Congresswoman Clark Must Stop Putting Taxpayers on the Hook

Winchester MA

05 August, 2022

3:32 PM

Description

Why is our Congressional Representative selling us down the river? Why are taxpayers underwriting highly profitable tech companies? Sadly, it's true. Here in District 5, Congresswoman Katherine Clark recently supported a $76 billion corporate welfare bill that includes $52 billion in subsidies and tax credits to U.S. and foreign chip manufacturers to expand semiconductor manufacturing within U.S. borders. The bill was advertised as the saving grace to a severe chip shortage, no doubt caused by prolonged COVID-19 shutdowns - there's a big surprise! However, the shortage is easing as global demand has significantly slowed down. I bet you didn't know the U.S. leads global markets in chip design (52%) and chip-making equipment (50%). Seven of the world's 10 largest semiconductor companies are right here in America. China trails American companies by years in semiconductor technology. We don't need to spend your taxpayer money on the Chips Bill. Additionally, the Chips Bill isn't needed to compete with China and it will set a precedent that other industries will follow. Anybody who can throw up a China competitive angle will ask for taxpayer money. The American people are experiencing unprecedented levels of record inflation. How does Congresswoman Clark respond? With an unnecessary corporate welfare bill. As a member of Congress I will stand up for you, the average resident of Massachusetts, not the billionaire tech companies. To learn more, please visit https://ColarussoforCongress.c...