Wisconsin says Foxconn factory touted by Trump has failed to deliver on jobs

[sabra]

Source: The Hill

Officials in Wisconsin on Monday informed Foxconn, the Taiwan-based company that pledged to create 13,000 jobs across the state, that it has missed employment targets necessary for being approved for state tax credits for the second year in a row.

Reuters reported that Wisconsin officials informed Foxconn representatives in a letter that the company did not employ enough full-time employees in 2019 at its Mount Pleasant facility to be eligible for the credits.

"Once Foxconn is able to provide more accurate details of the proposed project, such as its size, scope, anticipated capital investment, and job creation, WEDC [Wisconsin Economic Development Corporation] would be able to offer support for the project with tax incentives," wrote a state official, according to Reuters.

Foxconn responded to the news outlet, calling Wisconsin's statement a "disappointment and a surprise that threatens good faith negotiations" with state officials in the future.

Read more: https://thehill.com/homenews/state-watch/520703-wisconsin-says-foxconn-factory-touted-by-trump-has-failed-to-deliver-on

[TheCowsCameHome]

1. More suckers and losers. Thanks, Trump.

[bullimiami]

2. No fuckin shit. Color me surprised.

[cp]

3. There's a surprise.

Wanker legagy. Big zero.

[Thomas Hurt]

4. Wasn't this the con Walker ran on the people of WI?

[Archae]

6. Yes it is.

And Foxconn has failed in other places too, like on the East Coast.

Make promises, grab the tax giveaways, then build practically zilch.

[Massacure]

15. I wouldn't go so far as to call it a con

Wisconsin has a public-private organizations called the Wisconsin Economic Development Corp that helps facilitate economic development within the state. Walker pushed hard for changes to law that would allow the WEDC to offer a much sweeter deal than it would have been able to otherwise. The terms of the WEDC's final incentive package to Foxconn was that up to $1.5 billion in tax credits would be paid out over 15 years as certain investment thresholds were met and up to another $1.5 billion would be paid out over 15 years as certain hiring thresholds were met. It sounds as if so far Foxconn has failed to meet any of the thresholds necessary to claim these credits.

One of the criticisms was that it would take 20-30 years for the economic development to pay for those $3 billion in tax credits. I tend to agree with that criticism, 3-5% ROI on the taxpayer's money feels anemic. A poor investment certainly, but not necessarily a con.

[Initech]

5. I'm shocked, SHOCKED! Well not that shocked!

[Canoe52]

10. +1,000

[Blue Owl]

7. With "Fox" and "Conn" in the moniker -- well...

The outcome writes itself...

[NorthOf270]

8. REthugs fail again

I seem to remember that chud Walker making a shady deal even prior to Dumps.

[Ellipsis]

9. Apple relied on Foxconn in China because of manufacturing supply chain issues... that's changing.

Posted in another thread:


When Foxconn came to Wis. it promised LCD manufacturing of large screen panels. But that's a fickle industry which changed as technology morphed. The yield rates with screens diminish as they get larger, the larger the panel the more bad lcd's, the lower the yield rates. So they changed the business model given the competition, which is only senisible.

That's not to say they aren't playing the midwest. The great lakes is ocean port. Ships can get to Racine from China. They've secured distribution. As to what the business model becomes is moot to Apple as it changes it's reliance on it's current distribution chain every day.

Apple has nothing to do with Foxconn's future.

Foxconn's hooks are here to stay given the way things are now.

It's established itself within our the higher education system.. It's not going anywhere. It doesn't need tax brakes.

And Xi had some of his education here, he knows our state.

Thank you fucking Scott Walker.

THANK YOU FUCKING ROBIN VOS.

... for opening up our state to China.

[Botany]

12. Thank you fucking Scott Walker.

I wonder how much he got as a kick back out of the deal?

[sakabatou]

11. *pretends to be shocked face*

[Javaman]

13. "disappointment and a surprise that threatens good faith negotiations"

1) there has never been any "good faith" from foxxCONn (stress on the con part)

2) this statement appears to me a way for foxxCONn to pull the ripcord and bale out.

I've been following this story since this whole mess started.

they never had any intention of building anything close to their original stated purpose.

they were looking only to make money off a state that had a big orange asshole fluffer gov at the time. aka they played the former repuke gov like a harp. walker skedaddled and left, leaving, as usual, the poor people of the state to suffer the cost. it didn't help that the mount pleasant mayor was also a big orange asshole fluffer as well.

[ProfessorGAC]

16. Simple Question To Them

Did you deliver the promised number of jobs or not?
If they didn't, no tac credit.
Foxconn are the side failing to bargain in good faith, because after this much time, the unfulfilled promise looks like a lie.

[BlueWavePsych]

14. Another fail! Vote 'em out!