'It’s impossible to overestimate the role of chips in driving inflation and in disrupting our supply chain.'
Commerce Secretary Gina Raimondo speaks during the daily press briefing at the White House on July 22, 2021 in Washington, DC.potato chips may be harder to come by
COVID-19’s stranglehold on world’s supply chain vastly reduced the number of semiconductor chips available for import to America, which has, in recent years, relied on other nations for the majority of its chip needs. Less chip imports meant increased demand for them across manufacturers, depressing supply and increasing consumer prices of finished goods. New cars surged in price by 13%. Used cars jumped by more than 40%. Some printers have increased by 20%.
Raimondo connected with TIME on March 9 to discuss the timing of the funding legislation, when Americans might start to see its impact on their pocketbooks, and how her department—and the Biden Administration as a whole—are responding to the broader global supply chain crunch amid an ongoing pandemic and a Ukraine-Russian crisis.Used cars jumped in price by 44% between December 2019 and December 2021.
What does the timeline look like for this legislation? And beyond that, if it is signed into law by the President, how long would it take before Americans start to see the benefits of this legislation?I’m optimistic that it will get to the President’s desk in this spring sometime. It has broad bipartisan support. I talk to members of Congress in the House and in the Senate, Republicans and Democrats, every day. Speaker [Nancy] Pelosi strongly supports the bill.
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