https://www.commondreams.org/news/2022 ... ig-handoutNews that the U.S. semiconductor giants Intel and Micron are slashing manufacturing investments despite the recent passage of a major subsidies bill drew the ire of Sen. Bernie Sanders, the Senate's most outspoken critic of industry handouts in the CHIPS and Science Act.
"This is what a rigged economy looks like," Sanders (I-Vt.) said Wednesday. "On the same day a bill was signed into law to give a $76 billion blank check to microchip companies, Intel announced it will be cutting back on plans to increase jobs by $4 billion while increasing dividends for its wealthy shareholders."
The Vermont senator was referring to Intel's move to cut spending on manufacturing plant buildouts and other investments by $4 billion in the coming months—even as it continues to pay a sizable dividend.
"We paid dividends of $1.5 billion, a 5% increase year-over-year, and remain committed to growing the dividend over time," David Zinsner, Intel's chief financial officer, said during the company's second-quarter earnings call late last month.
Congress needs to quit giving money out to corporations without strings attached. We, the taxpayers, just gave the rich, money for nothing and the taxes free.