Even as a lame duck president during this transitionary period, President Biden is taking the steps to protect some key economic accomplishments of his that frankly benefit the American people. He has to out maneuver Donald Trump, who plans to enact some devastating economic policies that we're already feeling right now, even during the transition.
As I said, I'm not going to play videos or audio of Donald Trump anytime soon, but I'll remind you that during the election, Donald Trump said the following. Donald Trump said that the chips and science act, which brings thousands of manufacturing jobs back to America, bringing the semiconductor industry to America. He says, it's so bad.
And he says that he wants to replace the chips act with tariffs that will raise prices on the middle class. So we already see Walmart making announcements that their prices are going up, up, up to prepare for Donald Trump's devastating tariffs. So for everyone who thought, oh, Donald Trump's tariffs, that's not a tax on Americans. That's a tax on China. Well,
As we said, it's attacks on Americans pass through to consumers. Donald Trump, like he's done his entire life. Ding, ding, ding. He has lied to you. Take a look at this, though. President Biden just Trump-proofed his hallmark chips act. This is the act that brings the semiconductor industry here to the United States, investing over $52 billion in America's semiconductor industry. Here's how
Newsweek talks about Biden having to outmaneuver Trump to help the United States, even though if Biden was trying to be selfish about it or Trump be about it, Biden may just be like, I'm out. Why? What do I need to do? But Biden realizes that he's
a president still for all Americans. Here's what it says. In a move to secure America's semiconductor industry, President Joe Biden's administration finalized a $6.6 billion award to Taiwan semiconductor manufacturing company TSMC for the construction of chip factories.
in Phoenix, Arizona. The announcement comes just two weeks after Donald Trump's victory signaling an effort to lock in the deal before the new administration takes office because Donald Trump doesn't want the investments in America like this.
TSMC, the world's largest contract chip maker and supplier to major technology companies, including Apple, NVIDIA, AMD, and Qualcomm, plans to invest $65 billion to build three state-of-the-art semiconductor fabrication plans in Arizona. Just think about that. Right now, President Biden fighting to bring these factories here into even a state like Arizona,
That did not vote for him this time. This is how he's spending his remaining days in office. Thousands of facilities are expected to create thousands of jobs and strengthen the United States position in the global semiconductor supply chain. The first TSMC plant is expected to be fully operational within a few months for the first time in decades. An American manufacturing plant will be producing leading edge chips used.
In our most advanced technologies, Biden said, the $6.6 billion reward to TSMC is part of the Chips and Science Act, one of Biden's signature legislative achievements. Signed into law in August 2022, the Act allocates $52.7 billion for semiconductor research manufacturing
and workforce development in the US. The timing of this world is critical. Trump's previous statements have raised concerns that his incoming administration might attempt to derail subsidies aimed at fostering the domestic chip industry. Just think about it. Trump's plan.
is to attack American domestic chip manufacturers literally to shut down the factories so that he can tariff China, which really means tariff American companies, tariff and taxes to imports that get passed on to consumers. It's quite literally the most asinine economic plan that exists full stop.
The article goes on to cite the quote that I gave you at the beginning of this video. And Donald Trump says, Taiwan took our chips business from us. I mean, how stupid are we?
How stupid are you, Donald Trump? Because that happened when you were in office. One of the reasons why there was inflation, one of the reasons why America struggled as it did during COVID, which was during your term, was because supply chains broke down. You made no infrastructure investment. Zero zip zilch. Instead, you did what? You do best, or I should say worst. You showed up.
with fake golden shovels at various factories and you said we're building this and then never built it and then blamed whoever on it migrants this group that group instead of actually doing because you are a screw and not a doer. So you blamed it on Taiwan president Biden then brought the semiconductor industry here
making sure that, hey, Taiwanese companies, if you're going to do this, you got to work in the United States, employ Americans, not over in Taiwan. President Biden brought that back to the United States. Taiwan's economy minister denied Donald Trump's attacks on Taiwan, now bringing billions of dollars in jobs to the United States.
Of course, Taiwan is not stealing the chip industry from the U.S. The chips we made are commissioned by U.S. companies, which still have the highest gross margin. Trump might have some misunderstanding on such matters, and we will clarify that. See how privileged Trump is? There's some misunderstanding. Oh, he's a freaking idiot.
He is a menace. He is an idiot. He is an anarchist. He is all of those. And that's what we need to call them out for.
um, goes on to say a house speaker, Mike Johnson, who voted against the chips act initially echoed Trump sentiments. I mean, you got mega Mike Johnson, um, saying, uh, so he would work to repeal the chips act. I mean, you're working to repeal the act that like literally gives tens of billions of dollars to kind of key states, but that's what they do. Look, even vice president Kamala Harris saying the following, um,
Thanks to our chips act and science act in our inflation reduction act, we have more than doubled factory construction spending brought manufacturing jobs back home and secured American supply chains. Okay, you've heard us rave about Zbiotics pre-alcohol probiotic.
