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Tuesday, August 8, 2017

FOXCONN $300M a year giveaway vs $137M Walker deficit in 2011



"I did some research looking at their (Foxconn) California plant. Their assemblers are making $9.20 an hour," Representative Chris Sinicki notes at the public hearing on the Foxconn incentives bill. "Is it possible, Mr. Secretary, then, if they already said that they'd be starting at $20 an hour, can we get that in writing in a bill?" 


State would recoup Foxconn investment in 25 years, estimate shows ... Molly Beck

It would take 25 years for state taxpayers to see a return on the billions Gov. Scott Walker wants to invest in a project that would bring Taiwanese electronics giant Foxconn to Wisconsin, new state estimates show. 
Walker has proposed to give Foxconn nearly $3 billion in refundable tax credits as part of an incentive package state lawmakers are considering to convince the company to build its first U.S. plant in the southeastern part of the state -- a campus that is projected to employ 13,000 and create a supply chain that could employ more than 30,000 statewide.
A new analysis released Tuesday by the nonpartisan Legislative Fiscal Bureau shows taxpayers would pay about $1 billion more than the state received in revenues during the first 15 years of the project, and that the state will start to recoup those payments starting in 2043 -- or a quarter of a century after the project starts. 
That estimated break-even date assumes the workforce produced by Foxconn is 13,000 employees entirely composed of Wisconsin residents. The more out-of-state workers that commute to the plant, the farther away the break-even date will be, according to the analysis.

Foxconn deal goes from bad to bizarre Even the right-wing group Americans For Prosperity thinks proposed deal is stupid - DAVE CIESLEWICZ AUGUST 8, 2017

Let’s review. Even under Foxconn’s own analysis, depending on how many of the estimated 3,000 to 13,000 are actually created, Wisconsin taxpayers would subsidize each job to the tune of $230,000 to almost $1 million. And these jobs would pay about 31 percent of what it would take a family of four to live a normal middle-class lifestyle. (A family of four needs to earn $131,000 to maintain the equivalent of a 1970’s middle-class lifestyle.) It turns out that hourly workers would only make about $41,600 a year, not the $53,000 in initial reports. Apparently, that higher average amount includes all salaries, even high-paid managers. To add injury to insult, the deal would allow the company to move streams, fill wetlands and pollute water without so much as telling us what they might destroy through an environmental impact statement.

Agency estimates: Foxconn tax credits would max out at $312.4 million per year from 2023 to 2026

Those projections are based on the assumption that the company will create 13,000 jobs with an average salary of $53,875 by 2021. 
According to an analysis by the state Department of Transportation, the state would pay $408.3 million in interest from 2019 to 2042 to repay the $252.4 million in borrowing included in the bill for construction on Interstate 94 north-south. That borrowing is contingent on receiving a federal match. 

Walker's idea of bringing economic development to Wisconsin .... $76M from out of state for the elections ?!

In February 2011, WRN reported ...

Wisconsin’s current deficit at $137M

Itemizing the shortfall in the current budget.
The deficit for the state of Wisconsin is $136.7 million for the current biennial budget, according to new figures from the State Budget Office. River Hills Republican Senator Alberta Darling co-chairs the Legislature’s budget committee. “We are looking at a real challenge and the governor has been very clear … we are not going to raise taxes, so this leaves making some really tough decisions based on some really difficult priorities.”

Governor Scott Walker released a breakdown of the numbers, which includes $58.7 million that’s owed to Minnesota for the terminated tax reciprocity agreement, a $153.2 million deficit in Medical Assistance Programs, and $21.7 million deficit in the Department of Corrections.

Today, WSJ, July 26th, 2012

More than $137 million spent in recalls, nearly $81M in Walker race


Candidates, special interest groups and political committees spent more than $137 million on the historic wave of 15 recalls over the last two years, the Wisconsin Democracy Campaign said Wednesday.
Of that amount, nearly $81 million targeted the failed attempt to recall Republican Gov. Scott Walker. It more than doubled the record-setting $37.4 million spent for a statewide office in the 2010 governor's race. And Walker more than tripled his previous spending record, doling out about $36 million leading up to his June 5 recall victory. ...
For all 15 of the recalls in 2011 and 2012, Republican candidates, groups and committees outspent their Democratic opponents $84.5 million to $52.6 million, according to WDC.
And outside special interest groups spent nearly $76 million in the 15 recalls, including $39.8 million by groups that supported the GOP and $36 million by those that backed Democrats.

WI 1848 Forward: #WI Budget $137M Unforeseen Irony: #Deficits vs #Elections 2011-2012 : #wiVote #WiUnion #47%

WI 1848 Forward: #FOXCONN $300M a year giveaway vs $137M #Walker #deficit in 2011

$9.20/hr  ... WI 1848 Forward: #FOXCONN $300M a year giveaway vs $137M #Walker #deficit in 2011


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