To the editor:
As the stock market sets record highs, seven tech stocks account for 30% of the S&P 500 stock index. Americans own much of the technology sector, but we do not necessarily build it. Using designs invented in America, about 90% of the high-end semiconductors are made in Taiwan.
When Russian President Vladimir Putin invaded Ukraine to restore the Soviet Communist empire, his friend, Communist Chinese Premier Xi Jinping, was threatening to invade Taiwan. Losing Taiwan could shut down 30% of our economy.
Xi seemed to take notice of President Joe Biden’s response to Putin’s aggression. Biden sent no troops. He did send weapons built with American technology. Russia had more ammunition by far, but Ukraine had better aim by far. Against all expectations, Ukraine fought Russia to a standstill.
It is no coincidence that Xi’s belligerent rhetoric has cooled after Ukraine embarrassed Putin. For now, Taiwan and our main source of semiconductors seems to be safe. However, if we give up on Ukraine, Xi might conclude that we would also give up on Taiwan.
Former President Donald Trump and his most ardent supporters want to give up on Ukraine. Nevertheless, 70% of Senators voted to support aid for Ukraine and Taiwan. The same measure in the House is being blocked by Speaker Mike Johnson. We should encourage Michelle Fischbach to sign the bipartisan discharge petition that will force Johnson to hold a vote on this issue. It would certainly pass.
We need to end our dependence on foreign countries for strategic materials. The Chips and Science Act is designed to encourage semiconductor factories to be built in America. In 2022, the Democratic Congress passed it with only one Republican Representative voting for it. Biden signed it into law.
Sherwin Skar
Marshall
