Administration of Joseph R. Biden, Jr., 2024

March 20, 2024

The President. Hello, hello, hello.

By the way, your dad is right about unions. [*Laughter*] Your dad is right: Unions built the middle class. Wall Street didn't. Unions built the middle class.

So thanks, Tilden, for that introduction andâa union sheet metal worker, a proud member of the Navajo Nation. You're going to be building the future here in Arizona, and Arizona is building the future.

Thank you, Governor Hobbsâshe had to leave but welcomed me to the Stateâand for your partnership all across the board.

And thank you, Representative Stanton, for your dedication to the people of the Fourth District and for the passport, anywayâ[*laughter*]âgetting in. [*Laughter*]

While we [he; White House correction] couldn't be here today because of votes in Washington, I want to thank Senator Mark Kelly, who's doing an incredible job and the real champion from the announcement that we make here today.

And MayorâMayor Kateâwhereâwhere's Kate?

Audience member. Over here.

The President. Thank you, Kate. You're an incredible mayor. You're doing a great job.

And Mayor [of; White House correction] Chandler, Hartke, andâ[*applause*]âI guess I'm technically in your city, right?

Mayor Kevin Hartke of Chandler, Arizona. Yes, sir.

The President. All right. I'll behave, I'll behave. [Laughter]

We're also joined by one of the brightest women I'veâman or woman I've ever known: Gina Raimondo, our Secretary of Commerce. And I'm not joking about that.

And Pat Gelsinger, CEO of Intel; Aaron Butler, President of Arizona Building Tradesâwhat a combo, manâ[*applause*]; and other union leaders that are here today, thank you for your partnership and showing how we get big things done in America and we can do it againâagain and again and again.

I've asked Pat and many other business leaders this question, and I mean it sincerely. I met with the Business Roundtableâplease have a seat, by the way. You're all standing. [*Laughter*] I'm sorry, I didn't realize you were still standing. [*Laughter*] I apologize.

I asked the question at the Business Roundtable, the biggest leaders of business in theâin the world, in the United States particularly. I asked them: When the United States decides to invest considerable resources in a new industry that we need to build, does that encourage business or does it discourage it? And the answer is, overwhelmingly, encourage itâ overwhelmingly.

Folks, during the pandemic, we had to learn about supply chains and the shortage of semiconductors, those tiny computer chips you all out here know very well, smaller than a tip of

your finger, that power everything from the lives of your cell phones, cars, dishwashers, satellites, weapons systems.

America invented these chips. Don't forget that. We invented these chips. And over timeâ [*applause*]âsome thought it was cheaper to send the manufacturing overseas because labor was cheaper. As a result, when the pandemic shut down chips factories overseas, the prices of everything went up, the first time Americans began to realize just how important they were.

Unlike my predecessor, I was determined to turn things around, to invest in Americaâin all America and all Americans. And that's what we'reâbeen doing.

In January of 2022, Pat came to the White House, where we announced the historic investment to build a state-of-the-art semiconductor factory in Ohioâfactories in Ohio. We were joined then by Sherrod Brown, the Ohio Senator, who talked about why it's time to bury the phrase "Rust Belt." And Pat said, at the time, we should start calling it the "Silicon Heartland." And it is becoming that.

By March of this yearâPat was my guest at the State of the Union, where Iâwe talked about a hundredâthe thousand acres outside of Columbus where semiconductor manufacturing facility and fabs were being built, which I referred to at the time as the "field of dreams." And, boy, it's turning out to meet people's dreams out there.

In August, Senator Kelly and Sherrod Brown got the CHIPS and Science Act to my desk. It was one of the most significant science and technology investments in our history.

By September, I joined Pat in Ohio andâto break ground for the new factoryâwithin 9 monthsâwe're just gettingâandâand we're just getting started.

Since theâmy CHIPS and Science Act led to partnership with companies, investing billions and billions of dollars across the country, bringing semiconductor manufacturing back to Americaâjobs of the future back to America, including here in Arizona, with the significant help of Mark Kelly.

HeâI tell you what, I'm so glad this is happening. Those phone calls every 20 minutes were getting old. [*Laughter*] I tell you, he is committed. [*Laughter*]

In December 2022, I came to Phoenix, where I joined so many of you, as well as the CEO of Apple, Tim Cook, to talk about the historic investments that the CHIPS and Science Act was delivering to make chips here in Phoenix.

Today, Pat is building hereâon another field of dreams. And I'm thrilled to announce the latest public-private partnership and one of the largest investments in semiconductors in the United States ever: the landmarkâa new landmark agreement under the CHIPS and Science Act between my administration and Intel for up to $8.5 billion. It's a smart investment.

And that's being paired with over $100 billion from Intel, including $30 billion in Arizona and $30 billion in Ohio. It's among the largest private-sector investments ever in the history of Ohio and in Arizona.

And this historic funding will be used to build new semiconductor fab facilities and modernizeâmodernize and expand existing ones in Arizona, Ohio, New Mexico, and Oregon. Combined, it will create nearly 20,000â20,000âconstruction jobs, many of which will be union jobs.

