Chalk up another big loss for Michigan citizens, and…
Go Big, Or Go Home
Just as Governor Snyder signed the SB 242 – 244 ‘Good Jobs’ subsidy package yesterday, Foxconn announced that they accepted Wisconsin’s insane subsidies. The new Foxconn industrial campus will be built in the Badger State, not Michigan. The Foxconn competition, however, was the bait used to stampede the Michigan Legislature into passing the ‘Good Jobs’ package much sought by Michigan’s government and business establishments.
Wisconsin is going to lavish $ 3 billion in subsidies on Foxconn for somewhere between 3,000 and 13,000 new jobs. That works out to somewhere between $ 1 million and $ 230,769 in subsidies per job. Amortized over a 10 year period, the state of Wisconsin will be paying somewhere between $ 48.00 and $ 11.09 per labor-hour of every Foxconn worker’s wages using taxes extracted from other less fortunate Wisconsin workers. Subtract these per labor-hour subsidies from the headline wages touted for the future Foxconn workers and their ‘Good Jobs’ don’t look quite so good. Gussied up minimum wage jobs at best, wage theft at worst.
The little pig gets to feed at the trough, the hog gets taken to market and slaughtered.
Our tax dollars at work because we all need virtual reality in Detoilet.
— Ronna RomneyMcDaniel (@RRMGOP) July 21, 2015
Think that EITC part of the Proposal 2015-1 equation isn’t a fool’s errand? Look at what $9,400,000,000 gets us just to maintain floundering employment while buying poverty moocher’s votes.
“The goal should be to try to honor these agreements or, in the context that if there are changes, they’re mutually agreed to,”
Snyder [Mr. Avalon, founding chair. Yes, that John Truscott] said in a Detroit News editorial board interview. “These are major job creators. They’ve helped bring us back economically [what Team Obama says] in the state and we shouldn’t overlook that fact.”
Snyder said he wants to work with companies holding the business tax credits to “bring better visibility” and “transparency” [a Snyder priority. No, seriously.] to the tax credits, which will consume more than $500 million a year in general fund tax revenue until 2029. The final tax credits awarded under the Michigan Business Tax [thank Brian] don’t expire until 2031, according to the Michigan Economic Development Corp.
The MEDC [Snyder’s Mini-Me] has asked companies to agree to redeem their credits in the year they were issued and give the state a three-year forecast on using tax credits to help governors and legislators budget for the subsidies.
But Snyder did not rule out pursuing legislation to put new rules in place for when the tax credits could be cashed in. [here, pull this finger.]
“I think the starting point should be what we can do in a mutually agreed-upon fashion,” Snyder said.
Mike Johnston, vice president of government affairs for the Michigan Manufacturers Association, said his members, which include Detroit’s three automakers [$3,000,000,000 yes, Ford too], are open to helping state officials know when they will seek tax refunds.
The games all these mother******* play with other people’s money is downright obscene.
We now return you to your regular Team R points its collective finger’s at Granholm programming…
Not sure if others noticed this in the Detnews.com yesterday, however, while our strabismus AG rummaged about his archaic footnotes of legalese, and even citing back to his Democratic Party predecessor as to somehow absolve an end to justify a collectivist means – there is this.
Olympia keeps all revenue, including concessions and parking, and any naming rights deal. In an earlier interview with The Detroit News, Christopher Ilitch, president and CEO of Ilitch Holdings Inc, defended the way the arena was paid.
“A public-private partnership is the only way any of these type of projects work in an urban environment,” he said.
He pointed out that while The Palace of Auburn Hills was paid for by private owners, the key difference is it’s an isolated venue in the suburbs.
“The Palace gets all the revenues from parking, concessions, retail,” Ilitch said, pointing out that those sources of revenue are key to the financial success of a major venue.
Did you catch that? Out in the boonies of alleged sparse populous, a billionaire with his own money, is to house his own business with rightful privilege to any and all revenue gained from his ancillary services provided to his customer.
Now, contrast the above with the “urban environment” festooned within a bailout, and the opulence of guaranteed populous in a 143 sq mile boundary, it is unequivocally noted by said li’l Caesar, that not only is what is his, his – what is ours is also his too.
Added bonus to us outside the bowels of “urban environment“?
The state reimburses schools for diverted money.
Well, golly gee. Thanks a lot for that, too!