Let’s rebuild the US microchip industry – not give it a $50bn-plus check

‘When the government adopts an industrial policy that socializes all of the risk and privatizes all of the profits that’s not a partnership. That is crony capitalism.’ Photograph: Elizabeth Frantz/Reuters

For two months, a 107-member conference committee has been working to finalize an agreement on the US Innovation and Competition Act (USICA) which would provide more than $50bn in corporate welfare to the highly profitable microchip industry with no strings attached.

There is no doubt that there is a global shortage in microchips and semiconductors which is making it harder for manufacturers to produce the cars, cellphones and electronic equipment that we need. This shortage is costing American workers good jobs and raising prices for families. That is why I fully support efforts to expand US microchip production.