starts small business, it is an act of home and madam vice president, i want to thank you for leading that effort to ensure small business have access to capital and historic laws we enacted that will come into being. standing here last year, i shared with you story of american genius and possibilities, semiconductors, small computer chips the size of a finger print that power cell phones to automobiles and so much more, the chips were invented in america, let s get that straight, they were invented in eshg america. we used to 40% of the number, now we are down to 10%. we saw what happened when chip factories shut down overseas, today s automobiles need 3000 chips for automobiles, american
america, let s get that straight, they were invented in america. we lost our edge, we re down to producing 10%. we all saw what happened during the pandemic when chip factories shut down overseas. today s automobiles, 3000 chips with each of those automobiles. american automobiles could not make enough cars, because there were two enough ships. car prices went up, people got laid off, started everything from refrigerators to cell phones. we can never let that happen again, that s why we came together, that s what where the bipartisan chips act comes in.
re-election. that s not what tonight is about. tonight is about being president of the united states. and i heard from one of his advisers the other day who said, you know, we re at this point of transition where we ve gotten it done legislatively and now we have to make it real. you know, that is the idea. make it tangible. put it into people s lives, the idea that you re building these chip factories in the united states, the idea that you re building bridges and tunnels. you saw the president go to kentucky, stand with mitch mcconnell and talk about bridges that are going to be built. he went to arizona talking about a semiconductor factory. that is you ll hear more of that tonight about him saying to people out there, i see you. you re not invisible. you re not left behind. we re coming up with an economic strategy that can meet you where you are and that tries to bring you back into this economy. i think as we watch the pictures they re about to bring the president into the ro
someone starts a small business, it s an act of hope, and madame vice president, i want to thank you for leading that effort to ensure that small businesses have access to capital and the historic laws we have enacted that would just come into being. standing here last year, i shared with you a story of american genius and possibilities, semiconductors, small computer chips the size of a fingerprint that power everything from cell phones to automobiles and so much more. these chips were invented in america. let s get that straight, they were invented in america. we used to make 40% of the world s chips. in the last several decades, we lost our edge. we are down to producing only 10%. we all saw what happened during the pandemic when chip factories shut down overseas. today s automobiles need 3000 chips, each of those
semiconducts rers. power everything from cell phones to automobiles and so much more. these chips were invented in america. let s get that straight. they were invented in america. we used to make 40% of the world s chips. the last several decades we lost our edge. we re down only producing 10%. we all saw what happened during the pandemic when chip factories shut down overseas. today s automobiles need 3,000 chips each of those automobiles. but american automobiles couldn t make enough cars because there weren t enough chips. car prices went up. people got laid off. so did everything from refrigerators to cell phones. we can never let that happen again. that s why that s why we came together to pass the bipartisan chips and science act.