Dem Senate Passes $52B Bailout to 3 Companies Making Record Profit

[Sunsettommy]

The three big companies lobbying for this handout have a combined market cap over $5 trillion.
Remember: You’re not paying enough taxes.

The Senate just agreed $52 billion to boost US chip making. It's going to take a lot more

The US wants to fix the semiconductor supply chain, and it will require a big budget. But $52 billion might not be enough to tackle every challenge.

www.zdnet.com

I get the impression that this bill will not solve the problem because America is being beaten by Asian countries in making them, as this article explains:

Currently, in effect, chip manufacturing is largely concentrated in regions outside of the US. Specifically, semiconductor foundries – which print the silicon wafers that contain nanometer-scale integrated circuits – are predominantly based in South-East Asia.

This is because, instead of going through the complex process of manufacturing semiconductors for their products in-house, most companies have in the past years outsourced the job to two leading companies: Samsung and TSMC. As a result, about three-quarters of the world's semiconductor manufacturing capacity comes from China, Japan, South Korea and Taiwan.

At the same time, manufacturing capacity in the US has significantly declined. According to a recent report carried out by the Semiconductor Industry Association (SIA), the US held 37% of the global chip manufacturing capacity in 1990 – a number that has gone down to 12% today, mostly due to the stagnation of government subsidies to help the industry prosper.

This loss is self inflicted....., now they want a hand out to help keep themselves in completive business..

LOL

 

[Dont Taz Me Bro]

Here is the problem. It is a bi-partisan bill which means Republicans support this as well.

True, but they don't control the Congress; the Democrats do and therefore, they control the agenda and what gets voted on. This is one of those rare times that having AOC and The Squad could come in useful for true small government advocates who oppose corporate welfare. Hopefully, they will step up shut this down in the House.

 

[candycorn]

The three big companies lobbying for this handout have a combined market cap over $5 trillion.
Remember: You’re not paying enough taxes.

The Senate just agreed $52 billion to boost US chip making. It's going to take a lot more

The US wants to fix the semiconductor supply chain, and it will require a big budget. But $52 billion might not be enough to tackle every challenge.

www.zdnet.com

While the global shortage of chips continues to expand to more industries, the US Senate has passed a landmark bill that would unlock an eye-watering $52 billion to boost the national production of semiconductors.

The investment is part of a wider package of about $250 billion that covers scientific endeavors ranging from artificial intelligence to quantum communications, called the US Innovation and Competition Act.

What’s that have to do with money being taken at gunpoint from middle income Americans to mega corporations making record profits?

Gunpoint? You're full of shit.

Don’t pay your taxes and see. Eventually people with guns knock on your door.

According to Pro Pubica...that isn't the case.

 

[candycorn]

Democrats wanting to bring supply chains home. How dare they!

Trump did it. Without writing huge checks to companies making record profits.

Just massive tax breaks which resulted in record profits for the companies. Strange that Joe is having to bring the companies back if they were already here....

JFK used tax cuts to help the economy. It’s not writing a check to mega corporations making record profits.

Somehow when your blob was giving out loans during the PPP...they were in line to get those checks.

 

[candycorn]

Just massive tax breaks which resulted in record profits for the companies.

Companies don't make massive profits on tax breaks. They make massive profits off of selling products or services in a good economy. The tax breaks help create a good economy because it leads to more jobs.

Oh good lord.

Your profit or loss is based on what you end up with after expenses are paid. Taxes are an expense.

 

[Weatherman2020]

How is a computer chip shortage a problem for government to solve?

Many industries depend on these chips to build their products. Our Ford plant shut down for two weeks last month because they did not have the chips needed to produce heavy trucks.

I don't think anyone is doubting that a computer chip shortage is problematic, I think the question is how does throwing a crapload of money at the problem solve it

Yep. Tossing trainloads of money to corporations making record profits. Lots of things could have been negotiated that would help average Americans, like you’ll hire so many people and pay it back

 

[sartre play]

Would not All of us be happy to see more manufacturing return to this country? How do we join together to get our politicians to work together towards the average American's needs.

 

[Weatherman2020]

Would not All of us be happy to see more manufacturing return to this country? How do we join together to get our politicians to work together towards the average American's needs.

The Money has zero link to jobs in the US. It’s for R&D that’ll likely be manufactured in China.

 

[danielpalos]

How is a computer chip shortage a problem for government to solve?

Many industries depend on these chips to build their products. Our Ford plant shut down for two weeks last month because they did not have the chips needed to produce heavy trucks.

I don't think anyone is doubting that a computer chip shortage is problematic, I think the question is how does throwing a crapload of money at the problem solve it

Yep. Tossing trainloads of money to corporations making record profits. Lots of things could have been negotiated that would help average Americans, like you’ll hire so many people and pay it back

...it is to upgrade our semiconductor sector and increase productivity.

