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Because it is a minute late and a dollar short. I would support bill had they done it 10-15 years ago. Now it is too late. China already grasped 7nm technology. Most chip applications don't need 3nm or 7nm chips anyway. EV, washers, refrigerators, even Pelosi's 50k refrigerator don't need 7nm chips. But the side effect brought by this Chip Act, crony capitalism, will be huge.

Chip fab is extreme capital intensive investment. Building one plant costs 12billion. The money they passed is too less under semiconductor investment standard. (don't get me wrong it's still huge money). It tells us we are really poorer.