Summary:
- Inflation is at its lowest point in two years, with the lowest rate among major economies.
- Pay for low wage workers growing at the fastest pace in over two decades.
- Efforts to fix the supply chain and boost semiconductor production are underway.
- Semiconductor companies investing billions to bring chip production back to the US.
We have more to do but inflation is now at its lowest point in two years. In fact, with the lowest rate of inflation among the world's major economies, no other economy, major economy, world is inflation as low as we are. It's down from 9% to 3%. There's a lot more work to do while not satisfied with where it is. One work ahead, the Washington Post recently suggested in an art front page article, I think it's front page, that, quote, Republicans may have to find something else to criticize Biden for now that inflation is coming down. I'm sure they'll find something. At the same time, pay for low wage workers has grown to the fastest pace in over two decades and wages are growing faster than inflation.
We're continuing to make progress in fixing the supply chain. For example, we couldn't access semiconductors during the pandemic because the factories making them overseas were shut down. The all-low semiconductor is those little small computer chips by the size and end of your fingertip that effectively everything in our lives, from cell phones, auto bills, refrigerators to the most sophisticated weapon system, including systems that Los Alamos and Sandia National Laboratory provide for our national security. America invented these chips. We invented them. We went to the moon. We made them work better.
We made them more sophisticated. Over time, we went from producing nearly 40% of those chips, the world's chips, down to 10%. That's why I designated and I signed and I insisted it be written in the past, the Chips and Science Act, exactly almost one year ago today, very short. Now, all over the country, semiconductor companies are investing in record billions of dollars. By the way, you know how much has been committed in the Chips and Science Act to be invested in America? $230 billion. $230 billion to bring chip production back home. Thanks for watching our YouTube channel.
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