Vivek Ramaswamy slams Biden administration

Taxpayers Beware: Biden’s Rush in $50B Chip Subsidies Under Fire by Trump Ally

Vivek Ramaswamy slams Biden admin for irresponsible rush in $50 billion chip subsidies ahead of Trump take over.

In a recent interview with Politico, Commerce Secretary Gina Raimondo detailed her plans to quickly disburse the designated funds for the CHIPS and Science Act before President-elect Donald Trump assumes office in January.

Reacting to this, Vivek Ramaswamy, along with Elon Musk’s newly formed Department of Government Efficiency (DOGE), plans to scrutinize every single contract issued in the 11th hour under the CHIPS Act, along with other fiscal endeavors by the Biden administration, including the Inflation Reduction Act.

Ramaswamy stated, “Wasteful subsidies under the IRA & CHIPS Act are being rapidly pushed out before Jan 20. DOGE will review every one of these 11th-hour gambits & recommend that Inspectors General scrutinize these last-minute contracts.” Trump appointed Ramaswamy and Musk to lead the DOGE and reduce unnecessary regulations and spending. Ramaswamy had previously outlined the DOGE plan, mandating that federal employees return to full-time office work.

Biden’s Commerce Secretary @SecRaimondo says Jan 20 is “a clear deadline” for pushing $$ out the door: “I’d like to have really almost all of the money obligated by the time we leave.” This is highly inappropriate: they’re accelerating spending ahead of the transition of power, said Vivek.

— Vivek Ramaswamy (@VivekGRamaswamy) November 26, 2024

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CHIPS Act

CHIPS Act Passes: House Approves $280 Billion Bill To Boost Microchip Production And Counter China

Now, this seems like a bill that makes sense to me even though it is expensive. Perhaps its benefits far outweigh the concern and real worries about inflation. But Biden is touting more spending with the Pro-Climate Inflation Reduction bill for $369 billion!

"Proponents of the CHIPS bill have cast it as a way of easing the ongoing microchip shortage and helping the U.S. semiconductor industry catch up with East Asia, which produces roughly 75% of the world’s chips. The United States imports many of its high-tech chips from Taiwan, but China has expanded production recently. A strong domestic semiconductor industry is “critical to the economic growth and national security of the United States,” the Senate bill states."

According to the Commerce Secretary, the CHIPS bill could fund both U.S. companies and foreign companies looking to invest in manufacturing inside the U.S.

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We can't keep spending and raising taxes in a recession.