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Intel’s massive job cuts come after
it received $8.5 billion in taxpayer money

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Posted By: Beardo, 8/5/2024 12:03:38 PM

Months after the federal government gave Intel $8.5 billion in grants to help bring back chipmaking to the U.S., the company said it is cutting 15% of its workforce, which translates to around 17,000 jobs. (snip) The decision to cut jobs after the influx of federal funds has raised some eyebrows. "Someone help me understand how this is smart or fair," "Making Money" host Charles Payne wrote on X Saturday. "The Biden-Harris administration has handed billions of dollars to the richest corporations ever, including many foreign companies."

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Reply 1 - Posted by: red1066 8/5/2024 12:08:40 PM (No. 1772996)
Either invest in chip making in this country, or hand them a 8.5 billion dollar tax bill.
9 people like this.

Reply 2 - Posted by: Nimby 8/5/2024 12:14:12 PM (No. 1772999)
We want our tax dollars back!
15 people like this.

Reply 3 - Posted by: Bur Oak 8/5/2024 12:15:00 PM (No. 1773000)
The government shouldn't be handing out taxpayers' money. Blame the Biden/Harris Administration.
15 people like this.

Reply 4 - Posted by: Corndoggies 8/5/2024 12:30:10 PM (No. 1773014)
I believe The Chips Act allocated 250 billion and only 100 million remains unspent. There was another article on here a few days ago.
4 people like this.

Reply 5 - Posted by: halfnorsk 8/5/2024 1:05:55 PM (No. 1773033)
Unless Trump is elected (as well as a conservative majority in Congress) this will be only the beginning of economic bloodshed.
5 people like this.

Reply 6 - Posted by: LC Chihuahua 8/5/2024 1:15:05 PM (No. 1773040)
My guess is that Intel has climbed their pinnacle and is now going DOWN the other side. What is their business model like? Are they investing in their products and new products or are they running their business like a Cash Cow where they minimize investment to boost profits. Customers will see this. What happened to all the money? It doesn't sound like it went into the business.
4 people like this.

Reply 7 - Posted by: padiva 8/5/2024 1:30:28 PM (No. 1773052)
Th US government should not be giving money to select corporations.
8 people like this.

Reply 8 - Posted by: JimBob 8/5/2024 1:32:56 PM (No. 1773055)
#6,my understanding is that Intel is not 'sitting on their hands, but are working on a new family of chips. link: https://www.digitaltrends.com/computing/intel-arrow-lake-rumors/ What I want to know is.... -How much Taxpayer Ca$h did Intel get, -What did the 15,000 people do, who got shoved out the door? -Did the 'Big Dogs' at the top take a pay cut, or are they getting all their Million$?
5 people like this.

Reply 9 - Posted by: Kafka2 8/5/2024 1:45:59 PM (No. 1773064)
Why, this is Bidenomics in action. Some call it corporate welfare. Can we all say “Solindra.”
7 people like this.

Reply 10 - Posted by: wilarrbie 8/5/2024 2:04:04 PM (No. 1773070)
Bonus checks by end of the year.
4 people like this.

Reply 11 - Posted by: padiva 8/5/2024 4:04:34 PM (No. 1773134)
Is there 10% for The Big guy?
2 people like this.

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