This is a most excellent place for technology news and articles.
I remember arguing with a co-worker about how this deal was pure crap, and even if Foxconn delivered all the jobs they said they would, it would take 40 years to recoup the cost of the tax breaks. Scott Walker screwed over that area of the state HARD, people had land ceased/forced out, huge costly changes to the infrastructure in that area where the factory was supposed to be.
Surprise surprise, the shitty deal turned out to be a shitty deal.
Seized
"Seizing the means of production is a-okay if you're an oligarch seizing the proles or poorer capitalists assets"
— Supply side Jesus
How much do you think the taxpayers are on the hook for from the deal? Just curious what you think.
Why does it matter what he thinks? We have actual figures:
https://urbanmilwaukee.com/2023/07/06/murphys-law-foxconn-deal-is-still-costing-taxpayers/
"That brought the total costs for taxpayers and ratepayers to build the manufacturing campus to $683 million... with more costs likely to come.
"The debt taken on by the Mount Pleasant village government amounts to 500% of its operating revenue
"Foxconn hired hundreds of workers toward the end of 2019, claiming them on its report to the state for the 2019 year, and then quickly laying the employees off early in 2020.
"Microsoft plans to pay $50 million... to Foxconn, to reimburse it for money it spent to buy land. Meanwhile, local taxpayers will be on the hook to Microsoft, which will be eligible for up to $5 million per year based on improvements it makes to the land — this on a campus for which state and local taxpayers already spent hundreds of millions for road connections and sewer, water and electric infrastructure."
At least they aligned with the "con" part of their name 🤪
Thought you meant "conservatives" there.
Wooing Foxconn to set up shop in the US was always a head-scratcher. These are the kinds of jobs Americans were jealous Asians had, and wanted to reshore? Low-margin contract manufacturing? Really?
This is the best summary I could come up with:
When Foxconn announced its plans to open facilities in Wisconsin back in 2017, it promised to invest $10 billion into bringing production to the US that was expected to lead to as many as 13,000 jobs.
Now, the Taiwanese supplier to tech giants like Apple is selling two properties in Eau Claire and Green Bay, purchased for almost $12 million in 2018.
Meanwhile, the portion Foxconn owns in a mixed-use property in Eau Claire has reportedly remained empty for years.
In 2021, however, Foxconn massively altered the scale of the project and told the local government that it would be investing $672 million instead of $10 billion like it intended.
Foxconn didn't comment on its Eau Claire property, but it told WPR that it "will add to the vibrancy of the city's downtown."
Green Bay Mayor Eric Genrich posted on X that he hopes a sale "will lead to better utilization of a fantastic waterfront building."
The original article contains 329 words, the summary contains 156 words. Saved 53%. I'm a bot and I'm open source!
The latest deal between Foxconn and Wisconsin reduces the planned subsidies for the project, which ultimately could have cost taxpayers over $4 billion. Foxconn is now eligible for $80 million in tax credits, down from $2.85 billion. Governor Tony Evers said those credits are in line with those for which any company is eligible. They're performance-based and will depend on whether Foxconn hits capital investment and employment targets.
Emphasis above is all mine. This is non-news. They talked about what could have been but the subsidy was based on actual invements being made and people being hired.
Foxconn created ~1500 jobs (e.g. ~11% of what they targeted) and only got ~2.8% of the subsidy. Didn't Michigan win?
Didn’t Michigan win?
"total costs for taxpayers and ratepayers to build the manufacturing campus to $683 million… with more costs likely to come."
That doesn't sound like winning. The state spent a fortune up front on surrounding infrastructure that was needed before Foxconn could start operating, and they never started operating.
https://urbanmilwaukee.com/2023/07/06/murphys-law-foxconn-deal-is-still-costing-taxpayers/
"Foxconn hired hundreds of workers toward the end of 2019, claiming them on its report to the state for the 2019 year, and then quickly laying the employees off early in 2020."
Foxconn created jack shit.
