President Joe Biden announced a $2 trillion infrastructure plan on Thursday. Part of this plan is to give the National Science Foundation (NSF) $50 billion to create a technology directorate, and another $50 billion to fund the manufacturing and research and development of semiconductors. Emily Birnbaum from Protocol told the group about the news.
The Specifics of the Distribution
The $2t investment plan is meant to rebuild roads, bridges, and other public works projects that are falling apart. It also gives money to the National Science Foundation to set up a “technology directorate” (NSF).
Artificial Intelligence (AI), 5G networks, quantum computing, and other new technologies will be the focus of this new directorate’s research. White House Press Secretary Jen Psaki says that this investment will “help make sure that America stays competitive in a world economy that is changing quickly.”
In addition to adding a “technology directorate” to the NSF, the proposal gives another $50 billion to research and development and the production of semiconductors.
This allocation is seen as important for making sure that the U.S. stays competitive in a world that is becoming more and more digital. The money will be used to build new chip factories in different parts of the country and to help fund research in this field.
Why investing in technology is a good idea
The Biden administration thinks that putting money into technology is necessary for long-term economic growth. It will help to create jobs in important fields like artificial intelligence (AI) and quantum computing, and it will also allow companies to make better products.
Also, these investments can make America safer by giving it access to cutting-edge technologies like 5G networks, which can help protect against cyber threats.
Investing in the production of semiconductors can also be a good idea because it gives American companies access to the parts they need to power devices connected to the internet of things and data centres.
Also, this could lower the prices of consumer electronics like smartphones and laptops by making chipmakers in the country compete more with each other.
Biden’s plan to spend $100 billion on technologies like AI, 5G networks, quantum computing, semiconductor manufacturing, etc., as part of his infrastructure plan, could help not only by giving more money for development but also by creating more jobs in these fields.
It could also help protect against cyber threats and lower the prices of consumer electronics. Overall, this investment could be a key part of making sure the economy keeps growing.