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"Earlier this month, Foxconn, a major supplier to Apple, reiterated its intention to create 13,000 jobs in Wisconsin, but said it had slowed its pace of hiring. The company initially said it expected to employ about 5,200 people by the end of 2020; a company source said that figure now looks likely to be closer to 1,000 workers."

 

"Heavily criticized in some quarters, the Foxconn project was championed by former Wisconsin Governor Scott Walker, a Republican who helped secure around $4 billion in tax breaks and other incentives before leaving office. Critics of the deal, including a number of Democrats, called it a corporate giveaway that would never result in the promised manufacturing jobs and posed serious environmental risks."

 

 

 

 

 

 

 

JOBS JOBS JOBBED!

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8 minutes ago, StPaulHusker said:

"Earlier this month, Foxconn, a major supplier to Apple, reiterated its intention to create 13,000 jobs in Wisconsin, but said it had slowed its pace of hiring. The company initially said it expected to employ about 5,200 people by the end of 2020; a company source said that figure now looks likely to be closer to 1,000 workers."

 

"Heavily criticized in some quarters, the Foxconn project was championed by former Wisconsin Governor Scott Walker, a Republican who helped secure around $4 billion in tax breaks and other incentives before leaving office. Critics of the deal, including a number of Democrats, called it a corporate giveaway that would never result in the promised manufacturing jobs and posed serious environmental risks."

 

 

 

 

 

 

 

JOBS JOBS JOBBED!

To be fair, we are continuing to see a strong number on the jobs front. January once again beat expectations.

 

https://www.ft.com/content/a172c47e-248f-11e9-8ce6-5db4543da632

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1 minute ago, HuskerNBigD said:

To be fair, we are continuing to see a strong number on the jobs front. January once again beat expectations.

 

https://www.ft.com/content/a172c47e-248f-11e9-8ce6-5db4543da632

But how dumb was it to give Foxconn a $4 billion tax break? The company predictably didn't meet the promises it had made when securing the tax break.

 

A lesson for Virginia and New York on the Amazon 2nd HQ? (I mean, there's no such thing as a 2nd HQ, let alone two separate 2nd HQ's, so they should already be pretty suspicious of Amazon's claims.)

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2 minutes ago, RedDenver said:

But how dumb was it to give Foxconn a $4 billion tax break? The company predictably didn't meet the promises it had made when securing the tax break.

 

A lesson for Virginia and New York on the Amazon 2nd HQ? (I mean, there's no such thing as a 2nd HQ, let alone two separate 2nd HQ's, so they should already be pretty suspicious of Amazon's claims.)

To your first point, I 100% agree. It is risky to bank on promises from corporations for a multitude of reasons including: a) they're not super trustworthy and b) the market changes quickly and the infrastructure build out takes some time. We've seen Apple pull back on estimates given slowdown in iPhone sales - probably because people aren't super excited about shelling out $1000 for a phone - which funnels all the way down the supply chain. There are a couple names that we closely follow that are semi-conductors that have been absolutely crushed this year. It is part of the cycle.

 

And yes, Amazons claims seem to be a bit nefarious. There were a lot of back door real estate deals going on in Long Island. Some people made serious bank and the corporation will flourish on the back of tax breaks while locals will be priced out of housing.

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25 minutes ago, RedDenver said:

But how dumb was it to give Foxconn a $4 billion tax break? The company predictably didn't meet the promises it had made when securing the tax break.

 

A lesson for Virginia and New York on the Amazon 2nd HQ? (I mean, there's no such thing as a 2nd HQ, let alone two separate 2nd HQ's, so they should already be pretty suspicious of Amazon's claims.)

 

I have a real problem with how it seems the $4 billion tax break was implemented.

 

I have received grants or tax breaks for increasing employment locally.  It has always been a one time grant or tax break if I meet certain employment levels.  The ONLY way I got those benefits is if I accomplish the employment goal and maintain it for a certain period of time.  The one I remember using was a program the state of Nebraska put out to help increase manufacturing in small town Nebraska.  I think that's a good thing.  In turn, more people here are earning more money and adding to the tax base.

 

Now.....if this $4 billion was given to Foxconn without those stipulations.....that's just plain stupidity on the state and local administrations.

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34 minutes ago, BigRedBuster said:

 

I have a real problem with how it seems the $4 billion tax break was implemented.

 

I have received grants or tax breaks for increasing employment locally.  It has always been a one time grant or tax break if I meet certain employment levels.  The ONLY way I got those benefits is if I accomplish the employment goal and maintain it for a certain period of time.  The one I remember using was a program the state of Nebraska put out to help increase manufacturing in small town Nebraska.  I think that's a good thing.  In turn, more people here are earning more money and adding to the tax base.

 

Now.....if this $4 billion was given to Foxconn without those stipulations.....that's just plain stupidity on the state and local administrations.

