Obama’s investments in clean energy were largely successful and brought us benefits we are still enjoying today. Nobody remembers that, however, because the GOP ran a successful PR campaign attacking the failed investment in Solyndra. The government didn’t have the ability to pick winners in the market, we were told. Federal interventions in the economy were just a waste of taxpayer money.
That was then, and this is now. Trump is using CHIPS money to buy a federal stake in Intel. It is fair to assume that he will then provide Intel with a favorable regulatory climate; he may even go so far as to demand that American tech companies buy their chips from Intel. Then what? Will he use his regulatory power to strongarm an equity stake from the other tech companies? Will he use his eminent domain powers to become the CEO of America? The possibilities are endless.
American businessmen by and large supported Trump in 2024 because they thought he would give them more freedom and respect. Don’t say you weren’t warned, guys.