If the United States is to lead the world, it also must lead the world in 21st century technologies.
And we don’t have time to waste. As Sen. Todd Young (R-IN) has stated:
We must catch up to China, which is investing heavily – $1.4 trillion through 2025 – on cutting edge technologies such as artificial intelligence (AI), quantum computing, 5G and advanced manufacturing.
America remains a leader in some of these fields but is losing ground fast. China has made considerable advances in technology over the past two decades, evidenced by increased patent publications in AI, gold medals at international science competitions such as the International Olympiad and universities producing four times as many STEM degrees as our own. China has wisely bet that technological superiority equals global supremacy.
The current semiconductor crisis, which halted production of major domestic industries, is a key example. America is almost entirely reliant on other nations for high-tech computer chips that power our smart phones, automobiles, household appliances and military platforms. U.S. semiconductor production – once accounting for nearly 40% of the world’s supply – has dropped to just 12%, while China’s has jumped from 4% to 9% in five years. The vast majority of chips, however, are produced in Taiwan, which China covets.
This is a very real economic and national security vulnerability. Rising prices caused by the chip shortage are hurting Americans’ pocketbooks and savings, but 90% of the chips used in our military technology are made overseas.
Last year, the Senate passed the United States Innovation and Competition Act, legislation co-authored by Sen. Young with Sen. Chuck Schumer (D-NY). The bill – strongly backed by the Indiana Chamber – would increase American research and development in domestic semiconductors, artificial intelligence, quantum computing, robotics, cybersecurity and hypersonic technology, and create tech hubs across the country.
The House and Senate are now working on a final version of the legislation. Young has noted that his colleagues understand it must resemble the strongly bipartisan Senate approach. President Biden is also on board and has indicated he will sign the bill when it reaches his desk.
Senator Young sums up what’s at stake, “This is a call to action for those of us who are charged with keeping the American people safe and secure. … if we fail to do so in the critical moment, America will surrender our position of global leadership.”
Resource: Greg Ellis at (317) 264-6881 or email: gellis@indianachamber.com
