Reported job cuts at Intel come at an awkward time, given that the company heavily lobbied Congress to pass the chip-stimulus bill
to lawmakers that said federal subsidies would be “supporting millions of jobs for Americans.”
But the reported layoffs, which could happen as early as Oct. 27, highlight the perils of promising federal funds to private companies without enough guardrails in place, says Gary Hufbauer, a senior fellow at the Peterson Institute for International Economics who has“It was certainly foreseeable,” he tells TIME. The Biden administration “could have put in conditions that we’re not going to give grants to companies that are cutting back their capital outlays or firing workers.
The Commerce Department declined to comment on how expected layoffs could impact funding decisions but did say that more information on specific guardrails and restrictions will be included in the funding application.
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