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this post was submitted on 15 Apr 2024
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I'm pretty sure Samsung doesn't need that money
I mean, I'm as anti-corporation as the next sane person, but it's not like this is just a gift to Samsung.
This is just a small part of the total costs for building This facility, which is going to be absolutely massive, and the vast majority of the money is coming from the private sector. In return the US gets and incredibly important resource that makes it less dependant of countries in East Asia that are either hostile to them or are at risk of having their facilities disobeyed by those that are.
That alone is worth fare more than 6bn, and doesn't even begin to mention the economic benefits of such an endeavour.
You make good points
I mean, TSM already went "this isn't gonna work" and "it's not you, it's me" on them...
Most of these are points in favor of US Goverment support for first-time homebuyers. Instead of helping Samsung, what if there was a fund to pay 10% of every first time homebuyer's purchase?
Except the most important point, which is to have domestic chip production facilities for the DoD.
House prices would go up even more.
Not 10%. Most buyers are not first time homebuyers. Most buyers already have property. That's the problem.
The problem is lack of supply in such a bad way that any increase in demand is additional upward price pressure.
The project is estimated to create 17,000 construction jobs (temporary, feels wildly overestimated as well) and 4500 manufacturing jobs.
If you just have that $6.4B to the 4500 who would get a permanent job out of it that would be $1.4million each, probably enough for them to retire.
But no we need workers so give that money to corporations that already have billions of dollars.
Then you've lost 6.4 billion and there's no valuable commodity being produced
Thank you for calling that out. I just hope this doesn't turn into another foxconn situation like in Wisconsin.
$1.4 mil is probably not enough for someone to retire unless they were only a decade away from retirement anyway. And let's say one of these workers has a 30 year career at this factory that's only $46k/year, which isn't a lot, especially for a skilled worker. So if we assume and average wage for these jobs is $80k (probably an underestimate) then that's only 17.5 years before Samsung pays put more to employees than it got from the government, and realistically these factories will be operating for many decades if all goes well.
And that's ignoring both the construction jobs and the downstream jobs that would be needed to support 4.5k workers. As well as the money the government will make back on various taxes from both income and manufacturing and savings from procuring chips locally instead of shipping them.
And also massively ignoring the importance of domestic chip manufacturing which given the current state of things and potential future conflict could legitimately be the difference between that stops NATO losing a war with China. Which is the main thing this project is about and is worth so so so much more than 6bn
Need has nothing to do with it. The Biden admin is prepping for Taiwan to be taken by China. Throwing cash at Texas just helps with political messaging.
Yeah it should be going straight to Israel.