The CHIPS Act that Congress is considering would spend $52 billion to “reshore” computer chip manufacturing to the United States. The Biden administration claims it would “create tens of thousands of good-paying U.S. jobs, support U.S. technological leadership, and promote security and resilience in global semiconductor supply chains.”

Unfortunately, market realities indicate that giving billions to tech manufacturers is unlikely to achieve much of that aforementioned good stuff. Policymakers would be wise to focus more on allowing manufacturers to outcompete our rivals decisively.