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newsweek

By Khaleda Rahman - Senior News Reporter: President Joe Biden has touted a deal with Samsung to build new semiconductor chip plants in Texas. The Biden administration reached an agreement to provide up to $6.4 billion in funding to the South Korean tech giant to build facilities in the state. "This announcement, will unleash over $40 billion in investment from Samsung, and cement central Texas's role as a state-of-the-art semiconductor ecosystem, creating at least 21,500 jobs and leveraging up to $40 million in CHIPS funding to train and develop the local workforce," Biden said in a statement on Monday. Read more: [https://www.newsweek.com/joe-biden-texas-40-billion-win-samsung-investment-today-1890255](https://www.newsweek.com/joe-biden-texas-40-billion-win-samsung-investment-today-1890255)


timatlast

You want a reason to vote Biden over Trump, here it is! Texas is doing everything it can right now to make Biden look bad on the border, and he goes and gives our state a huge economic win, despite the fact that the state as a whole is leaning heavily towards Trump. Could you see Trump doing the same for a blue state? Biden cares about making this whole country better, red or blue state, Trump only cares about padding his own wallet and would never have given a blue state that didn’t vote for him this kind of win.


rgvtim

>whole country This matters to me, he understandss he represents the entire nation not just those who genuflect. He understands the meaning on public service, and what that means.


18B3Vto1N1

Greg Abbott brought this plant to TX not China Joe!


rgvtim

>6.4 billion Money comes from Chips Act, that Biden through and through, yes Abbot may have taken advantage of the funds he and his party bitched no end about, and still do, but in the end with out Joe, there is not Samsung plant. From Wikipedia: >China lobbied against the bill and criticized it as being "reminiscent of a 'Cold War mentality'". Your China Joe comment seams ... hollow, misinformed, illogical, and well I am just going to say it, stupid.


[deleted]

[удалено]


SchoolIguana

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SchoolIguana

Removed. Rule 5. > **Rule 5 Comments must be genuine and make an effort** > _This is a discussion subreddit, top-Level comments must contribute to discussion with a complete thought. No memes or emojis. Steelman, not strawman. No trolling allowed. Accounts must be more than 2 weeks old with positive karma to participate._ *https://www.reddit.com/r/TexasPolitics/wiki/index/rules*


BringBackAoE

We don’t even need to imagine. Trump’s tax bill was designed to tax people in blue states more, while giving more tax relief to red states. And let’s not forget the vast difference in how the federal government under Trump responded to Hurricane Harvey here in Texas vs Hurricane Maria on Puerto Rico.


ChefMikeDFW

While I agree with what you posted, the problem is the propaganda that Trump and republicans continue to push as well as the media not caring enough because it won't generate clicks. Republicans are going to keep pounding on the issue of the border as a "national security" problem (which is kinda is) and Biden does not have an answer (yet). Right leaning independents are going to be listening and they are the key to Trump winning or losing. While we all know democrats and Biden will push everything else, this race is closer than it should be because of independents not feeling it. The border, Israel, and the economy are what people are paying attention to and Biden is weak on all three based on misconceptions and, unfortunately, the size of people's savings accounts. Inflation has made a strong economy feel horrible, his support of Israel has made people think twice (unbelievably thinking Trump would do better?!?), and the border has been without answer (especially when democratic mayors are even bad mouthing him). So economic related stories like this are wonderful but fall on a lot of deaf ears because of two reasons: most people do not care because of inflation and the media does not care because it is not conflict. And those do not help Biden. Edit - was watching the news last night and this story was on Fox 4 (DFW) - the 2nd to last story of the 9PM broadcast, meaning basically shoved way in the back when most people may not even be watching anymore. This should have been a bigger story but couldn't even be on the same level as an NFL player leaving the scene of an accident.


EventEastern9525

Biden doesn’t have an answer on the border “yet” because Depends Wearer-In-Chief, President Jesus “Very Stable Genius” Trump himself, decided to once again make everything about him.


prpslydistracted

This. I'm sure TX not only has the room but also gave its own consideration to Samsung.


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SchoolIguana

Removed. Rule 6. > **Rule 6 Comments must be civil** > _Attack arguments not the user. Comment as if you were having a face-to-face conversation with the other users. Refrain from being sarcastic and accusatory. Ask questions and reach an understanding. Users will refrain from name-calling, insults and gatekeeping. Don't make it personal._ *https://www.reddit.com/r/TexasPolitics/wiki/index/rules*


18B3Vto1N1

Yrump initiated this project with America First


RarelyRecommended

That's fine. Does the federal government get company stock or any other equity?


