1y ago

Foxconn's promise to invest $10 billion in Wisconsin is now a distant memory | It's now selling two mostly empty buildings in the state.

www.engadget.com Foxconn's promise to invest $10 billion in Wisconsin is now a distant memory | Engadget

Foxconn is selling two buildings in Wisconsin, which have remained mostly empty since they were originally purchased for its plans to bring production to the US..

Foxconn's promise to invest $10 billion in Wisconsin is now a distant memory | It's now selling two mostly empty buildings in the state.::Foxconn is selling two buildings in Wisconsin, which have remained mostly empty since they were originally purchased for its plans to bring production to the US..

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1y ago

Foxconn's Promise to Invest $10B in Wisconsin Is Now a Distant Memory

www.engadget.com /foxconns-promise-to-invest-10-billion-in-wisconsin-is-now-a-distant-memory-090555405.html

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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."
  
  Woah... this is some valuable E C O N O M I C D E V E L O P M E N T

24 comments