Even coming off its fastest rate of annual growth in 37 years, the U.S. economy is still bogged down by a persistent shortage of the computer chips essential to the technology that connects, transports, and entertains us.
The problem has been building since pandemic-related lockdowns shut down major Asian chip factories more than two years ago. Now it threatens to extend into the indefinite future, despite the semiconductor industry’s efforts to catch up with demand.
U.S. Commerce Secretary Gina Raimondo has called the situation “alarming" as the Biden administration presses Congress to pass $52 billion in funding aimed at easing the crisis.
