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America is world’s only land of possibilities, says Biden

THE United States President Joe Biden has described his country as the only land of possibilities in the world.

President Biden spoke last night at the signing of H.R. 4346, “The CHIPS and Science Act of 2022” at the South Lawn of the White House in Washington DC.

He added that the law represents the fact that America is the only nation in the world that can be defined as a land of possibilities.

Biden said he told Chinese leader Xi Jinping several years ago of how America embodies possibilities.

“He asked me to define America for him when I was in China and he and I were alone on the Tibetan Plateau. I said, ‘I can do it in one word, and I mean it: possibilities.’

“In America, everything is possible. We believe every and anything is possible. It’s part of the soul of this country. I mean, it really is.

“We can channel all our resources. Most of all, we can channel the full talents of all our people into a greater measure of hope and opportunity for our nation and for the world — to create good jobs, empower workers, grow the economy, not just for the wealthy but grow it for everyone; to change the course of human health and disease; to tackle climate crisis with innovation and jobs; to lead the world — not — this is not hyperbole — lead the world in future industries and protect our national security,” he said.

Biden went on: “We always gotten it — we haven’t always gotten it right, but we’ve never walked away from that sense of possibility that drives this country. Never.

“Now, it matters today, I think, more than any — in a very long, long time. You’re tired of hearing me say this, those that work with me so closely, but that’s because we face an inflection point in our nation and around the world.”

Fundamental change, the president said, is taking place politically, economically, and technologically.
This change, he added, can either strengthen American’s sense of control and security, of dignity and pride in their lives, in their nation.

He said the change was also capable of weakening the country in such a way that people were left behind, causing them to question whether or not its institutions would serve the people.

Biden said: “This is the moment we face. I really mean this. I believe it with every fiber of my being. We are — we hear the noise out there. We know there are those who focus more on seeking power than securing the future — excuse me — (coughs) — than securing the future; those who seek division instead of strength in unity; who tear down rather than build up.

“Today is a day for builders. Today, America is delivering. Delivering. And I honest to God believe that 50, 75, 100 years from now, from — people who will look back to this week, they’ll know that we met this moment. Today, I’m signing into law the CHIPS and Science Act, a once-in-a-generation investment in America itself, a law that the American people can be proud of.”

Biden said the CHIPS and Science Act supercharges America’s efforts to make semiconductors that are the building blocks for modern economy, powering everything from smartphones, to dishwashers, and automobiles.

“In fact, there are as many as 3,000 semiconductors per vehicle made today. Three thousand per vehicle.

“America invented the semiconductors. They powered NASA’s mission to the Moon.

“Federal research and development brought down the cost of making them and build a market and an entire industry.

“As a result, over 30 years ago, America had 40 percent of the global production of these chips. And then something happened: American manufacturing, the backbone of our economy, was hollowed out, and we let semiconductor manufacturing go overseas.

“And as a result, today, we barely produce 10 percent of the semiconductors despite being the leader in chips design as well as research.

“And, as we saw during the pandemic, when factories that make these chips shut down, the global economy comes to a screeching halt, driving up costs for families and everyone — not just here, but around the world.

“One third of the core inflation last year was due to the higher price for automobiles — for automobiles and a shortage of semiconductors.

“Folks, we need to make these chips here in America to bring down everyday costs and create jobs,” he said.

He urged American manufacturers to take the lead from China, which, he said, is trying to move way ahead in the manufacturing sophisticated chips.

He accused the Chinese Communist Party of actively lobbying U.S. business against the CHIPS bill.

“This bill is about more than CHIPS, it’s about science as well. Decades ago, we used to invest 2 percent of our GDP and led that — led the world in everything. We led the world in everything from Internet to GPS. Today, we invest less than 1 percent.

“We used to rank number one in the world in research and development; now we rank number nine. China was number eight decades ago; now they are number two. And other countries are closing in fast.

“This law gets us moving up once again. It authorises funding to boost our research and development funding closer to 1 percent of the GDP, the fastest single-year percentage increase in 70 years. And it’s going to make a difference,” Biden said.

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