Sanders Blasts 'Rigged Economy' as Chipmakers Cut Investments After Big Handout

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News 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.
https://www.commondreams.org/news/2022 ... ig-handout

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.
Facts do not cease to exist because they are ignored.-Huxley
"We can have democracy in this country, or we can have great wealth concentrated in the hands of a few, but we can't have both." ~ Louis Brandeis,

Re: Sanders Blasts 'Rigged Economy' as Chipmakers Cut Investments After Big Handout

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It was a bi-partisan bill that was passed by a Democratic US House and it passed the US Senate a Democratic controlled chamber. Who said you can't make a silk purse out of a sows ear? Just bury it in an innocuous bill and dress it up and it passes.
H.R.4346 - Supreme Court Security Funding Act of 2022

Other Short Titles for portions of a bill:

CHIPS Act of 2022
Coastal and Ocean Acidification Research and Innovation Act of 2021
National Aeronautics and Space Administration Authorization Act of 2022
National Nuclear University Research Infrastructure Reinvestment Act of 2021
Research and Development, Competition, and Innovation Act
https://www.congress.gov/bill/117th-con ... -bill/4346
"Everyone is entitled to their own opinion, but not their own facts." - Daniel Patrick Moynihan

Re: Sanders Blasts 'Rigged Economy' as Chipmakers Cut Investments After Big Handout

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Tis what you get when 578 people make decisions* for the other 350 million. They, the 578, will pay themselves first, last, and in-between...always...in all ways. Thought you'd all be used to it by now. The bending over part I mean.

eta
*starting with their own compensation, benefits, vacation (though they call it recess) retirement, rules governing their employment - including from which laws they are exempted...
It's actually a pretty sweet gig! No outta pocket, tax payer covers pretty much everything. And when you leave, you take it all with you.
Subliterate Buffooery of the right...
Literate Ignorance of the left...
We Are So Screwed

Re: Sanders Blasts 'Rigged Economy' as Chipmakers Cut Investments After Big Handout

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It is part of the plan. Congress votes to give money to the corporations to stimulate the economy. Corporations then give money to their executives and stockholders, who then contribute to the campaigns of the congress critters that voted to give the money to the corporations. This keeps the money in circulation.

How many have read the book Catch -22? This is a perfect example of Lt. Milo Mindbender's Syndicate in action.
Facts do not cease to exist because they are ignored.-Huxley
"We can have democracy in this country, or we can have great wealth concentrated in the hands of a few, but we can't have both." ~ Louis Brandeis,

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