The White House announced on Wednesday that American chipmaker Intel would receive up to 19 billion dollars in corporate welfare. This will make it the most likely recipient of taxpayer-funded assistance intended to boost semiconductor production.
Joe Biden, the president of the United States, is expected to announce this gift during a stop in Chandler Arizona today. The White House stated that Intel will receive direct grants of $8.5 billion and also be eligible for federal loans worth $11 billion. Intel will create 30,000 jobs for all this money.
In other words, taxpayers will pony up over $283,000 per job created—and that’s counting only the $8.5 billion in direct payments to the company.
Intel’s latest press release makes the math even worse. Intel clarifies in its statement that 20,000 of these 30,000 jobs are temporary construction jobs associated with building new facilities.
But the real kicker is the fact that Intel was already planning to build those facilities—which makes sense, because there is huge demand for semiconductors and the market is growing increasingly concerned about the…
