Biden’s big semiconductor law will ramp up US chip production — but at a high cost, report finds

WASHINGTON (AP) — A sweeping 2022 law, touted by President Joe Biden as a way to revive U.S. manufacturing of semiconductors and reduce the country's reliance on foreign-made computer chips, will "sharply increase production'' of semiconductors in the United States. But it will do so at a high cost and might not deliver the best bang for the buck, concludes a report out Wednesday by an economic think tank in Washington. Researchers at the Peterson Institute for International Economics calculated that the $280 billion CHIPS and Science Act will create about 93,000 construction jobs as chip factories go up in…