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She's talking about that after she lost the election. Thanks to the chips in Science Act, the Biden-Harris administration is investing now in addition to Arizona, $300 million in projects aimed at boosting chip packaging in Georgia, California, and Arizona. Again, he lost Georgia.
and Arizona, but also investments there. We're also learning that global foundries secured $1.5 billion chips act award as the Biden administration races to allocate funds before inauguration day. The New York chip maker plans
$13 billion in investments across New York and Vermont, creating 10,000 jobs over the next decade. So again, I want to reiterate while Donald Trump is planning policies to wreck our economy, even right now, President Biden knowing that Trump could potentially get credit for these accomplishments is doing these things right here. So let's talk about what Trump's focused on right now. Trump, Elon,
What they do it. Let me tell you. Um, so one of the things that they are calling for, like the Republican study committee, um, is calling for $4.5 trillion in cuts over 10 years in Medicaid, children's health insurance programs, the other type of chip.
So, while President Biden is bringing jobs here with the chips act, MAGA Republicans are attacking children's health insurance programs. Oh, and they want to get rid of the Affordable Care Act marketplace as AFGE, which represents American federal employees, says Elon Musk says he could cut federal spending by $2 trillion. If you think this won't impact Social Security, Medicare, and Medicaid, food assistance for low-income families, veteran benefits, and so much more,
You've got another thing coming. Well, let's take a look who Elon Musk is praising right now. He's praising the leader of Argentina and Elon Musk says impressive progress in Argentina. Who is Donald Trump previously praising Victor Orban? Well, let's take a look at that. Okay. Right now, here's an article as of September 27, 2024.
And then another one from November, poverty in Argentina sores to more than 50% as government austerity bites. Elon Musk did say that what he wants to inflict upon us is economic hardship. He said there needs to be a shock to the system. He says, Americans, we all need to experience serious hardship right now. So we can learn our lessons, he says. And then things will get better after we suffer, he says.
That's what he and the Magga saying that we need to suffer. And then he says, in the future, things could be better, but it's time for suffering to begin. Could you believe that that's what they're running on our suffering? Also, since that September article, Argentina's poverty right now is 53% of Argentinians live in poverty right now.
So for them to say great work going on in Argentina went objectively 53% live in poverty. I guess that's what they mean by economic hardship that they want to impose on us.
Donald Trump's doing his own deals for himself right now. We're learning that is from a New York Times article that Trump media is looking to potentially acquire a crypto payment service right now because that somehow benefits we the people and being sarcastic. The economist front cover has a photo of Elon Musk. It says disruptor in chief.
And he's looming over the White House in this photo. And they write the musk led reforms risk creating a new problem for the country. The emergence of a combustible corrupt oligarchy. Well, well done, folks. We had before a very stable government where people were making fun of President Biden for being too sleepy. Things were running on time.
the trains were running on time, things were going well, but now we've got a combustible corrupt oligarchy here. Very, very well done. That seems to be something that regular Americans want. I'm being sarcastic, of course. JP Morgan sees unemployment rising to 4.5%, the Walmart CFO said that they are raising their prices up, up, up, up, up, because they're preparing for tariffs. And let me just show you, if I may, to conclude right here,
these charts. I think they're helpful right here. The resurgence of US manufacturing under the Biden administration has been amazing. As JP writes, just take a look at these numbers right here. Biden did what Donald Trump promised to do, but failed to do. And JP said, Harris needs to be talking more about this. I agree. She probably needed to talk more about that.
But that didn't happen and Americans would rather have the crappy situation than the up up up up up up because well propaganda I guess was too strong. Take a look at this objective data as well. Manufacturing is booming under President Biden. There's a real manufacturing boom taking place right now.
and Donald Trump threatens to squander it. Look, I just got a candidate to President Biden again. He could have been petty. He could have, you know, looked at states like Arizona and Georgia that went red and voted for Trump this time and be like, Oh, I'm whatever. Like, that's what Trump would have done, right? You think Trump would have helped.
States gain jobs and get billions of dollars. No, Trump wouldn't even provide like aid to wildfires in California because he was so intimidated by Gavin Newsom. And so he wouldn't provide aid. I mean, that's what we're dealing with the Trump, but President Biden's like, I gotta, I gotta make sure
that I am good on my word and protect Arizona. I got to help Georgia. I got to help all these states, even if they didn't vote for me. And I got to protect it from the devastation Trump's going to cause rather than just say, well, let Trump cause the devastation. Just think about that. Think about that. Press him. Hit subscribe. Let's get to 4 million subscribers. Thanks for watching. Love this video. Make sure you stay up to date on the latest breaking news and all things Midas. By signing up to the Midas Touch newsletter at MidasTouch.com slash newsletter.