And I've made it real clearâ[*applause*]âI make no bonesâmadeâ[*inaudible*]âeverybody has a right to organize, man, to have their labor rights protected.

But look, this announcement will also support 10,000 manufacturing jobs, 3,000 right here in Phoenix, with salaries averaging over $100,000 a year and don't all require college degrees. That's a change.

For the first time in a long time, many of these facilities won't just manufacture regular semiconductors. They're going to once again begin to make the most sophisticated, advanced, and powerful leading-edge chips.

Each chip hasâthis is aâthis is something that blows my mindâhas trillions ofâtrillions of tiny features the width of a strand of human DNA, 4â40,000 times thinner than a single human hair. They require manufacturing precision down to the size of a single atom.

The processes is enormousârequires enormous amounts of information and lightingâwith lightning speed, they'll produce. And theyâand they're critical to emerging technologies. They're going to power the future economy, like artificial intelligence, quantum computing, 6G communications. And it'll take everythingâmake everything faster, lighter, smaller, and more reliable.

Folks, it's about time. Even though we invented the most advanced chips, we make zero percent of them todayâzero percent of the most advanced chips today. Nearly all manufacturing of leading-edge chips across the entire industry moved overseas to Asia years ago.

That's why today's investment is such a big deal. We will enable advanced semiconductor manufacturing to make a comeback here in America after 40 years.

It's going to transform the semiconductor industry and create an entirely new ecosystems, entirely new research and design, and manufacturing of advanced chips in America.

And by the way, parenthetically, I'd say, "We're going to become the manufacturing capital of the world again." People looked at me like I was a nut. Where the hell is it written saying we're not going to be the manufacturing capital of the world again? We've already created 825,000 new manufacturing jobs, and you're just getting it started.

There's not a damn thing America can't do if we set our mind to it. It's going to put us on track to manufacture 20 percent of the leadingâworld's leading-edge chips by the end of the decade.

And right here in the United States, Intel has committed to net-zero greenhouse gassesâgas emissions by 2040 and using 100-percent renewable electricity to power these fabs.

And there's more, because this isn't just about investing in America. It's about investing in the American people as well. That's why we're dedicating $50 million of CHIPS funding to partner with Intel and community stakeholdersâlike community colleges, State and local governments, labor unions, and universitiesâto train a new generation of workers for the semiconductor industry. That way people don't have to leave their hometowns to get good-paying jobs and support their families.

And here in Arizona, Arizona State University is expanding its engineering programâcatch this, every timeâyou guys know this, but every time I say it and I talk about it, it's just astounding to meâit's going to expand their engineering to over 10,000 additional studentsâ 10,000 additional engineering students.

Community colleges are training new technicians and launching free semiconductor technician programs led by Intel employees. Local unions are building training centers for apprenticeships. And Intel is investing in semiconductor education starting as early as high school, so students get hands-on experience and a path to good-paying jobs whether or not they get to go to college. And the same is happening in other States as well.

It's all a part of my Investing in America agenda, which has attracted $675 billionâ$675 billionâin private-sector investments and ignited a manufacturing boom in America, a clean- energy boom, a jobs boom, all here in America, finally.

Since I took office, America has had the strongest growth of any major economy in the worldânearly 15 million new jobs, the longest stretch of unemployment under 4 percent in 50 yearsâfor 50. Growth is strong. Wages are up more than prices. Inflation is down dramatically.

We have more to do. I get it. We have more to do, but no question, our plan of delivering for the American people is working now.

And since I came to office, here in Arizona, because of your Investment in American agenda, we've deployed and developed nearly $8 billion in Federal funds to upgrade infrastructure and clean energy. Right here in Arizona, we've created 300,000 new jobs. Let me say that again: in Arizona, 300,000 new jobs.

Because I was finally able to beat big pharmaceutical companies, because MedicareâI've been trying for years, but Medicare now has the power to negotiate lower prescription drug costs for seniors, including 1.4 million seniors right here in Arizona.

And to put this in perspectiveâ[*applause*]âput this in perspective: Whatever prescription you have made by any American drug manufacturer, jump on Air Force One where they'll fly to any country, any major city in the worldâfrom Toronto to Berlin to Baghdad to anyâanywhere around the world. I'llâwe'll get off the plane, you bring that prescription into that county, you'll be able to buy it for 40 to 60 percent less. It's wrong.

So, guess what? When we begin to manufactureâwhen we wereânegotiate withâwhen I saidâlook, Medicare buys all these drugs, billions of dollars' worth, to take care of Medicare and Medicaid. Well, guess what? Do you know how much it costs to make insulin? Anybody know anybody who needs insulin? Raise your hand. You're darn right. Well, guess what? It's now 35 bucks a month. Do you know how muchâit was 400 bucks a month.

Do you know how much it costs to make it? Ten dollars. Ten dollars.

And, again, we'll cap a total out-of-pocket expenses for prescription drugsâall the drugs a senior has to takeâall of themâat $2,000, including expensive cancer drugs that cost $10-, $12-,

$15,000 a year. They'll never have to pay more than $2,000 a year for all the drugs they need.

