WASHINGTON — Sen. Rand Paul, R-Ky., and Rep. Thomas Massie, R-Crescent Springs, criticized President Donald Trump’s plan for the federal government to secure a 10% stake in chipmaking company Intel.
The president announced the deal Friday, calling it a win-win for America and the company.
It’s made possible through the conversion of more than $11 billion in government funds previously awarded to Intel, including some from the U.S. Chips and Science Act that started under President Joe Biden's administration.
Days before the president’s announcement, Paul wrote in an online post, “If socialism is government owning the means of production, wouldn’t the government owning part of Intel be a step toward socialism? Terrible idea.”
Massie posted online Saturday, “Our government should not have ownership in private companies. There are so many specific problems with an arrangement like this, but fundamentally, this is not who we are as a country.”
The president defended the deal Monday and signaled similar deals are coming.
Read the rest at Spectrum News.
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