The Shining City Upon a Hill

**bsm2** · 08-08-2022

Biden BFD

Joe Biden has defied expectations, earning a legacy as a president who got big things done with a deeply divided Congress.

The big question for Democrats: Can the same man whose dismal approval ratings have dragged them down all year now rescue their House and Senate majorities?

Driving the news: The Inflation Reduction Act is expected to clear the House later this week on a glide path to President Biden's signature.

"I ran for president promising to make government work for working families again, and that is what this bill does — period," President Biden said after Sunday's Senate passage.
Why it matters: It will join a list of hard-fought legislation shaping the U.S. economy, society and foreign policy for decades to come:

The American Rescue Plan (COVID stimulus)
The Infrastructure and Jobs Act
Confirmation of the first Black female Supreme Court justice
Gun safety legislation
CHIPS (semiconductor manufacturing and U.S. competitiveness with China)
NATO expansion to include Finland and Sweden
Veterans' health care expansion

**bsm2** · 08-08-2022

WASHINGTON, Aug 8 (Reuters) - The heads of chipmakers GlobalFoundries (GFS.O) and Applied Materials (AMAT.O) and carmakers Ford Motor and General Motors Co (GM.N) were to meet at a closed-door summit with U.S. government officials on Monday to discuss administration plans to invest in semiconductors.

On Tuesday, President Joe Biden will sign legislation to subsidize the U.S. semiconductor industry and boost efforts to make the United States more competitive with China. The bill provides $52 billion in subsidies for chip manufacturing and research. It also includes an investment tax credit for chip plants estimated to be worth $24 billion.

**bsm2** · 08-08-2022

Today, Senate Democrats sided with American families over special interests, voting to lower the cost of prescription drugs, health insurance, and everyday energy costs and reduce the deficit, while making the wealthiest corporations finally pay their fair share. I ran for President promising to make government work for working families again, and that is what this bill does — period.

This bill caps seniors’ out of pocket spending for prescription drugs at $2000 per year – no matter what their drug bills would otherwise be, seniors will not have to spend more than $2000. In addition, 13 million Americans, covered under the Affordable Care Act, will see their health insurance premiums reduced by $800.

This bill tackles inflation by lowering the deficit and lowering costs for regular families.

This bill also makes the largest investment ever in combatting the existential crisis of climate change. It addresses the climate crisis and strengthens our energy security, creating jobs manufacturing solar panels, wind turbines, and electric vehicles in America with American workers. It lowers families’ energy costs by hundreds of dollars each year.

Finally, it pays for all this by establishing a minimum corporate tax so that our richest corporations start to pay their fair share. It does not raise taxes on those making under $400,000 a year – not one cent.

I want to thank Leader Schumer and every member of the Senate Democratic caucus for supporting this bill. It required many compromises. Doing important things almost always does.

The House should pass this as soon as possible and I look forward to signing it into law.

**bsm2** · 08-09-2022

**SalesServiceGuy** · 08-09-2022

President Biden signs China competition bill to boost U.S. chipmakers

President Joe Biden signed into law a bipartisan bill that aims to boost U.S. competitiveness with China.
The bill includes more than $52 billion for U.S. companies producing semiconductors, as well as billions more in tax credits to encourage investment in chip manufacturing.
The White House said that multiple companies, “spurred” by the chips bill, have announced more than $44 billion in new semiconductor manufacturing investments.

President Joe Biden on Tuesday signed a bipartisan bill that aims to strengthen U.S. competitiveness with China by investing billions of dollars in domestic semiconductor manufacturing and science research.

“Today is a day for builders. Today America is delivering,” Biden said at the signing ceremony outside the White House. He was joined by a crowd of hundreds, including tech executives, union presidents and political leaders from both parties.

The bill, dubbed the Chips and Science Act, includes more than $52 billion for U.S. companies producing computer chips, as well as billions more in tax credits to encourage investment in semiconductor manufacturing. It also provides tens of billions of dollars to fund scientific research and development, and to spur the innovation and development of other U.S. tech.