 

[Ray From Cleveland]

Would not All of us be happy to see more manufacturing return to this country? How do we join together to get our politicians to work together towards the average American's needs.

Our founders did not create the federal government for the average peoples needs, they created the federal government to govern.

50 billion here, 100 billion there, a few trillion somewhere else........... Where will the average American be once our entire system collapses?

 

[debbiedowner]

The three big companies lobbying for this handout have a combined market cap over $5 trillion.
Remember: You’re not paying enough taxes.

The Senate just agreed $52 billion to boost US chip making. It's going to take a lot more

The US wants to fix the semiconductor supply chain, and it will require a big budget. But $52 billion might not be enough to tackle every challenge.

www.zdnet.com

You title says the measure was passed. Your link says they are lobbying for a handout.

Who is lying? You or your link?

No doubt the op.

 

[Rogue AI]

Now the DNC is the party of corporate welfare? It's some new level of hypocrisy every hour with these folks.

 

[Ray From Cleveland]

Oh good lord.

Your profit or loss is based on what you end up with after expenses are paid. Taxes are an expense.

And business makes larger profits by expanding their industry and making investments like machines, office equipment, tow motors that are hopefully made in the USA.

But hey, as long as we're on the subject, your leaders told us if elected, they would tax our job creators to nose bleed levels; they would increase the national minimum wage to $15.00 an hour. They've been in charge for nearly 6 months. Where is it?

We had to read 4 years of Trump promising Mexico would pay for the wall. Given that the entire federal government is now Nazi controlled, it's our turn to question the promises of who you elected. Let's get the show on the road. What's taking them so long?

 

[candycorn]

Oh good lord.

Your profit or loss is based on what you end up with after expenses are paid. Taxes are an expense.

And business makes larger profits by expanding their industry and making investments like machines, office equipment, tow motors that are hopefully made in the USA.

But hey, as long as we're on the subject, your leaders told us if elected, they would tax our job creators to nose bleed levels; they would increase the national minimum wage to $15.00 an hour. They've been in charge for nearly 6 months. Where is it?

We had to read 4 years of Trump promising Mexico would pay for the wall. Given that the entire federal government is now Nazi controlled, it's our turn to question the promises of who you elected. Let's get the show on the road. What's taking them so long?

29 States have a MW higher than the state MW. Several states are already at or are on their way to $15. So I doubt it's a priority.

The Trump welfare checks went to executives in the form of bonuses. Little if any benefit was experienced by the wage earners.

 

[Ray From Cleveland]

29 States have a MW higher than the state MW. Several states are already at or are on their way to $15. So I doubt it's a priority.

The Trump welfare checks went to executives in the form of bonuses. Little if any benefit was experienced by the wage earners.

Oh, so that's why we hit a new median household income high under Trump--because nobody was getting the money.

I see you dodged my question. Good decision on your part.

 

[candycorn]

29 States have a MW higher than the state MW. Several states are already at or are on their way to $15. So I doubt it's a priority.

The Trump welfare checks went to executives in the form of bonuses. Little if any benefit was experienced by the wage earners.

Oh, so that's why we hit a new median household income high under Trump--because nobody was getting the money.

I see you dodged my question. Good decision on your part.

The blob didn't screw up Obama's recovery...true.

Nothing was dodged.

 

[danielpalos]

29 States have a MW higher than the state MW. Several states are already at or are on their way to $15. So I doubt it's a priority.

The Trump welfare checks went to executives in the form of bonuses. Little if any benefit was experienced by the wage earners.

Oh, so that's why we hit a new median household income high under Trump--because nobody was getting the money.

I see you dodged my question. Good decision on your part.

Continuing upward trends, that is all.

 

[Crepitus]

The three big companies lobbying for this handout have a combined market cap over $5 trillion.
Remember: You’re not paying enough taxes.

The Senate just agreed $52 billion to boost US chip making. It's going to take a lot more

The US wants to fix the semiconductor supply chain, and it will require a big budget. But $52 billion might not be enough to tackle every challenge.

www.zdnet.com

This is about lowering our dependency on china.

You should be cheering, you're anti china, remember?

 

[Ray From Cleveland]

The blob didn't screw up Obama's recovery...true.

Nothing was dodged.

Yes, total dodge, but I'll give you another chance: The Democrats promised us huge tax increases on our job producers and a national $15.00 minimum wage. They've had total power of our federal government for nearly six months now. So why are they not doing what they said they were going to do?

 

[danielpalos]

The blob didn't screw up Obama's recovery...true.

Nothing was dodged.

Yes, total dodge, but I'll give you another chance: The Democrats promised us huge tax increases on our job producers and a national $15.00 minimum wage. They've had total power of our federal government for nearly six months now. So why are they not doing what they said they were going to do?

If they had a working majority in Congress they would be doing it. Why are right-wingers not coming up with better solutions at lower cost?