because of the pandemic, when factories shutdown in asia they had no idea they were supplying essential materials to us, shutdown around the world. these small computer chips, the size of your finger tip, they affect nearly everything in our lives. our cell phones. automobiles, refrigerators, weapons systems, everything. america invented these chips we made them smaller, faster and more powerful. but over time we went from producing 40% of the world s chips down to just 10% of them despite leading the world in research and design. you saw what happened during the pandemic when the global economy came to a halt overseas factories that made the chips shutdown driving up the costs for everyone around the world, particularly american families every new car built needs as many as 3,000 of these chips during the pandemic, that s the reason car prices skyrocketed. and in some cases new car production shutdown because the chips were in short supply but now the private sector at home
read headlines from left wing democratic papers like the washington journal. the washington journal writing america is back in the factory business fortune magazine, biden s manufacturing push is working. the financial times, transformational change. biden s industrial policy begins to bear fruit. and the new york times, make manufacturer greater again saying president biden appears to be presiding over the kind of manufacturing that trump had promised folks, we re not making this stuff up this is real it is time to finish the job finish the job [ applause ]