We The People - Are Getting Screwed!

Enough is enough! It makes no difference what political party is at the helm, our government is foolishly wasting money and putting our country at risk.

While the preamble to our Constitution begins with, “We The People”, somehow the concept of elected representatives looking after OUR best interest got lost along the way.

Pundit Bill Bonner defines government in simple terms:

“It is an organization that has only one real goal – to protect and promote the people who control it.

And as we’ve seen, illuminated by the great Italian economist Vilfredo Pareto, it is always controlled by a small segment of the society – the elite.

We’ve seen also that the ‘investments’ made on behalf of the public most often benefit only the

elite.

…. Elections are supposed to ‘throw the bums out.’ But apart from a few headliner acts, the show remains little changed…with the same clowns, misallocating the same resources, over and over.”

While I have written about the need for Congress to reinstate the Glass-Steagall act; separating the casino investment houses from our banking system, another outrageous issue raised my blood pressure.

Wolf Richter’s article, Intel & TSMC on Chip Shortage, tells us:

“US semiconductor manufacturing has declined to where it is now only 12% of the world’s total, said Intel’s new CEO Pat Gelsinger in an interview with CBS on 60 Minutes. …. “It’s a problem…because relying on one region, especially one as unpredictable as Asia,” where 75% of the chips are made, is highly risky.”

And Intel (INTC), which made $63 billion in net income over the past three years combined, “has been lobbying the US government to help revive chip manufacturing at home – with incentives, subsidies, and-or tax breaks, the way the governments of Taiwan, Singapore, and Israel have done,” Gelsinger said. This lobbying came after Intel had incinerated $84.5 billion in share buybacks since 2011 (data via YCharts):

Intel Cumulative Share Buybacks since 2011

The success of Intel’s lobbying became clear in late March when the White House unveiled $50 billion in subsidies for semiconductor makers in the US…as part of its $2 trillion infrastructure plan. The subsidies for the semiconductor industry have bipartisan support in Congress, the White House said. Corporate subsidies have nearly always bipartisan support.”

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