Tuesday, July 25, 2017

How many WI dollars will Walker give super-wealthy Foxconn?

[Update - - Now we're talking $1-3 billion in corporate welfare!] 

It will be interesting to watch the same fiscally-conservative [sic] Wisconsin Republicans who say they don't want government to pick winners and losers, and who are still debating exactly how many more millions in taxpayer dollars to haul over to the highway lobby, are withholding some promised payments to local governments for 2016 flood damages to roads, and who nearly stopped breathing when railing about public funds for a new Bucks' arena cough up what is rumored to be at least $200 million in Wisconsin taxpayer factory-building inducements to Taiwanese electronics giant Foxconn.

Read through this 2017 news story, remembering that it takes about 30 Taiwanese dollars to equal one US dollar, in case you think Foxconn really needs the subsidy:
Foxconn Fourth-Quarter Net Profit Estimated T$68.77 Billion [US $2.26 billion] up 30 Percent From Year Ago
Taiwan's Foxconn, the world's largest contract electronics maker and a key Apple Inc supplier, on Friday reported 30 percent growth in fourth quarter net profit from a year ago, defying expectations for a decline...
Net profit in the final three months of 2016 ended four quarters of year-on-year declines to reach T$68.77 billion ($2.26 billion), up from T$52.93 billion in the fourth quarter of 2015, according to a Reuters calculation based on Foxconn's full year 2016 results.
It was...double the T$34.64 billion recorded in the third quarter of 2016.


Anonymous said...

I believe that the sky is the limit on this one. It isn't Walker's money and he is looking onward and upward to the next election for whatever office. If he can get some good press, a good campaign sound bite and some sweet, sweet campaign kick-back from FoxConn, it's a go.

Golden Eagles said...

They really just want our water. Are we going to give them that for free?

Anonymous said...

GE -- we aren't going to give our water away for free. WE ARE GOING TO PAY BILLIONS OF DOLLARS FOR THEM TO TAKE IT FROM US!

This will make Scott Walker, via his campaign money laundering circle of funding groups, rich beyond avarice and will fund his reelection in 2018 and another bid for the White House in the future.

Anonymous said...

Where were all the whiners when UW doled out $24 million dollars for 200 professors? That's about $115,00 each and every year? Progressives, just got to have something to complain about, and you wonder why you keep losing. Please continue on doing what you're doing, it's been working out so well for you since 2011.

Jake formerly of the LP said...

Is Anon at 1:09 being satirical, or is he/she/it truly that weak-minded? You be the judge.

You're also leaving out the numerous giveaways of land, property taxes and infrastructure that will happen as well. If we ever determine a site, that is.

What a pathetic, desperate scam.

Anonymous said...

$24 million to keep tenured professors who bring the grants that run research programs, that drive the main economic engine of Wisconsin vs $3 billion in tax breaks, land and well, cash. That doesn't really seem like a comparison that makes any sense at all. Investing in the University has a documented payback of $15 billion per year. FoX Conn is estimated to generate a negative 300 million for the first 10 years as well as Great Lakes water which they probably won't be paying for.