The U.S. Constitution only permits the federal government to do a handful of things. Borrowing money from us and giving it to private, for-profit tech companies is not one of those things that the federal government is permitted to do.
On the same day that a “federal” judge sentenced one of the January 6 protestors to a whopping 7 years in prison, the House passed a Bill to borrow money, give it away to private companies, and invoice us for the cost: $52 billion plus admin.
And some still wonder why we have inflation. We aren’t just over spending on government, but now our broke government is borrowing money from us and giving it away.
Not the first time. “Borrowing” from a tax payer funded “Bank” recovery fund to bailout privately owned auto industries. Should have been criminal back then too…
How else are we going to compete with China? I am glad we still manufacture automobiles here and it would be great if we could bolster our manufacturing of electronics, especially microchips. Too bad we are wasting so much money on less fruitful endeavors, including sending billions upon billions overseas.
Every dollar you give to an existing company makes it harder for a new innovator to launch and compete in the sector.
But my real point is that the federal government isn’t authorized to give our money to private companies. Bureaucrats deciding which high-tech companies are best to receive financial competitive advantages over others? Really? That’s nuts! What do they know? They can’t even read the Constitution and follow it.
My assumption is they will make companies compete for the money. And a large percentage appears to be going for “research and development.” No doubt probably 1/3 of the money will be lost to administrative costs and fraud, just like every government program. But hey, having 2/3 of it to entice companies to manufacture at home? I’m OK with it. China wants us to quit manufacturing anything. Guess what happens then?
Aside from being illegal, it is definitely bad for government to be holding down competitors and consolidating this space by giving billions to the few companies that exist now. We need MORE suppliers of chips, not fewer.
The federal government’s duties are limited and enumerated. Everything the federal government wants to do (according the the Constitution) is prohibited, unless it is specifically one of their duties listed in the Constitution.
Do you see borrowing money and giving it to private companies in there? I don’t.
I agree, most everyone of them in Washington are as corrupt as they can be. Sending money over seas so it ends up back in their pockets. Insider trading, you or I would do it we’d be locked up. You can bet the corporations they pick are some way connected back to themselves. TERM LIMITS!!!
There are so many violations of our constitution where do we start? For my money the Convention of states is our only hope of getting this Federal Government under control. I recommend everyone read about Art 5 and how it works. Federalism is waking up in this country. Our Governors and our greatest Laboratory’s of economic success are indeed our states! The Federal Government has really only one main function, the security of the union and it is an absolute failure, just look at the invasion at the border.
