President Joe Biden’s top economic adviser said that a shortage of semiconductors last year probably shaved a full percentage point off U.S. economic output in 2021, and that administration officials will brief Congress on the crisis Wednesday.
“We are 100% vulnerable to foreign supply chains on those advanced semiconductors,” the director of Biden’s National Economic Council, Brian Deese, told reporters at a breakfast hosted by the Christian Science Monitor on Wednesday. “The best estimates are that the lack of available semiconductors probably took a full percentage point off of GDP in 2021.”
