The CHIPS Act is probably just another mega-corporate giveaway

Perhaps you've seen this extolled in corporate "news" media as a wonderful example of "bipartisanship" on behalf of the American people. That's not the real story.

Millions of children are living in poverty, the planet is warming, and inflation is reaching new heights. Now, a bipartisan coalition in Congress has come together — to push for $76 billion in subsidies to the highly-profitable domestic computer chip industry.

(On July 20), the Senate voted to advance the CHIPS Act by a 64-34 vote. Those voting in favor included 49 Democrats and 15 Republicans. Senator Bernie Sanders (I-VT) and 33 Republicans were opposed.

The bill includes a combination of grants and tax credits for chip manufacturers designed to encourage domestic production. The money would subsidize the creation of new plants, known as fabs, and the retooling of existing facilities. The corporations expected to benefit the most are Intel, Texas Instruments, Micron Technology, Global Foundries, and Samsung...

Will $76 billion in subsidies incentivize these companies to build new fabs? Or will this money simply be a windfall for companies that are already expanding their capacity in the United States? - Popular Information