 

Whoa...slow your roll there, hoss. Let's make sure it's clear the blame is squarely on the Koch-friendly stooge Scott Walker and the Republican majority in their legislature, and not the current administration that is trying to unwind all of the damage Walker and his ilk did. From the article:

 

Quote

Heavily criticized in some quarters, the Foxconn project was championed by former Wisconsin Governor Scott Walker, a Republican who helped secure around $4 billion in tax breaks and other incentives before leaving office. Critics of the deal, including a number of Democrats, called it a corporate giveaway that would never result in the promised manufacturing jobs and posed serious environmental risks.

 

Walker has a long history of these actions, including removing environmental policies and helping nullify labor unions that prevented Koch Industries from expanding operations in Wisconsin. There were also a number of government contracts given to Koch Industries with zero scrutiny or oversight during his administration too. 

 

And the restrictions that Walker and the GOP vermin in Wisconsin placed on the Governor before he left were selected to help insure it would be nigh-impossible to undo most of the underhanded s**t Walker did during his tenure. 

 

So let's make it absolutely clear that this isn't on the current administration in Wisconsin--they were handed this mess by Walker, and then had their hands tied by the GOP to try and undo the mess. 

 

 

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30 minutes ago, VectorVictor said:

Whoa...slow your roll there, hoss. Let's make sure it's clear the blame is squarely on the Koch-friendly stooge Scott Walker and the Republican majority in their legislature, and not the current administration that is trying to unwind all of the damage Walker and his ilk did. From the article:

 

I fail to see where I specifically named which administration specifically was involved.  

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24 minutes ago, BigRedBuster said:

 

I fail to see where I specifically named which administration specifically was involved.  

 

I highlighted in bold.

 

I (now) understand it was not your attention to pin this on the current administration, but it came off as otherwise before. 

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On 1/30/2019 at 8:28 AM, StPaulHusker said:

"Earlier this month, Foxconn, a major supplier to Apple, reiterated its intention to create 13,000 jobs in Wisconsin, but said it had slowed its pace of hiring. The company initially said it expected to employ about 5,200 people by the end of 2020; a company source said that figure now looks likely to be closer to 1,000 workers."

 

"Heavily criticized in some quarters, the Foxconn project was championed by former Wisconsin Governor Scott Walker, a Republican who helped secure around $4 billion in tax breaks and other incentives before leaving office. Critics of the deal, including a number of Democrats, called it a corporate giveaway that would never result in the promised manufacturing jobs and posed serious environmental risks."

 

 

 

 

 

 

 

JOBS JOBS JOBBED!

https://www.ft.com/content/8efd3db4-2661-11e9-b329-c7e6ceb5ffdf

 

And now they say the deal is back on? Clearly they haven't made up their mind. Would be curious to dig around and see how much they received up front.

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13 hours ago, Clifford Franklin said:

Why in the world does anyone associate voting GOP with voting with your pocketbook? These people are comic book villains and crooks.

 

 

From the article.   This basically is modern day slavery via financing that traps the poor.  Anyone allowing this to go on does not deserve to sit in Congress.  See the bold:

 

 

Quote

 

Congressional Republicans have been willing to back a lot of extremely unpopular causes for the sake of freeing their party’s corporate donors from the tyranny of Obama-era regulations. In 2017, GOP lawmakers went on the record in support of expanding coal companies’ right to dump mining waste in streams, preserving retirement advisers’ right to gamble with their clients’ money, allowing internet service providers to track and sell consumers’ data without seeking their permission, banning states from setting up retirement savings plans for private-sector workers (a betrayal of Federalism that serves no purpose beyond eliminating one of Wall Street’s potential competitors), and ending discrimination against serial labor-law violators in the bidding process for government contracts.

But even Mitch McConnell’s caucus has its ethical red lines — and helping predatory lenders trap the working poor into vicious cycles of compounding debt proved to be one. After all, even Republican governors had seen fit to crack down on usurious payday lenders in recent years.

Thus, instead of repealing the Obama administration’s reforms to payday lending through a highly visible congressional vote, the GOP has opted to kill them quietly through regulatory fiat. On Wednesday, the increasingly misnamed Consumer Financial Protection Bureau announced that it plans to rescind a rule that would have required payday lenders to establish borrowers’ capacity to repay their loans within 45 days or less before extending them credit.

The rule (which has yet to take effect) was designed to prevent lenders from seducing borrowers into loans they cannot afford — a practice that can be quite profitable for the former. While the initial interest rate on a payday loan is typically in the neighborhood of 15 percent, if such a loan isn’t paid on time — and/or is rolled into a second loan — interest rates can get very usurious, very fast. During the Obama administration, CFPB researchers found that most payday loans (possibly as high as 80 percent of them) are rolled over into a second loan within two weeks, and that the annual percentage interest rate on payday loans frequently exceeds 390 percent.

 

 

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