Is the $52B The Endless Frontier Act communism?

Question

Ask HN: is the $52 billion 'The Endless Frontier Act' to US chipmakers communism? The US government subsidizing industry with such an overwhelming amount.

anigbrowl · Accepted Answer

The economic term for this is industrial policy. The wikipedia writeup is thin and US-centric but has some valuable historical context.https://en.wikipedia.org/wiki/Industrial_policy

Raed667 · Answer

It is ~literally~ the opposite. This is corporate welfare.> "Socialism for the rich, capitalism for the poor"https://en.wikipedia.org/wiki/Corporate_welfare

smt88 · Answer

No.Is it communism to subsidize agriculture, fossil fuels, real estate, weapons, and all of the other industries that get enormous subsidies?Is Tesla a communist invention? It only still exists because of enormous Obama-era subsidies.The answer, of course, is "no" and also that you need to research what communism means.As a hint, one of the keys of communism is public ownership. This bill doesn't transfer private assets to government ownership.

csomar · Answer

It is. But so is giving tax breaks to "clean energy" and stuff like that. Usually, the argument is just too nice and people buy (green energy!). I'm guessing only when it's too late and the system collapses that people realize the same mistake again of communism/free market.

Is the $52B The Endless Frontier Act communism?

Ask HN: is the $52 billion 'The Endless Frontier Act' to US chipmakers communism? The US government subsidizing industry with such an overwhelming amount.

The economic term for this is industrial policy. The wikipedia writeup is thin and US-centric but has some valuable historical context.
https://en.wikipedia.org/wiki/Industrial_policy

It is ~literally~ the opposite. This is corporate welfare.
> "Socialism for the rich, capitalism for the poor"
https://en.wikipedia.org/wiki/Corporate_welfare

It is. But so is giving tax breaks to "clean energy" and stuff like that. Usually, the argument is just too nice and people buy (green energy!). I'm guessing only when it's too late and the system collapses that people realize the same mistake again of communism/free market.