Erick Erickson criticized Commerce Secretary Howard Lutnick for proposing that Intel grant the U.S. government an equity stake in exchange for CHIPS Act funds. He described the proposal as socialism and warned that the government would become Intel's largest shareholder. He compared Lutnick's stance to Democratic Socialist candidate Zohran Mamdani and called the approach inconsistent with conservative principles. He argued there is no national security justification for government control of Intel, noting the government does not control major defense contractors or tech firms like Raytheon, Nvidia, Apple, Boeing, or Lockheed Martin. He rejected taking equity for funds already committed under prior administration.
Well, there you have it. Howard Lutnick, the commerce secretary. He's the genius behind the aggressive tariffs, also now appears to be the genius behind the socialism that he wants the Trump administration to embrace. Erickson, who has been a critic of Trump's less conservative actions, went on to compare Lutnick to the Democratic Socialist candidate for mayor of New York, Zohran Mamdani.
The commerce secretary said Tuesday Intel must give the United States government an equity stake in the company in return for CHIPS Act funds. We should get an equity stake for our money. So we'll deliver the money, which was already committed under the Biden administration, we'll get equity in return for it. I'm sorry, but no, this is terrible. This is socialism!
The U.S. government would become the largest shareholder of Intel. This is actual socialism happening by a Republican administration. There's no national security justification for this. In fact, I had some anonymous account on Twitter say, Yeah, there is a national security justification for having control of Intel. Really? We don't have control of Raytheon. We don't have government control of Nvidia. We don't have government control of Apple.
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