Sanders Shreds Big Tech’s $76 Billion ‘Corporate Welfare’ Payday in CHIPS Act

U.S. Sen. Bernie Sanders on Monday again took aim at the CHIPS Act, and proposed bipartisan legislation the Vermont independent noted contains tens of billions of dollars in “corporate welfare” for tech giants—taxpayer money he says would be better spent on programs of social uplift.

“What the CHIPS bill represents is the question of whether or not we will have priorities in this country that represent the needs of working families and the middle class, or whether this institution, the entire Congress, is totally beholden to wealthy and powerful corporate interests,” Sanders said Monday during a Senate floor speech.

“I do not argue with anyone who makes the point that there is a global shortage in microchips and semiconductors which, is making it harder for manufacturers to produce the cars, the cellphones, the household appliances, and the electronic equipment that we need,” Sanders continued.

“This shortage is, in fact, costing American workers good-paying jobs and raising prices for families. That is why I personally strongly support efforts to expand U.S. microchip production.”

However, the senator continued:

The question we should be asking is this: Should American taxpayers provide the microchip industry with a blank check of over $76 billion at the same exact time when semiconductor companies are making tens of billions of dollars in profits and paying their CEOs exorbitant compensation packages?… I think the answer to that is a resounding no.

Sanders’ speech came days after the two-time democratic socialist presidential candidate introduced an amendment to the CHIPS Act that would impose restrictions on the billions of dollars in federal subsidies and tax credits Congress is set to give the already booming U.S. microchip industry.

“If private companies are going to benefit from generous taxpayer subsidies, the financial gains made by these companies must be shared with the American people, not just wealthy shareholders,” Sanders added. “In other words, if microchip companies make a profit as a direct result of these federal grants, the taxpayers of this country have a right to get a reasonable return on that investment.”

Originally published at Commondreams.org.