Cenk Uygur
@TheYoungTurks·6.5M subscribers·72.8K videos
Biden Cuts Fat Check For Tech Giants With New Bailouts
Posted
March 5, 2022
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March 5, 2022
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771
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9:43Now PlayingPresident Joe Biden announced in his State of the Union speech that computer company Intel would be investing upwards of $100 billion in bing semiconductor manufacturing plants back to the U.S. However, Intel and other semiconductor chip manufacturers have been profiting handsomely from stock buybacks, increased demand for chips, as well as moving manufacturing jobs overseas for decades. Ana Kasparian, John Iadarola, and Ramesh Srinivasan discuss on The Young Turks. Watch LIVE weekdays 68 pm ET.
Read more HERE:
"During his State of the Union speech Tuesday, President Joe Biden recounted Intel CEO Pat Gelsinger telling him that the only thing preventing the company from investing more in America is a delay of legislation providing huge new government subsidies.
“Pat came to see me, and he told me they’re ready to increase their investment from $20 billion to $100 billion,” Biden said. “That would be the biggest investment in manufacturing in American history. And all they’re waiting for is for you to pass this bill.”
But microchip companies like Intel are hardly cash-strapped paupers that desperately need a bill providing $52 billion of federal subsidies in order to build factories in the United States. According to a study by the Institute for New Economic Thinking, Intel and four other wildly profitable American semiconductor giants that stand to benefit from the bill were so awash in cash that they spent nearly a quarter trillion dollars in the last decade — or 70 percent of their profits — on stock buybacks.
Those buybacks diverted money from capital investments and into stock price boosts that enriched shareholders and executives. Intel and the microchip industry did this while moving manufacturing jobs away from the U.S. over the past three decades."
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