South Korea is out-investing the dismal West in high technology (and high-tech education too – but that is another story). So the even more dismal Biden* Mal-Administration is offering to spend money it does not have subsidizing a revival of the once-dominant US chip-making industry.
But there is a catch! Any investor who wants to take advantage of Biden* subsidies has to agree to hand back “excess” profits and to implement Biden* social policies.
“Samsung’s announcement [of big investments in South Korea] came only a week after the South Korean government expressed its displeasure with the “unusual” conditions attached by the Biden administration to the CHIPS Act, which offers a total of $52.7 billion in subsidies and $24 billion in tax credits to companies that invest in semiconductor production and R&D in the US. …”
“On the social side, recipients must:
** provide employees with affordable childcare,
** create opportunities for minority-owned, veteran-owned, and women-owned businesses,
** use iron, steel and construction materials produced in the United States, and
** use unionized construction labor.”
Samsung plans world’s largest high-tech chip cluster – Asia Times
Anyone want to bet on the likely outcome?