“Some ‘experts’ have been saying for decades that America needs to abandon manufacturing. But I don’t believe it. Manufacturing jobs are back,” President Joe Biden said in a statement. “Thanks to this legislation, we’re going to get more.”
Chip shortage due to perfect storm
There has been a global chip shortage for more than two years, making many devices difficult to obtain. That’s the deficit As a result of various influencesIncluding Covid-19 infection and related measures. At the same time, people were suddenly working from home in large numbers, which created a huge demand for laptops, webcams and screens. Hence the demand for chips for such devices has increased tremendously.
However, big investments in the chip industry – which are about to happen in the US right now – will not immediately solve the problem. Modernization of existing facilities can take up to a year, while new construction can take two to 2.5 years. So the investment will take time to pay off.
10 billion for technology centers
The new US law also frees up money for other technology-related topics. It would free up US$10 billion, which states and cities could use to create grants to set up ‘regional technology hubs’. Those centers should bring jobs and economic growth to areas hit hardest by globalization.
In addition, the National Science Foundation receives multibillion-dollar grants for semiconductor manufacturing research and workforce development programs.
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