Wisconsin Senate approves $3 billion for Foxconn
Source: AP
By SCOTT BAUER
Today
MADISON, Wis. (AP) — The Wisconsin Senate approved nearly $3 billion in cash payments for Foxconn Technology Group on Tuesday, while also giving the Taiwanese company a slightly less expedited path to the state Supreme Court for certain legal challenges related to a planned massive electronics manufacturing factory.
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The Republican-controlled Senate discounted Democratic concerns that there weren’t enough protections for taxpayers under the unprecedented incentive package. It would take 25 years for taxpayers to see a return on the investment, the nonpartisan Legislative Fiscal Bureau said.
“Taxpayers know it’s going to cost them $3 billion but they have no idea what they’re buying,” said Sen. Jon Erpenbach, a Democrat from Middleton, during debate. “There are no guarantees in this legislation and we don’t even know what we’re buying.”
Republican Sen. Alberta Darling,....................................
A dozen Democratic changes pushed Tuesday and rejected by Republicans sought to prioritize Wisconsin workers and businesses, protect taxpayers from overpayments to Foxconn and increase environmental oversight...............................................
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Wisconsin is forgoing major transportation funding and school funding--while we have enough $$ it seems to give to a major corp
Walker and Trump’s Foxconn Deal May Be Worst in American History
https://ourfuture.org/20170913/walker-and-trumps-foxconn-deal-may-be-worst-in-american-history
September 13, 2017
Robert Kraig
Governor Scott Walker and Donald Trump claim their $3 billion subsidy to Taiwanese electronics giant Foxconn will create thousands of jobs in Wisconsin. But when you dig into the numbers, the Foxconn deal looks like one of the biggest swindles in American history, a scandal waiting to happen.
While it is Governor Walker and not Trump who is really cutting this deal, it sets a dangerous precedent, which could affect every state.
To understand how big the threat is, it is important to understand just how bad the Foxconn deal really is, and to look closely at what they’re proposing. The magnitude of the public expenditure is stunning. It is not really a tax break, but a direct public subsidy of $3 billion dollars.
Bribing big companies to stay or leave, and therefore allowing profitable corporations to exact public resources while shifting costs onto everyone else, is often what passes for economic strategy at the state and local level these days.
But as destructive and self-defeating as the subsidy game is already at the state level, the Foxconn deal shows Trump wants to supersize these giveaways to a national, billion-dollar scale never seen before.
The Foxconn Trap.............
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Does this not fit the textbook definition of socialism: "government ownership of the means of production"?
Where are all the Repugs screaming "SOCIALISM" on every street corner, as they would be if a Democrat was pushing this insane measure?
Foxconn has a reputation for flim-flam that even exceeds that of tRump, Inc.
