Let’s rebuild the US microchip industry – not give it a $50bn-plus check | Bernie Sanders

If private companies are going to benefit from taxpayer subsidies, the financial gains made by these companies must be shared with the American people

For two months, a 107-member conference committee has been working to finalize an agreement on the US Innovation and Competition Act (USICA) which would provide more than $50bn in corporate welfare to the highly profitable microchip industry with no strings attached.

There is no doubt that there is a global shortage in microchips and semiconductors which is making it harder for manufacturers to produce the cars, cellphones and electronic equipment that we need. This shortage is costing American workers good jobs and raising prices for families. That is why I fully support efforts to expand US microchip production.

Bernie Sanders is a US senator from Vermont and the Chairman of the Senate budget committee