
www.cnbc.com
Here's an article on Micron beginning to challenge Samsung's dominance in the memory market
He's right, the precedent set by the bailouts of 2008 have spread to every corner of every industry. As necessary as the investment is, the problems are far more systemic. It's nauseating to see a company like Globalfoundries begging for the gov't dole having spent the last 4 years paying McKinsey millions to rip copper out of the walls. Given Intel's demise, AMD's resurgence, and their 7nm SRAM was ready to qualify in Malta, I like to think the money those imbeciles left on the table is astonishing.
It's also interesting because the former IBM 200mm site in Bernard's home state has been absolutely slaughtered over the last 2 decades, something like 10,000 heads down to 3,000. NY poached IBM's 300mm fab from VT with massive tax breaks and energy subsidies. Management assumed everyone would move from the Champlain Valley to ghost towns like Fishkill and Endicott, and when that didn't happen they had to train a new labor force and endure years of terrible yields. Since then, Bernard himself oversaw the closure of the Yankee nuclear plant in VT, which has all but guaranteed that manufacturing will never again be viable in his own state.
I think none of these people know what to do except print money for Wall St and the military industrial complex.
Sanders believes everyone should work for the government and it should control every aspect of our lives. I wish he would read the US Constitution and Bill of Rights of which I carry a pocket copy with me. It has been the most successful political blueprint in history.
Sanders positioning for money grab for the GF fab in Burlington - it's not leading edge or even 300mm, but still running full out with some key devices and long term viability for the GF foundry.
About the only thing the government has done right during crises over the last 15 years is unemployment insurance, which works countercyclically, meaning it provides money to the workers of failing businesses that might recover eventually. Often, the businesses do recover, but not because of government support; we just don’t support a business that way in the US. But they do elsewhere.
Pro cyclical government spending is likely to have unanticipated consequences on semiconductors. So TSMC, Samsung and Intel are expanding for good reasons currently, there is a chip shortage. Government stimulus is not needed, except to ensure they expand in the US not Asia. However the unanticipated consequence of subsidizing US expansion, you can anticipate somewhat, is you will create oversupply and unprofitable fabs in the US. Which may lead to a bust, after the boom.
thehill.com
