CHIPS to spur innovation, create jobs for Indiana workers
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The recent passing of the federal CHIPS and Science Act was a major step forward for maintaining America’s competitiveness on the world stage. Unleashing American ingenuity and innovation is what has made our nation the global economic superpower it is today and is the key pathway for our continued prosperity as a nation.
With the passage of the CHIPS and Science Act, led by efforts from Indiana’s Senator Todd Young, we’re increasing our ability domestically to provide America’s manufacturers with the resources they need to boost our economy and supercharge the next generation of innovation.
This is a key step to making American companies more competitive globally. Presently, we are extremely reliant on the international marketplace to import components we need to produce everything from batteries to tractors to refrigerators. Moving manufacturing of these semiconductors to America reduces our reliance on other countries, shortens the supply chain, and bolsters our ability to manage our own economic future.
Per a survey conducted by the Association of Equipment Manufacturers, seven in ten CEOs surveyed believe the CHIPS and Science Act will give them the ability to create more jobs for their business. With the right training, these jobs could become provide meaningful and high-paying careers for skilled workers in the Hoosier state. In the same survey, nine in ten manufacturing leaders said ramping up the domestic output of components and chips could relieve supply chain pressures.
By repatriating the development of important resources, the CHIPS and Science Act helps address pressing issues seen during the recent supply chain crisis, like shortages of key materials needed to manufacture a variety of industrial, military, and consumer products. Allowing our businesses to engage the global marketplace more efficiently and cost-effectively provides tangible benefits to both American consumers and American workers.
In passing the CHIPS and Science Act, America is giving our businesses better access to the resources they need to be successful, and we are creating an environment that spurs progress in our industry that will lead to greater advances and innovation.
Leaders willing to support policies that will help catapult our economy into the twenty-first century are needed now more than ever, as we continue facing threats and competition from a myriad of nations around the world. The leadership of elected officials like Senator Young and the bipartisan coalition of members of Congress who voted to pass the CHIPS and Science Act is critical to providing a level playing field benefits not only the U.S. equipment manufacturing sector, but the American economy as a whole.
American industry was built by visionaries on a foundation of exploration and hard work. That same spirit remains alive and well in the heart of our country today. The American desire to create, innovate, and grow has led us to become the example for the rest of the world. We applaud our leaders for harnessing the American spirit and help provide the resources and support required to accelerate it – just like they did with the passage of the CHIPS and Science Act.
Erica Baird is the Industrial Segment President of Cummins, Inc., a leader in global power technology, based in Columbus, Indiana.