On Wednesday’s broadcast of the Fox Business Network’s “Varney & Co.,” Sen. Rick Scott (R-FL) stated that the CHIPS Act semiconducter chip manufacturing bill is just going to boost inflation by adding to the deficit and debt and won’t produce a return on the investment of taxpayer money.
Scott said, “This is not going to do anything to hurt China. I mean, this is just a massive — I mean, actually, this is why we have $30 trillion worth of debt, why we have 9% inflation, and why we run deficits. Because up here, people can’t stop spending money … It’s going to cause more inflation, more debt.”
He added, “What you would do in business…you’d say, okay, I’m going to pay for results and I’m going to make sure I get a return on that money. … And by the way, if you’re saying you don’t want it done in China, then there ought to be something in this bill that says, I’m not going to let you do any more business in China.”
Scott concluded, “This is going to add to the debt, add to inflation, add to the deficit. That’s all this is going to do, and no return.”
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