Larry Kudlow on China chips bill: We should not imitate China's big government, central planning...

Thank you my friend LTC (Join to see) for posting the perspective from Foxbusiness.com author Larry Kudlow.

It is sad that politicians on both sides of the aisle support pork-laden bills.

Background from {[foxbusiness.com/media/larry-kudlow-china-chips-bill-imitate-china-big-government-central-planning-communism]}
Larry Kudlow on China chips bill: We should not imitate China's big government, central planning...
Folks, I hate to beat a dead horse, but tonight I'm going to beat a dead horse, with all respect to horses.
Tonight's horse is the $250 billion industrial policy, corporate welfare, picking winners-and-losers, Chuck Schumer bait-and-switch. Schumer turned a procedural motion vote into a massive political pork barrel spending bill and 16 Republican senators fell for it.
By the way, Mr. Schumer filed a cloture motion to vote and stop a filibuster as early as Monday, probably for a final vote on this monstrosity Tuesday or Wednesday.
Some of the lowlights in the Schumer amendment include: a $54 billion semiconductor subsidy bill, plus a $24 billion refundable tax credit (also known as government checks written to semiconductor companies), plus $81 billion for the National Science Foundation (a doubling of the present budget), plus $9.6 billion for the Commerce Department's National Institute of Standards and Technology, plus $11 billion for the Commerce Department's regional technology hubs (some serious pork potential there), plus $50 billion for the Energy Department's Office of Science (think Solyndra, run wild), plus $4 billion for the national labs, plus a billion for "distressed" communities and labor markets (gotta have that one, right?).
I thought Sen. Rick Scott put it very well on FOX Business yesterday when he described this fiasco this way: "Intel corporation made $20 billion last year, so we're gonna give them some money to build a plant, then we're gonna give them a tax deduction for building the plant, and then we're going to give them a tax credit for building the plant, and they can keep doing business in China."

Sound like a terrific idea? Not so much.
As we discussed last night, the pandemic-related global chip shortage has actually given way to massive investment from the private sector — as much as $250 billion in private capital — and now the risk is overcapacity as chip prices are falling everywhere. Many firms now are scaling back investment and hiring in response to waning demand.
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He is absolutely correct