Consumers are having to pay 'high global market price, even when the cost of production is not high'
Things are getting better and steps are being taken, he assured Congress and the people watching at home.
“We’re going to make sure the supply chain for America begins in America,” Biden said. He singled out semiconductors — computer chips whose domestic production used to be much greater. What happened was that idle foreign factories or disruptions in the shipping of said chips created a domestic chip shortage that in turn idled many U.S. factories that were depending on those chips to put in their products.“Car prices went up,” Biden said. “So did everything from refrigerators to cellphones. We can never let that happen again.”“That’s why we came together to pass the bipartisan CHIPS and Science Act,” he said.
An additional $52.7 billion is sectioned off for domestic “semiconductor manufacturing, R&D, and workforce development, with another $24 billion worth of tax credits for chip production,” according to McKinsey. Additionally, the legislation has “$3 billion slated for programs aimed at leading-edge technology and wireless supply chains.”
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