The goal is to ensure domestic production of physical goods intrinsic and essential to our way of life and other economic sectors.

That’s an extremely defensible policy goal.

The terrible efficiency due to high cost a minimal impact largely disproves that idea.

Politicians aren’t stupid, when your argument only works if you assume stupidity then you’re likely misunderstanding something.

Huh? Either the chips we need are made on an island surrounded by Chinese warships, or they are made in Arizona. That’s what this is about. It’s not some abstract concept.

The US had several fabs before we decided to subsidize them.

We’re still going to still be importing chips after spending this money. So by your reasoning this is a failed initiative.

France imports lots and lots of wine. You think their efforts to preserve a domestic wine industry are "failed"?

If the argument is about a “strategic resource” then it’s a failure when we need to import any type of chips.

Frankly if it’s pure protectionism then slap a Tariff on them.