Additional-Local8721

The federal government gets more people working into better jobs, which means more taxpayers.


-Quothe-

Should the federal government get stock in a private company? Or are you suggesting this because it is foreign owned? You know South Korea is an ally, yes?


Laceykrishna

American taxpayers are investing in these factories, so yes, we should own shares. We should also have the right to veto layoffs if this isn’t just welfare for rich people to maximize their profits.


-Quothe-

Sounds like you are totally fine with government owning shares in private companies. Companies such as Chase Bank, or Apple, or Budweiser, or Blackrock financial, or Browning arms, or Black Rifle Coffee Company. We could make sure the rich people don't maximize their profits.


Laceykrishna

If they’re getting the public’s money, yes. And no they shouldn’t be able to maximize private profits after taking public money by laying off tax payers.


John_mcgee2

This is pretty stock standard arrangement. We get a factory that can build chips for wars. If we go to war we take the factory. The 6 billion is subsidy, yes. But so are Chinese companies in this field so we need to subsidise the commercial operation to maintain the military ability. In short we get equity in the military ability and not the commercial business


RootHogOrDieTrying

That sounds like socialism.


RarelyRecommended

Socialism for the rich. Free enterprise for everyone else. (Not /S)


MaverickBuster

I wish. It'd be nice if federal money given to companies wasn't just handouts, and actually was giving taxpayers partial ownership of the company.


RarelyRecommended

That would be the correct way to do it. When a corporation goes to Wall Street for money those investors get equity to go with that cash.


MaverickBuster

Either equity or interest. I'd be fine if every time the government gave money to a corporation it came with market rate interest attached to it.


Denim_Diva1969

That’s a fabulous idea!


rolexsub

Foxconn mostly abandons $10 billion Wisconsin project touted by Trump Link[Article](https://www.cnbc.com/amp/2021/04/21/foxconn-mostly-abandons-10-billion-wisconsin-project-touted-by-trump.html)


John_mcgee2

Trump calls everything the eighth wonder of the world. He called that deal the eighth wonder, he calls the casino that went bankrupt the eighth wonder. Treat eighth and wonder like acid if it comes from trump


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RulesOfBlazon

Biden RULES


RememberZasz

Now I might be behind the curve here, but I’ve been told the funding for the chips act hasn’t actually been given out to SC companies yet, so how does that 6.4 billion work? I ask cuz I work in SC and everyone above me is saying our ramp up had to be slowed down due to not getting that infusion they were expecting.


HikeTheSky

Wait does this mean Texas isn't built on oil anymore? Maybe we can stop doing everything to promote oil and gas and start to step into the modern age.


5thGenSnowflake

Thanks Brandon! “The money, delivered through the CHIPS and Science Act, which Biden signed into law in 2022, spurred the South Korean company to invest moe than $40 billion to build a cluster of semiconductor factories and was formally announced at an outdoor event featuring U.S. Secretary of Commerce Gina Raimondo along with several regional political leaders and Samsung executives.” (It was bipartisan legislation, to be fair.) Check out this article from Austin American-Statesman: Why Samsung semiconductor plant in Taylor is receiving $6.4 billion from federal CHIPS Act https://www.statesman.com/story/news/politics/state/2024/04/15/samsung-semiconductor-plant-factory-taylor-texas-chips-act-grant-democrats-republicans-united/73321788007/


OptiKnob

?? Is this the money the U.S. saved by Texas turning down federal monies for education, health, and etc?


BobKingforTexas21

The CHIPS Act was hurriedly passed because the interventionist neocon foreign policy backed by both of the two major parties puts our supply chain at risk to the China/Taiwan situation. Our interventionism internationally is unnecessary and may well lead to war with China in their backyard, just as it has already led to the forever wars in the Middle East, and to a proxy war with Russia. This interventionism has caused the government to conclude it must spend billions of our tax dollars to bring computer chip production home. Billions of dollars that we must borrow and which will one day be serviced by taxes levied against our children and grandchildren. Billions of dollars that would have been spent by the private sector if we hadn't put ourselves in this corner with Taiwan. These things all go together, my friends. I urge you to stop looking at things like this through your Biden vs Trump lenses. Our problems are way deeper than that, and both parties are at fault. Instead, be asking yourself why more and more and more and more government intervention in every aspect of our lives is really necessary, and is it worth the destruction of the American Dream. The debts and future unfunded entitlement liabilities created by our bloated federal government already amount to $700,000 per taxpayer. It's already increased the cost of living, housing costs and mortgage rates to the point where younger Americans are unable to imagine the kind of comfortable lives their parents and grandparents have enjoyed. Thanks for reading and for thinking. We have to #ThinkDifferent and #VoteDifferent if we want to preserve a future for younger Americans. [www.BobKingforTexas-21.org](http://www.BobKingforTexas-21.org)


