The goal is valid - it makes more sense to spend a trillion on fabs outside of China and closer to the US than it does to lend(=spend) yet another trillion on further inflating the stock market (and that never made sense). If the US, and the west in general depend completely upon the CCP, then it is obligatory for the CCP to leverage that advantage, invade Taiwan, and other horrible stuff. Rather than moan incessantly about the evilness of it all, it is better to patch the vulnerabilities before the worst happens, and if the worst does happen anyway, to at least be ready for it.
Many comments here rightly point out the risk of simply funneling more money into earnings or inflated stock prices with no real result, and that's a valid point. Can it be avoided? Perhaps existing tax breaks can be refactored to reflect long term needs. For example, shift away from 'general' capital gains tax breaks to focus on strategic needs.
Biting the hand that feeds IT
