Ahead of his 2024 State of the Union address, President Joe Biden said that legislation under his watch boosted private
President Joe Biden tours the building site for a new Taiwan Semiconductor Manufacturing Co. computer chip plant Dec. 6, 2022, in Phoenix. A Semiconductor Industry Association analysis updated Feb. 26 said that $256 billion in private investments had been announced across 22 states since 2020, when precursor legislation to the CHIPS and Science Act was proposed.
"I signed the CHIPS and Science Act, which attracted $640 billion in private companies’ investments that are building factories, creating jobs in America again,"The White House has repeated this figure on numerous occasions, but attributed it to multiple pieces of legislation signed by Biden — not just the CHIPS Act. Economists told us that these numbers are based on company announcements and all of the spending may not come to fruition or could be years from now.
"These are announcements and announcements are great but are not actual investments," said Douglas Holtz-Eakin, president of the center-right American Action Forum. Some of these investments may never happen, he said, and if they happen we won’t know when that will be. Sanjay Patnaik, an economist at the Brookings Institution, a Washington. D.C., think tank, said some investments will take a long time to manifest because they involve building new plants. Also, he said, it is hard to separate the CHIPS Act’s effects on investments in semiconductor manufacturing and jobs from other factors, such as rising demand from the artificial intelligence boom.
The White House website says private companies have announced investments in semiconductors and electronics manufacturing worth $235 billion, not $640 billion, since Biden was elected.
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