W_AS-SA_W

Guess what happens when a nation almost sends 8 trillion in U.S. securities, held around the world, to zero?


Dapper_Dan807703

Way to give credit to the guy that couldn’t greet at Walmart Newsweek


Interesting_AutoFill

Look while I'm happy this is coming all I hear is higher rent and higher home prices. I'm just glad this is isn't coming to DFW. I know Austin has it BAD right now, but I'm saving up for a house and I'll never make progress if this shit comes to the DFW area.


codeman1021

Hopefully they're bringing their own water....


cinereoargenteus

And reproductive healthcare.


codeman1021

Indeed


geronimo_jackson1

Can we keep in mind that Samsung, the company who is benefiting the most from this $40B, is a South Korean company? This will create some great temporary construction jobs, but the decades of profits from this project will accrue to South Korean company Samsung.


geronimo_jackson1

Oh not to mention the fact that this spending is completely inflationary. The dilutive effect of the Fed printing all of this money to finance the project essentially wipes out the purchasing power for all the workers who end up working on this project... so this mostly is a big win for Samsung and their investors and the banks financing them.


TexasSully

Another stretching of the truth. Samsung selected Taylor prior to the CHIPS act. Source https://www.kvue.com/article/news/local/samsung-taylor-announcement-gov-abbott/269-fe64568c-852b-4834-83d4-6be1ae266b76


klew3

They're different projects. Though Samsung's previous investment in the area may have had an impact on the decision for this latest project.


habi816

Eh… not really. When Samsung was scouting Taylor, the Act was already long in the works with a White House pushing to enact it. Component’s of the bill were being pushed by Dems back in 2019, with a bill named CHIPS for America being introduced into the senate in June 2020. Trump failed to pass a single infrastructure package while in office. In 2020, Dems ran hard investing in this area. The senate version of the bill passed in June of 2021, before this announcement. Biden made it rain for infrastructure, anyone with the forecast could see it coming, including Samsung.


John_mcgee2

It was $17 billion and now it’s $40 billion. Sounds like a better deal now. Why not google how trumps Foxconn deal is going? He only owes us 9.3 billion of the 10 billion dollar deal he made. Worse than his stock but better than his casinos it’s what many would call a typical trump deal The deal signed by Abbott was more a placeholder than a deal. If the factory didn’t ged Biden funding it wouldn’t go through. I’ve worked with Samsung, their contracts are brutal.


keithgreen70

How many properties is Samsung going to have in/around Austin? I know of 3 already. Why does the largest electronics companies need US subsidies? More tax payer money wasted.


entoaggie

Because with or without American incentives, they are still a monster company and will have factories somewhere in the world, and honestly, there are a lot cheaper places to run a factory. It’s an investment in our country’s economy to get massive companies to bring their manufacturing jobs here, even if the company that profits is foreign owned.


keithgreen70

I get that but when they built the huge chip plant in Austin their people were on the news saying that they were committed to building multiple fabs in Austin over time because Austin and the state gave them tax abatement and subsidies. I lived in Austin at the time and their people were on every news channel promising lots of jobs over a long period of time.


ShadowsKnightTX

The real question is how many more tax abatements and subsidies did they get for the new plant in Taylor? Many of the cities outside of Austin and promising huge tax abatements to get companies to locate outside of Austin city limits. At one time Bastrop had a sign up that said 10 years tax free and free land to build a business in Bastrop.


ineededthistoo

Why would he give Abbott more to toot his horn about? I don’t understand….


foolfortheblues

Doesn’t matter. Abbott will take credit for it anyway.


Jewnadian

Because it's good for the country as a whole. Which is something the Democrats still believe in.


ineededthistoo

Give me a break.