But, folks, by the wayânot only saves seniors money; it saves taxpayers a significant amount of money. We've reducedâas a consequence of the law I wrote and got passed, we've reduced the Federal deficit by $160 billion. Hear me? One hundred and sixty billion dollars. You know why? Medicare doesn't have to pay $400. They have to pay $35 for that prescriptionâand much, much more. Exorbitant prices.

And it's all a part of my economic vision for this country. I determined that I was going to build the economy from the middle out and the bottom up, not the top down. Because when you do that, the poor have a ladder up, the middle class does well, and the wealthy still do very well. We all do well.

Let's be clear. Let's be clear: It's a fundamental break from the trickle-down economics super-charged by my predecessor. On his watch, companies sent American jobs overseas for cheaper labor and imported products. We're creating jobs in America and exporting American products.

And my predecessor and his allies in Congress want to go back. In fact, the vast majority of the team on the other side, my Republican friends, didn't vote for the CHIPS and Science Actâ the majority of them didn't. And now they're trying to repeal the Inflation Reduction Actâthe

most significant action ever on climateâthat's going to create hundreds of thousands of jobs, many of them in their own States and your district, particularly in States like Arizona.

That's why my professorâmy predecessor was in officeâhe enacted instead a $2 trillion tax cut where they overwhelmingly benefit the very wealthy and the biggest corporations.

By the way, I'm not anticorporation. I come from the corporate State of America. More corporations are incorporated in Delaware than every other State in the Union combined, and I represented it for 36 years. But they can't get greedy.

And we want to doâ[*inaudible*]âhere's whatâhe wants to do this again.

The bottom line, I want to build a future in America. My predecessor is going to let the future be built in China and other countries, not America, because it may be cheaper for those investing.

Folks, I promised to be the President for all Americans, whether you voted for me or you didn't vote for me. Today's investment helps all Americans, in red States and blue States all across Americaâurban, rural, suburban, and Tribal communities. But we're not leaving anyone behind.

We're notâif we invent it in America, it should be made in Americaâ[*applause*]âand include all of America.

Folks, let me close with this. I've been determined to make things in this country again, to build a manufacturing capacityâas I said, we've created over 800,000 manufacturing jobs and we're still countingâto make sure we never again are in a position where during a pandemic we're relying on other countries to make things that we badly need here at home to be able to go forward.

Folks, some folks don'tâdidn't believe we could do this, but I've made no bones about it. I've said for a long time, and I mean this from the bottom of my heart: If we invest in America, we can change the country's future and lead the world again. We are leading the world again. We're proving it's never been a good betâit's never been a good betâto bet against America.

I've spent more time with Xi Jinping, the leader of China, than any other world leader has.

And I was with himâtraveled 17,000 miles with him when he was Vice President and I was Vice President, before he became the leader. And we were in the Tibetan Plateau, and he asked meâ he said, "Can you define America for me?" I said, "I sure can, in one word." And he looked at me. I said, "Possibilities." "Possibilities."

We have inventâthe only nation in the world that has neverâwe have come out of every crisis we've ever been in stronger than we went into that crisis. There's nothing beyond our capacity.

I've never been more optimistic about our future. We just have to remember who in the hell we are. We're the United States of America. And there's nothing beyond our capacity when we work together.

So God bless you all, and may God protect our troops.

You're the best. You're the best. This is going to transform the country in a way you don't even understand yet.

Thank you. Thank you, thank you.

NOTE: The President spoke at 12:20 p.m. In his remarks, he referred to Tilden Dixon, employee, Intel Corp., and member, International Association of Sheet Metal, Air, Rail and Transportation

(SMART) Workers Local 359; Mayor Kate Gallego of Phoenix, AZ; former President Donald J. Trump; and President Xi Jinping of China.

Categories: Addresses and Remarks : Intel Corp. Ocotillo Campus manufacturing facility in Chandler, AZ.

Locations: Chandler, AZ.

Names: Brown, Sherrod C.; Butler, Aaron; Cook, Timothy D.; Dixon, Tilden; Gallego, Kate; Gelsinger, Patrick; Hartke, Kevin; Hobbs, Katie; Kelly, Mark E.; Raimondo, Gina M.; Stanton, Gregory J.; Trump, Donald J.; Xi Jinping.

Subjects: Apprenticeship programs and job training; Arizona, Governor; Arizona, Intel Corp. Ocotillo Campus manufacturing facility in Chandler; Arizona, President's visit; Cancer research, prevention, and treatment; Carbon emissions, reduction efforts; China, President; Community colleges; Economic improvement; Federal deficit and debt; Global supply chain disruptions, efforts to address; Infrastructure improvements; Insulin cost controls; Job creation and growth; Manufacturing industry, domestic investment; Medicare and Medicaid programs; Prescription drug costs, reduction efforts; Renewable energy sources and technologies; Secretary of Commerce; Semiconductor manufacturing; Unemployment rate.

DCPD Number: DCPD202400218.