Wisconsin won't break even on Foxconn plant incentives for 25 years

[NeoConsSuck]

Source: Reuters

Wisconsin is not projected to break even on a $3 billion incentive package for a proposed LCD screen plant by Taiwan's Foxconn for at least 25 years, a legislative analysis showed on Tuesday.

Foxconn hopes to open a $10 billion plant in 2020 at a 1,000-acre site in southeastern Wisconsin and state leaders, including Republican Governor Scott Walker, have touted the incentives as a boon because of the jobs that will be created.

Critics have attacked the plan as too expensive and potentially harmful to the environment.

Based on estimates from the non-partisan Legislative Fiscal Bureau, Wisconsin will not receive a return on its investment in the project until about 2042. The bureau provides fiscal analysis for the state legislature.

Read more: http://www.reuters.com/article/us-foxconn-wisconsin-idUSKBN1AO2JQ

[rickford66]

1. The technology will have changed well before 25 years.

Then it's turn out the lights and scoot out of town.

[5X]

4. you're exactly right. n/t

[Duppers]

10. Yep, some competition is here already...

https://www.viewneo.com/blog/the-future-of-display-technology-lcd-vs-oled/

[MyOwnPeace]

12. Happened 3 times..........

in an area near me. Governor and county gave away a huge 10-year package (screwing the local govt. and school district) - and when the "package" was up after 10 years, bye-bye!
But here's what's even crazier - they did it AGAIN 2 more times - same story: screw the locals of tax revenue that would cover costs for all of the increased demand, then off they go!!
These were major corporations, 2 car manufacturers and 1 entertainment equipment manufacturer.

"When will they ever learn,
when will they ever learn?"
.......Pete Seeger

[rickford66]

22. And the locals are lucky if there's no lasting environmental damage.

[sandensea]

2. By which time it will have closed down years ago, and moved to Cambodia.

[Dustlawyer]

3. They want to go after welfare along with the rest of the social safety net, but not

the real moochers, the non-tax paying huge corporations. The shove the tax burden off on small business and the middle class and tell us the problem is the poor, elderly and the sick/disabled.

Prime example of the money in our politics screwing us over in favor of the rich and powerful. When are we going to unite to stop this problem which is the root cause of most of our other problems? We keep reacting and fighting the symptoms of this corrupt influence. The symptoms are things like climate change, immigration, education, infrastructure, guns,... These things do not get done because the Powers That Be do not want what is in our best interest, only theirs. It has cost us our Representative Democracy as the politicians only represent big Donors, not constituents.

[Wellstone ruled]

5. Walker's Legacy drive.

Watch and see,he will run for President in 2020 with his close personal friend Paul Ryan. If one remembers,Boeing floated a similiar deal in Kansas years ago and we know what happened to Kansas.

[Willie Pep]

7. Race to the bottom.

That is what this is about. Break unions and blame them for killing jobs. Give loads of corporate welfare to attract new business investment to create jobs that often pay less than the old jobs that were lost but accept it because it is better than nothing. Then when workers get uppity again or the company finds another jurisdiction that is offering even more perks they end up leaving anyway.

The bottom line is that we are being told to accept deals that get worse every year because that is what we must do to attract businesses.

[Wellstone ruled]

11. The real player in this nightmare are the Koch's,Walton's,Mercer's and of course

Walker and Ryan's Business Friends in Wisconsin. Take a look at the Wisconsin GOP,who are the big money people. In that lies every answer to Wisconsin's problems. Either you work part time at Menard's,ABC Building Centers,Ashley Furniture,Heibich Laundry,or at your local Casino. That is the reality of Wisconsin at this time.

Have many family ties to this state,and this is the reality of real life in Wisconsin.

[lordsummerisle]

19. Walker will never ever be president

mostly because he has the charisma of a dead fish (apologies to fish everywhere...)

[Wellstone ruled]

21. Hate to say it,

this has been Scott Walkers quest from day one. The Guy has never had a real job.

[Kensan]

6. Tell me...

Did this analysis include the potential costs of poisoning water supplies? I'm gonna say, nah.

Let me get this straight...the best case scenario is the $3B subsidy will have 25-year ROI. That $3B giveaway is already foolish, but then it's the result of "tremendous" deal-making by Republican leadership. They will tout jobs, jobs, jobs for the next election cycle. Once the election is over and construction is done, the locals will find out it's an automated plant with nowhere near the jobs that were advertised.

Let's just hope this doesn't become a future Superfund site when this company decides it's pulling out of WI.

[shenmue]

8. Fuck

[jmowreader]

9. This plant is going to include anti-suicide features, correct?

https://en.wikipedia.org/wiki/Foxconn_suicides

[annabanana]

14. That was my first thought as well..

the minute I heard the name.

Welcome back to the 1800's

[mountain grammy]

13. The art of the deal

Fuck the working class.

[benld74]

15. Duh mb deal guvnor

25 year break even in technology?

Duh

[SHRED]

16. Bad deal

[usaf-vet]

17. IMO Walker doesn't give a r$ts a$$ if....

we the citizens and taxpayer in Wisconsin ever break even. He only want to use this outrageous expenditure of billions to buy himself another governorship.

The republicans have been screaming there is no money for schools, infrastructure repairs, investments in communities to encourage development. No money for anything... but 3 billion to buy re-election.

[AJT]

26. And, of course to help Ryan get reelected. The plant

is conveniently going to be in his district.

[SCVDem]

18. You should have stayed on the train!

Walker is a dumb greedy fuck!

I am sending a note to 1265 Lombardi Ave. Green Bay, Wi.

If we are fortunate to win a Super Bowl, this shareholder wants Walker banned.

The NFL and Green Bay are Union. Walker is not.

Fuck off!

[haveahart]

20. Do their taxpayers know that. Wonder how much public services and user fees will go up?

[not fooled]

23. The rat

that we are all smelling is that this deal is designed to win short-term political benefits which the pukes will flog to the maximum extent possible: a second term for dump, snott wanker, and assorted puke politicians.

By the time this deal is outmoded and blows up financially, the bagmen will have escaped with the political benefits a long time ago.

Of course, only dimwitted, easily conned dumbass puke voters would fall for this scam and vote for the pukes pushing this boondoggle.

[AJT]

27. Which, sadly, is a majority of Wisconsonites.

[lutefisk]

29. Yep... nt

[riversedge]

30. I do not understand so many in my beloved Wisconsin.

[SunSeeker]

24. K & R for exposure.

[cstanleytech]

25. Unless they have a lock with Foxconn on keeping "all" those jobs for atleast 50 years so they make

a profit rather than being milked by Foxconn who promptly leave for the next low tax offer the state should tell them thanks but no thanks.

[Akamai]

28. Thom Hartmann has repeatedly focused on this issue criticizing it in a variety of ways,

including the huge, huge giveaways for the creation of jobs, the environmental impacts, the fast-tracking by Scott Walker, etc.

His guests have also mentioned the nets around the Foxconn factories in China to stop the suicides of workers jumping out of buildings.