No administration in Washington has ever had trouble finding ways to spend money, but it’s unlikely that any was quite as proudly vocal about its spending as the Biden White House. Take the CHIPS Act, a centerpiece of the Biden administration’s industrial push (see Best Business Columns, p.34). The law allocated $52 billion in subsidies for projects that would have happened anyway, or for ones that are already imploding. Intel, the biggest beneficiary under the act, has pushed back the completion date of its new Ohio plant from 2025 to 2031—a date that sounds suspiciously like “never.”
And then there is the Environmental Protection Agency, whose mandate the Trump administration is drastically rolling back (see Talking Points, p.17). The powers of the EPA, always expansive, multiplied after climate change…