Biden marks CHIPS anniversary, pledges to safeguard supply chain.
President Biden Pledges to Make the US a Global Semiconductor Powerhouse
President Joe Biden marked the one-year anniversary of the CHIPS and Science Act by making a bold promise: to transform the United States into the world’s leading producer of semiconductors.
The CHIPS and Science Act, a crucial element of Biden’s economic and green energy agenda, aims to boost domestic semiconductor production, ensuring a secure supply chain and reducing reliance on China.
“In the year since I signed this legislation into law, companies have announced over $166 billion to bring semiconductor manufacturing back to the United States,” Biden stated in a recent release. “These investments are creating jobs and opportunities in communities across the country – from Ohio to Arizona, Texas, and New York. And, in the last year alone, at least 50 community colleges have announced new or expanded programs to help American workers access good-paying jobs in the semiconductor industry.”
“The CHIPS and Science Act is a vital part of my Bidenomics agenda, which aims to bring investment and opportunity to every corner of the country,” Biden emphasized. “Over the coming months, my Administration will continue to implement this historic law, ensuring that American union workers, small businesses, and families benefit from the investments spurred by the CHIPS and Science Act. Our goal is to make America a leader in semiconductor manufacturing once again and reduce our dependence on other countries for our electronics and clean energy supply chains.”
In the 1990s, the United States accounted for approximately 40% of the global chip supply. However, that figure has dwindled to just 10% today.
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The CHIPS and Science Act, along with the Inflation Reduction Act and bipartisan infrastructure, form the foundation of “Bidenomics,” President Biden’s comprehensive economic agenda.
Despite this ambitious vision, Biden currently faces public skepticism regarding his economic stewardship. Only 38.3% of voters approve of his economic policies. However, both White House and Biden campaign officials remain confident that these numbers will rise as more of the president’s legislative agenda is put into action.
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