Stacy Smith, CFO of Intel, notes in the CFO.com article below that education of the U.S. workforce has been steadily deteriorating. “Math and science curricula in primary-school systems in the United States are comparatively weak, he said, and the population of university students pursuing math, science, and engineering has dropped.” According to Smith, the American Recovery and Reinvestment Act of 2009 focused on public works and was a good step, but doesn’t come close to China’s stimulus bill, which focused on broadband and wireless infrastructure to close the digital divide.
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Intel CFO Sees U.S. Losing Battle for High-Tech Jobs
by Vincent Ryan
April 22, 2010
In the fourth quarter of this year, chipmaker Intel’s new wafer-fabrication plant in the city of Dalian in Northeast China, a $2.5 billion capital investment three years in the making, will come online. The factory will produce chipsets to support Intel’s microprocessor business and will boast a workforce of 1,200 people.
Intel received a typically rich package of grants and tax incentives from China in order to build the plant there, according to Stacy Smith, the company’s CFO. “When we are thinking about building a factory, almost every government of a sizable, mature economy reaches out to us and provides financial incentives,” he told CFO.
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