The next thing that will happen after this passes is the lowering of the definition of rich that is done without much scrutiny from their legislative body

Thanks for the explanation. I didn’t realize china produces most of neodymium magnets

What’s with the magnets?

It’s true that innovation thrives if shared, but it still would suck for the innovaor without temporary protection. Maybe he gets satisfaction from inventing some fancy stuff, but it doesn’t pay the bills if the next day someone in china just make a cheaper copy of the invention and outsell the innovator. It would be even worse if that person in china, not only copy the invention, but made it better.
It’s fantastic for us as a consumer because it’s cheaper and better of course

IP is supposed to provide advantage for inventors/innovators by giving them temporary protection from copycats.
That is to motivate people to invent/innovate. The problem is that the law keeps getting modified to extend the time before the protection expires and corporations abusing them in strange ways.
The silent problem with extending the expiration is that innovators will just stop innovating and milk the IP advantage they have.