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Biden Aide Deese Says Semiconductor Shortage Cost 1% of U.S. GDP

  • Biden administration pushes $52 billion support plan for chips
  • Senior officials set to give legislators classified briefing
Bloomberg business news
Chip Makers Scramble to Keep Up With Soaring Demand

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.”