Doug Mills/The New York Times
❝ Wisconsin is about to shell out as much as $3 billion for the privilege of luring Foxconn Technology Group. At $519 per citizen, it would have been cheaper to buy an iPhone for every man, woman and child in the midwestern state.
Let’s be clear: The big winner isn’t the taxpayer. It’s Foxconn and its billionaire chairman Terry Gou. As I predicted several times, Foxconn would only come to the U.S. if and when his demands were met.
❝ Meet them is exactly what Wisconsin did, with an offering of tax credits, training grants and infrastructure improvements. In return, Foxconn said it will invest $10 billion and create 3,000 jobs.
Let’s take a look at those figures: Wisconsin is paying as much as $1 million per job, which will carry an average salary of $54,000. The state’s economic development corporation is selling the project to taxpayers with a claim that it will create 10,000 construction jobs for building the facility and another 6,000 indirect positions. It’s expecting $3.3 million of investment per employee from the Taiwanese company.
❝ Politicians, lobbyists and Foxconn can make the figures work by being generous with the facts. For example, if every one of those jobs came to fruition, they can claim 29,000 positions for $3 billion, or $103,000 per job. But that’s not going to happen.
Foxconn has factories in China and another dozen countries globally, yet that stated $10 billion investment is more than the group’s publicly traded flagship — Hon Hai Precision Industry Co. — has devoted to capital expenditure over the past five years combined.
RTFA for more details about the lies that will justify this transaction. The process of saving/creating jobs by taxpayers forking over dollar$ up front ain’t new. Especially in a state with a Republican governor. Scott Walker tells lies with the best of ’em – and Trump is better at it than he is.
Terry Gou is laughing all the way to the bank.