Biden official reveals the failure behind America's epic chip shortage

The shortage of computer chips is raising the price of new and used cars, delaying shipments of electronics and holding back the economic recovery from the Covid-19 pandemic.

"It's a huge problem," Commerce Secretary Gina Raimondo told CNN ahead of leading a White House meeting with manufacturers and users of computer chips. "Everything in your life that has an on-off switch requires semiconductors. Your phone, your car, all of the electronics around you."

The chip shortage, along with other supply chain headaches, will likely cost the global auto industry alone a staggering $210 billion in lost sales this year, according to consulting firm AlixPartners. That's nearly twice as expensive as the firm forecasted in May when many auto executives hoped the worst of the chip shortage would be over by mid-year.