Do You Know: President Biden has Created a Manufacturing Boom in America
The CHIPS and Science Act of 2022: Accomplishments in One Year
During the pandemic, you may have noticed that products like cars, cell phones, refrigerators, and gaming consoles became scarcer in the US due to supply chain disruptions, causing prices, especially for vehicles, to skyrocket. These shortages were primarily caused by the heavy reliance on microchip manufacturing in Taiwan.
In August, 2022, President Biden signed the CHIPS and Science Act into law with the goal of addressing this issue. This legislation aimed to significantly boost domestic microchip production, strengthening supply chains, reducing costs for consumers, creating jobs for Americans, and enhancing economic independence.
Additionally, the law allocated approximately $170 billion to the Department of Energy, National Science Foundation, and other federal agencies focused on technology, innovation, and manufacturing to enhance America's competitiveness on a global scale, particularly with countries like China.
In the one year since the law was passed, there have been significant accomplishments in all of these areas.
Semiconductor manufacturing
The CHIPS Act has helped to attract new investments in semiconductor manufacturing in the United States. In the past year, companies have announced over $166 billion in manufacturing in semiconductors and electronics. This includes investments from Intel, Micron, TSMC, and Samsung.
These investments are expected to create hundreds of thousands of new jobs in the semiconductor industry.
Semiconductor research and development
The CHIPS Act has also provided funding for semiconductor research and development. This funding is supporting projects in areas such as quantum computing, artificial intelligence, and clean energy.
These projects are helping to ensure that the United States remains at the forefront of semiconductor innovation.
Semiconductor workforce development
The CHIPS Act is also investing in semiconductor workforce development. This funding is supporting programs to train and retrain workers for jobs in the semiconductor industry.
These programs are helping to ensure that the United States has the skilled workforce it needs to compete in the global semiconductor market.
The CHIPS and Science Act is a major step forward for the American semiconductor industry.
In addition to the accomplishments mentioned above, the CHIPS Act is also expected to have a number of other benefits, including:
Reducing the cost of semiconductors for American businesses and consumers.
Lowering the cost of products from cars to household appliances to consumers.
Strengthening the national security of the United States by reducing its reliance on foreign semiconductor suppliers.
Creating a more resilient semiconductor supply chain.
The CHIPS Act is a major investment in the future of the American semiconductor industry. The law is expected to have a significant impact on the economy, national security, and innovation in the United States.