Recently signed CHIPS and Science Act will benefit Hoosier agriculture - Indiana Corn and Soy

Recently signed CHIPS and Science Act will benefit Hoosier agriculture

Recent supply chain issues have impacted every industry in America. Anyone involved in Indiana agriculture can certainly attest to that.

These challenges have led to a shortage of combines, tractors and planters. They have limited access to GPS tools necessary to collect yield data. And they have created anxiety at the market, where farmers face uncertain prices and increased gas and energy costs.

There is good news though.

Legislation I authored to address this crisis – and prevent future ones – was signed into law last month.

The legislation went by many titles — the Endless Frontier Act, the U.S. Innovation and Competition Act, and finally the CHIPS and Science Act.

Whatever its name, enactment of this legislation is not only a win for Indiana agriculture, but also a bold investment in America’s national security.

Sen. Todd Young (R-Ind.) talks with farmers during a Shop Talk event on the Henry County farm of M&P Chair Matthew Chapman.

I wrote the original version of this bill recognizing that we are in an ongoing global power competition with China.

In the last year, Hoosiers saw just how vulnerable — militarily and economically — America is to an increasingly technologically superior China.

America’s supply chain ground to a halt because of a shortage of semiconductors, leaving plants like General Motors in Fort Wayne sitting idle and the floors of farm equipment dealerships empty. These tiny chips bring life to our cellphones, cars, and appliances — almost anything with a motor or a plug, including our military platforms and increasingly farm equipment.

America makes only 12 percent of the global supply of semiconductors, and China is investing heavily in semiconductor production. China is now on pace to control roughly 20 percent of the market by 2024. Ninety percent of the chips in our military hardware are currently made overseas.

This is all part of Beijing’s bet to beat America. But the CHIPS and Science Act helps America counter that bet.

This new law provides $50 billion to jumpstart semiconductor production here in the United States. A thriving domestic chip industry will prevent future supply chain stoppages, protect Hoosier famers, and safeguard America’s military readiness.

And it will benefit the Heartland economy. A corridor of the semiconductor industry will run through Indiana. Thanks to this law, SkyWater Technology is moving forward with plans to partner with Purdue to build a $1.8 billion facility in West Lafayette that will manufacture semiconductor chips and create an estimated 750 Hoosier jobs.

The truth is our country faces a defense deficit, in large part because the Chinese government is heavily subsidizing industries and the development of mission critical technologies that the Chinese Communist Party hopes will give it an upper hand, both militarily and economically. It is simply not a level playing field. Given this reality, we face two choices: do nothing and cede the future, or make smart investments in the American people and our national security to win the future.

Supply chain disruptions have been difficult for Indiana agriculture. But because of the CHIPS and Science Act, I’m confident that we are addressing these challenges and building a more prosperous and secure tomorrow for all Americans.

Sen. Todd Young represents the State of Indiana. He currently serves on the U.S. Senate Committees on Finance; Foreign Relations; Commerce, Science and Transportation; and Small Business and Entrepreneurship. Previously, in the House, he served on the House Armed Services Committee, the House Budget Committee, and most recently the House Ways and Means Committee.

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