This Is Biden's $52 Billion Proposal To Bring Down Car Prices

Everyone is getting tired of hearing and reading about the semiconductor chip shortage crisis. Lessons have been learned and now they need to be applied, specifically bringing chip production to the US instead of relying on Asian imports. Still not convinced this is necessary? Just ask any automaker right now what's their biggest problem: production slowdowns due to a lack of chips.

Slowdowns have affected everything from hot-selling trucks like the Chevy Silverado 1500 to muscle cars like the Ford Mustang. Not producing at full capacity means there are fewer cars to send to dealers to sell. Those that do arrive are often selling for above sticker due to high demand. This has led to a trickledown effect for the used car market as well.

On Friday, President Biden made a plea to Congress to pass a $52 billion fundraising bill specifically for domestic chip production. "Let's do it for the sake of our economic competitiveness and our national security," the President said. "Let's do it for the cities and towns all across America working to get their piece of the global economic package. And let's do it for the dignity and pride of this country and the American worker."

Also on Friday, Intel announced plans to invest $20 billion to build a new chip production plant near Columbus, Ohio. Intel CEO Patrick Gelsinger stood by Biden during his speech. A group of bipartisan lawmakers has been holding meetings with Commerce Secretary Gina Raimondo in an effort to help rally support to get the spending bill passed quickly.