Should Taxpayers Provide Billions to Support Struggling Intel?
Just days after the Biden administration awarded Intel the largest grant under the CHIPS and Science Act, the company's long-time CEO stepped down. This has raised concerns, as experts worry about the government giving so much taxpayer money to a company struggling financially.
Scott Lincicome, from the Cato Institute, expressed concern about the situation, especially because Intel received nearly $8 billion in grants from the Commerce Department, following a $3 billion defense contract in September. With CEO Pat Gelsinger stepping down due to mismanagement, Lincicome sees red flags, suggesting that the government might be treating Intel as "Too Big to Fail," potentially leading to more government support and bad decisions down the line.
Lincicome worries that thi...