Bernie on semiconductor shortage: ‘These companies really need corporate welfare?’

Sen. Bernie Sanders (I-Vt.) on Friday issued the following statement as Congress tries to hand a $53 billion blank check to profitable microchip and semiconductor companies:

“There is no debate that the microchip and semiconductor shortage is a dire threat to our nation. It is costing American workers good paying jobs and raising prices for families. It is making it harder for businesses to manufacture cars, cellphones and life-saving medical equipment. It is also putting our national security at risk.

Wikimedia Commons/Nixdorf

Bernie Sanders: “There is no debate that the microchip and semiconductor shortage is a dire threat to our nation.”

“The microchip industry helped cause this crisis by, over the last 20 years, shutting down 780 plants here and eliminating 150,000 good-paying jobs. The question before us now is whether these extremely profitable companies will work with the U.S. government on a solution to rebuild the U.S. microchip industry which is fair to the taxpayers of this country, or whether they will continue to demand a $53 billion bribe to stay here. That is the main issue involved in the debate over the Chip legislation which may be on the floor of the Senate as early as next week.

“What I cannot understand is why so many in Congress are so eager to pay this bribe. When the government adopts an industrial policy that socializes all the risk and privatizes all the profits, that is crony capitalism. The five biggest semi-conductor companies that will likely receive the lion’s share of this taxpayer handout, Intel, Texas Instruments, Micron Technology, Global Foundries and Samsung, made $70 billion in profits last year. Does it sound like these companies really need corporate welfare?

“I’m opposed to this legislation in any form until these conditions are met: companies must agree to issue warrants or equity stakes to the federal government; they must commit to not buying back their own stock, outsourcing American jobs overseas or repealing existing collective bargaining agreements; and they must remain neutral in any union organizing efforts. The demands I’m making are not radical. They are the same conditions that were included in the CARES Act, which passed the Senate 96-0.

“Let us rebuild the U.S. microchip industry, but let’s do it in a way that benefits all of our society, not just a handful of wealthy, profitable and powerful corporations.”

Images courtesy of Wikimedia Commons/Michael Stokes and Wikimedia Commons/Nixdorf
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5 thoughts on “Bernie on semiconductor shortage: ‘These companies really need corporate welfare?’

  1. Bernie needs another bailout so he can collect some kick backs and then proclaim that the “Trillionaires” need to pay their fair share but won’t mention the millionaires or billionaires because he has reached those levels and won’t want to pay his fair share.

  2. If burnee shuts down Nazi pelosy’s new gravy train he could be in deep doodoo. While not as lethal
    as crossing the hilda beast clinton she will make crying chucky shumer make the socialist life in the senate very difficult…

  3. It sounds as though the aged hippy is supporting President Trump’s policies. Either that, or he’s upset that he didn’t get in on the stock market deal that Nancy Pelousy and her husband did.

  4. “The Microchip Industry” is a very dirty and ugly one that produces some stuff that no one wants here.
    We’ve got a big “Not In My Backyard” problem- and Who says That all the time?
    This is why it is where it is.

    So Bernie is not really telling us the whole story- as usual.

    Why do you think we are not making our own solar panels anymore or all that other stuff that produces the same sorts of toxins?
    And then take a look at the expense from the regulation that the people that Do produce this stuff here go through.. what do you think that all costs?
    THEN there is the massive amounts of fairly well trained people that do this zombie work that are needed. Who is going to do that- in this nation where people don’t even want to stock shelves and flip burgers?

    Now, what side is it that shuts down everything that creates environmental issues that they don’t like?
    And what side is Bernie on?

    Pot meet Kettle.
    Bernie contributed to the problem that Bernie is now complaining about.

  5. Whoa, am I reading this correctly, Vermont’s very own ” Socialist ” Sanders is stating he’s
    against ” corporate welfare ” …….. Now, this is a first, Bernie hands out federal tax dollars
    like he’s handing out M&M’s all on your back………………………..

    Maybe he and his compadres in the Senate, should look at themselves and look at the wall
    street crooks they are in bed with !!

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