Congress OKs bill to aid computer chip firms, counter China
WASHINGTON (AP) — The House on Thursday passed a $280 billion package to boost the semiconductor industry and scientific research in a bid to create more high-tech jobs in the United States and help it better compete with international rivals, namely China.
Abetted by a raging political fetish for globalization at the end of the last century American industrialists rushed to move their operations to locales offering lower — much lower — labor costs {see NAFTA, for example). As a foreseeable result, U.S. manufacturing capabilities shriveled.
Now the bill comes due: As usual, the taxpayers pick it up.
If you're going to make a mistake, make it as big as you possibly can.
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