Intel cuts 15,000 after $8.5B Biden grant

By Oregon Taxpayers Association of Oregon Foundation,

Oregon’s largest private employer is in trouble.

They are cutting 15,000 employees.

This comes after the Biden administration helped pass and grant Intel $8.5 billion in various CHIPS ACT funding.   $8.5 billion is a lot when your revenue is $12 billion.

Yet, as Biden helped passed hundreds of billions in funding for tech companies, he was also raising hundreds of billions in new taxes through less known backdoor taxes.  This doesn’t work.

As Biden hands out billions to tech companies he is also passing a record number of regulations.  If we want a healthy tech industry then we need to have a healthy economy, not a routine taxpayer handout to select companies.