down almost 3% tech stocks hit especially hard, including netflix and amazon. a new push by president biden today. to expand this country s production of computer chips, those key components in all kinds of electronics. the global shortage is hitting home, especially if you tried to buy a car lately here s tom costello. reporter: it is one of the most visible broken links in the global supply chain, a shortage of computer chips. critical components in everything from pcs to cell phones, refrigerators to new cars, the shortage blamed for much of the inflation surge. everything from cars to dishwashers are delayed getting to showrooms and customers, just as demand for them is up because the economy is growing. reporter: 80% of chips are made in asia, just 12% in the u.s. today a major expansion of america s chip production touted by president biden with intel announcing a $20 billion chip factory in ohio. here s the deal
were cut off while the presiden has been content to repeatedly blame supply chains for the inflation surge a former official dismissed the argument. former officials pending a searing reputation of this hypothesis to the new york times. blaming this on the supply line is like complaining about your sweater keeping you to warm after you have added several walks to the fireplace. the bulk of the supply problems is the product of an overstimulated economy. finally noting all of this consumption has resulted from best amounts of government rescue aids. whatever the cause inflation is not only at the top of the mind for the majority of those responding to the survey it is waiting down the president s poll numbers.
is all about spending and has been for the last year. so if you want to solve things, mr. president, don t talk about wages, talk about price what s driving those up. brian: these horrible retailers are paying or mr. for the products they have to put it into the price because they are not in to losing money. you don t stay in business that wait a minute i never took brian s course in college. let s take a look at the inflation surge as compared to the wage growth surge. wage growth pretty cool. 5.7%. most people feeling pretty good about it also people know 7.5%. are they just giving it back in other areas? that s the problem. you are seeing your wages go up but then you are going to the grocery store and going to the pump. president has to stop talking about the wage story. he has always gotten this wrong. wages going fastest those at the bottom before the pandemic started it hasn t been a wage problem in this country for the past two years. it s been a spending problem. the probl