On Monday’s broadcast of the Fox Business Network’s “Varney & Co.,” former Trump Economic Adviser Stephen Moore dismissed claims that the government won’t end up controlling Intel’s business practices under the 10% ownership stake the federal government received, saying, “whoever pays the piper, plays the tune. And so, if the government’s taking an ownership of this, I don’t care what they say, I think they’re going to start directing what Intel does, and I think it’ll be a really bad choice, Mr. President.”
Moore said, “[F]irst of all, these tens of billions of dollars they’re talking about, ‘investing’ … since when does the government invest? It misinvests, right? Every time the government makes an investment, it’s a bad deal for taxpayers. So, this is privatization in reverse, right? It’s basically the government taking ownership when it should be divesting in ownership. We should repeal, entirely, every penny of the money in the CHIPS Act and just repeal it and let the market work. Look, we’ve got a lot of chipmakers.”
He added, “That act was a total disaster. It was supposed to save Intel. Instead, they have record losses. We keep putting more money into this. We ought to basically let the free market system work, and it’s going to be a disaster.”
Moore concluded, “And this idea that the government isn’t going to — look, whoever pays the piper, plays the tune. And so, if the government’s taking an ownership of this, I don’t care what they say, I think they’re going to start directing what Intel does, and I think it’ll be a really bad choice, Mr. President. So, Mr. President, get rid of all of the subsidies for the chip industry and let the free market work.”
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