America’s manufacturing sector has been struggling of late, and has lost more than 500,000 jobs since the start of the COVID-19 pandemic. Compounding these woes is a recent, global shortage of semiconductor chips. A heavy reliance on computer chips from Taiwan and Korea has hit U.S. manufacturers hard. The nation’s auto sector has been particularly affected, with Ford F, +4.35% forced to cut back production of its F-150 truck and GM GM, +5.61% halting operations at three plants.
Shareholders first, investment second Consider Intel INTC, +3.08%, for example. The California-based chip maker operates 15 foundries world-wide, including four in the United States. Last year, Intel invested $14.5 billion on capital spending. However, it also returned $19.8 billion to shareholders, including $14.2 billion in buybacks of its own stock. Essentially, Intel chose to return more money to shareholders than to invest in operations.
It’s troubling enough that a global chip shortage could grind U.S. manufacturing to a halt. But China is now entering the semiconductor market as well—and is pouring an estimated $120 billion into its chip industry. Given such massive subsidies for its state-owned enterprises, there’s a huge risk that China will swiftly corner the global chip market by the end of this decade.
Washington should set a goal of U.S. manufacturers supplying 50% of the chips consumed in every major category of semiconductors. That would strengthen national security, diversify supply chains, and create hundreds of thousands of good-paying jobs nationwide.
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Teaching that might cause head traumas possibly bleed outs in our boardrooms first and shareholders second America.
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