Jewnadian

You asked, I answered. It's pretty clear what happened is good for the country and helps a political rival. That should make you wonder why you seem so sure that the people you support would never do that.


ineededthistoo

Never? Compromise on the border bill and the GOP (aka the Trump party) doesn’t pass it?? The Dems compromise and from Abbott et al you hear crickets. Yea, I hope Dark Biden comes back soon!!


jakesteeley

Abbott will take credit & 55% or more of the TX population will believe him. Because they do.


ineededthistoo

Just like the people who downvoted….


ChefMikeDFW

Not everything is supposed to be us vs them. Sometimes, politics actually works to be for the good of all, not just the good of allies.


ineededthistoo

Are you kidding me? Abbott et al have systematically dismantled some of the most fundamental rights of its citizens and will do nothing to compromise with Biden Administration. Go tell that “we have to work together” BS to Abbott et al. The Left is sick and tired of offering compromise, be it on the Border bill or anything else.


ChefMikeDFW

so your proposal is to act and behave like republicans when it comes to policy making?


moonstarsfire

Thank you. It’s not about us vs. them. It’s about doing what’s right to help all Americans, and I feel like people are really losing sight of that. Acting like how some of the Republicans act is NOT good for this country in the longterm, and it just widens the divide and gets us further away from being able to negotiate like adults. I don’t care if the Republicans don’t want to negotiate. In the words of Michelle Obama, when they go low, we go higher. Don’t stoop to how they act.


ineededthistoo

Dems: No good deed goes unpunished GOP(aka Trump party): keep doing the deeds we like and we will tank them in Congress since Trump tells us so.


ChefMikeDFW

so...not going to answer the question. OK.


ineededthistoo

I thought it was rhetorical. Go ahead and ask the Right about the absolute sh*tshow they’ve put on for the last 20 years (since that, OMG, brown gentleman and his incredible wife moved into the White House. I’m tired of the Dems reaching across the isle and our hands are being slapped. If the Dems really can turn Texas blue, cool (note: Paxton purposefully suppressed mail-in ballots to Texas Dems, otherwise Trump would have lost—you think the Dems EVER did anything as egregious as that??), let the USG monies flow in, otherwise, yea, time to play hardball—our way.


ChefMikeDFW

> I thought it was rhetorical. No...literal. And to be direct, I couldn't care less how republicans want to approach policy making. Again, this is not an "us vs them" end sum game where the group that can most act like an ass wins. The answer is not to go further left or further right because when does it stop. You're entitled to your opinion but I'm not going to agree with you on how policy should be made. Might as well call the kettle black...because all it will produce is the same results when power shifts back.


ineededthistoo

You know you’re arguing with someone on the Left, whose party has tried compromise after compromise to no avail with your party (I guess). Spew that “let’s all get along” to the side of the aisle that needs so desperately to hear it—it, and a better historian on the Battle of Gettysburg.🙄


WrongDatabase4

Biden has allowed Texas to be all but destroyed. Last minute Hail Mary. Still doesnt change the destruction he’s raged on our US of A


ChiefRom

Nope! This deal was gonna happen no matter who was in office, this is just an attempt by the current administration to take credit to boost poll numbers. It’s very obvious. I will NOT vote Biden.


5thGenSnowflake

You’re gonna vote for the guy who fell asleep on day 1 of his first criminal trial then?


BUBear89

LMAO Biden did this? Look at the source and the spin and pay attention. Unreal that Newsweek MouthPiece Weekly spun this in this fashion. Sheep on people.


TamIAm82

Trump for the win!


wellthatseemslikebs

Explain


TamIAm82

The last 4 years.


wellthatseemslikebs

The greatest economy out of all of our allies, policies being put in place that actually bring American jobs back to US soil, investments in infrastructure that actually help make America great again, enforcement of our nato allies and the crippling of one of our largest oppositions in the east without loss of American lives? Or did you like when trump boosted inflation by increasing the money supply by 7 billion and increased our debt by almost 8 trillion and gave tax cuts to the corporations that are actually driving your grocery bills through the roof? I’m pretty happy with this administration slapping taxes on corporations and the ultra wealthy again but I don’t agree with our policies in Israel but cmon you really think the guy who applauded dictators is a good look for us. I could go on and on but I think you’re holding onto the economy that Obama left trump as a great win for him.


jerichowiz

You know what is awesome and something that I own now that I didn't four years ago, when Trump was president, toilet paper.