On Thursday, President Joe Biden announced a $2t infrastructure proposal that includes the allocation of $50b for creating a technology directorate at the National Science Foundation (NSF) and an additional $50 billion to fund semiconductor manufacturing and research and development. The announcement was reported by Emily Birnbaum from Protocol.
The Details of the Allocation
The proposed $2t investment package is geared towards rebuilding crumbling roads, bridges, and other public works projects. Additionally, it provides resources to create a ‘technology directorate’ at the National Science Foundation (NSF).
This new directorate will focus on research related to Artificial Intelligence (AI), 5G networks, quantum computing, and other emerging technologies. According to White House Press Secretary Jen Psaki, this investment will “help ensure America’s future competitiveness in a rapidly changing global economy”.
In addition to creating the technology directorate at the NSF, the proposal also allocates another $50 billion towards semiconductor manufacturing and research and development.
This allocation is seen as key for ensuring that America remains competitive in an increasingly digitalized world. The money will be used for building out new chipmaking plants in various states across the country as well as supporting research initiatives in this field.
The Benefits of Investing In Technology
The Biden administration believes that investing in technology is essential for ensuring economic growth in the long term. It will help to create jobs in key sectors such as AI and quantum computing while also allowing companies to develop more advanced products.
Additionally, these investments can make America more secure by giving it access to cutting-edge technologies like 5G networks which can help protect against potential cyber threats.
Investing in semiconductor manufacturing can also be beneficial as it gives American companies access to these components needed for powering internet of things devices and data centers.
Furthermore, this could lead to better prices on consumer electronics such as smartphones and laptops since domestic production would increase competition amongst chipmakers.
Biden’s proposed infrastructure plan of allocating $100 billion towards technologies such as AI, 5G networks, quantum computing, semiconductor manufacturing, etc.. could prove beneficial not only by providing resources for development but also by increasing jobs in these areas.
Moreover, it could help protect against cybersecurity threats while decreasing prices for consumer electronics. All in all, this investment could be key for ensuring continued economic growth.