The CHIPS Act Is Corporate Welfare Disguised as Industrial Policy

Source: Reason
by Veronique de Rugy

“Industrial policy is making a comeback. For those of you under the age of 50, this is just another term for corporate welfare — a lovely name for the unlovely practice of a government granting subsidies, protective tariffs, and other privileges to politically influential industries or companies. It’s often done in the name of some lofty goal such as strengthening national security or ensuring that America is a leader in the ‘industries of the future.’ But the outcome is always the same: wasteful, unfair, unsuccessful, and unjustified. Oh, and it invariably grows the budget deficit. The latest form of industrial policy is Congress’s CHIPS Act of 2022, a bill meant to subsidize the semiconductor industry by channeling taxpayer money to build up domestic production capacity and combat feared Chinese computer-chip supremacy.” (07/28/22)

https://reason.com/2022/07/28/the-chips-act-is-corporate-welfare-disguised-as-industrial-policy/