1/16/2018
A newly released memo projects the public cost for a planned Foxconn manufacturing project near Racine could near $4.5 billion -- nearly 50 percent more than the $3 billion cost initially cited by the project's chief proponent at the state Capitol, Gov. Scott Walker.
The figures were compiled by the nonpartisan Legislative Fiscal Bureau in a memo requested -- and released Tuesday -- by Assembly Democratic Leader Gordon Hintz. The individual cost figures are not new but had not previously been compiled in a single document.
1/16/2018
A newly released memo projects the public cost for a planned Foxconn manufacturing project near Racine could near $4.5 billion -- nearly 50 percent more than the $3 billion cost initially cited by the project's chief proponent at the state Capitol, Gov. Scott Walker.
The figures were compiled by the nonpartisan Legislative Fiscal Bureau in a memo requested -- and released Tuesday -- by Assembly Democratic Leader Gordon Hintz. The individual cost figures are not new but had not previously been compiled in a single document.
10/18/17 Now what's the swindle?
WEDC delays vote on Foxconn contract after discovering problem
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8/8/17
It would take 25 years for state taxpayers to see a return ... LFB
Hold him accountable ...
"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
February 8, 2011 ByItemizing 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.
TUESDAY, MAY 1, 2018 Foxconn won't add 13,000 jobs, and showcases a backwards, failing Walker strategy
JAKE'S WISCONSIN FUNHOUSE
What kind of company is going to locate in a state with a declining quality of life where the talent leaves, population growth is low, and no revenues available to invest in public goods like infrastructure and education? Medicore, regressive ones who don’t want to improve.(aka, the WMC Crowd).
Can someone explain to me why Wisconsin government and corporations shouldn’t be raising their game and competing for the best employees and people to want to come here? Instead, the Fitzwalkerstanis cater their whole economic development strategy to the worst businessMEN that are looking to coast on their current position, a bunch of rent-seekers whose only goal is to hoard more in a zero-sum game.
It’s time to get people in power in this state who want us to excel, and want people other than campaign contributors to be the ones who get the benefits of growth in Wisconsin. And the only way it happens is if we sweep lifetime grifter Scott Walker and the rest of the GOP out office this November.
$9.20/hr - Costs to #Taxpayers keep Climbing #FOXCONN $300M a year giveaway vs $137M Ex-Gov #Walker #deficit in 2011 - You wonder why the #47% need #wiVote #WiUnion ! WI 1848 Forward
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