The Biden administration also contended that the legislation will “unlock hundreds of billions more” in private spending in the industry. The White House said Tuesday that multiple companies, “spurred” by the chips bill, have announced more than $44 billion in new semiconductor manufacturing investments.

Of that sum, $40 billion is coming from Micron’s investment in memory chip manufacturing. The White House said the company’s initiative will yield 8,000 new jobs and boost the U.S. market share of memory chip production to 10% from 2%.

A newly announced partnership between Qualcomm and GlobalFoundries, meanwhile, includes $4.2 billion in chip production as part of an expansion of GlobalFoundries’ upstate New York facility, the White House said.

Advocates say the funding is needed to sharpen America’s technological edge and reinvigorate its lagging chip industry. The U.S. produces only about 10% of the world’s supply of semiconductors, whereas east Asia accounts for 75% of global production — including most of the top-tier chips, according to the White House.

Semiconductors are critical pieces of an array of products including consumer electronics, automobiles, health care equipment and weapons systems. The Covid-19 pandemic sparked a chip shortage and strained supply chains, highlighting America’s dependence on foreign-made chips and revealing a potential national security threat, officials say.

**Phil B.** · 08-10-2022

Originally Posted by SalesServiceGuy

President Biden signs China competition bill to boost U.S. chipmakers

President Joe Biden signed into law a bipartisan bill that aims to boost U.S. competitiveness with China.
The bill includes more than $52 billion for U.S. companies producing semiconductors, as well as billions more in tax credits to encourage investment in chip manufacturing.
The White House said that multiple companies, “spurred” by the chips bill, have announced more than $44 billion in new semiconductor manufacturing investments.

President Joe Biden on Tuesday signed a bipartisan bill that aims to strengthen U.S. competitiveness with China by investing billions of dollars in domestic semiconductor manufacturing and science research.

“Today is a day for builders. Today America is delivering,” Biden said at the signing ceremony outside the White House. He was joined by a crowd of hundreds, including tech executives, union presidents and political leaders from both parties.

The bill, dubbed the Chips and Science Act, includes more than $52 billion for U.S. companies producing computer chips, as well as billions more in tax credits to encourage investment in semiconductor manufacturing. It also provides tens of billions of dollars to fund scientific research and development, and to spur the innovation and development of other U.S. tech.

The Biden administration also contended that the legislation will “unlock hundreds of billions more” in private spending in the industry. The White House said Tuesday that multiple companies, “spurred” by the chips bill, have announced more than $44 billion in new semiconductor manufacturing investments.

Of that sum, $40 billion is coming from Micron’s investment in memory chip manufacturing. The White House said the company’s initiative will yield 8,000 new jobs and boost the U.S. market share of memory chip production to 10% from 2%.

A newly announced partnership between Qualcomm and GlobalFoundries, meanwhile, includes $4.2 billion in chip production as part of an expansion of GlobalFoundries’ upstate New York facility, the White House said.

Advocates say the funding is needed to sharpen America’s technological edge and reinvigorate its lagging chip industry. The U.S. produces only about 10% of the world’s supply of semiconductors, whereas east Asia accounts for 75% of global production — including most of the top-tier chips, according to the White House.

Semiconductors are critical pieces of an array of products including consumer electronics, automobiles, health care equipment and weapons systems. The Covid-19 pandemic sparked a chip shortage and strained supply chains, highlighting America’s dependence on foreign-made chips and revealing a potential national security threat, officials say.

Yeah in the year of 2025.

Sent from my SM-G990U using Tapatalk

**slimslob** · 08-10-2022

Originally Posted by SalesServiceGuy

The bill, dubbed the Chips and Science Act, includes more than $52 billion for U.S. companies producing computer chips, as well as billions more in tax credits to encourage investment in semiconductor manufacturing. It also provides tens of billions of dollars to fund scientific research and development, and to spur the innovation and development of other U.S. tech.

In other words it takes tax money collected from hard working middle class citizens and gives it to the rich.