Incentives signed by Biden helped two new factories open.
Sen. Thom Tillis, R-N.C., speaks after a topping-off ceremony at the newly built Wolfspeed factory in Siler City, N.C., on March 26, 2024. The new factory will soon produce advanced wafers for computer chips. Automaker Vinfast is scheduled to open a factory next year. Both projects stem in large part from incentives that Biden signed into law. Biden has campaigned on how his policies helped pump hundreds of billions of dollars in private and federal investment into companies.
Places like Chatham County show how this year’s presidential campaign offers two conflicting visions for America's economic future. Biden is campaigning on how his policies have helped pump hundreds of billions of dollars in private and federal investment into companies, helping to revive the faded computer chip sector and pioneer newer technologies such as electric vehicles, solar panels andTrump, the presumptive Republican nominee, maintains that Biden’s ideas would wreck the economy and that EVs will flop against a proven fuel such as gasoline.
Wolfspeed CEO Gregg Lowe said the potential for government support has been “very important” as the company has sought to produce more silicon carbide, a material that increases the efficiency of computer chips. He said the material will “lead to one of the most important transitions in the history of semiconductors,” allowing EVs, solar panels, data centers and other technologies such as energy storage to work better.
But Republicans in North Carolina's legislature say investments in the state had more to do with their own policies than the incentives from Biden. GOP lawmakers are making the argument that the impact of inflation during Biden's presidency matters more to voters.
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