Posted on 07/21/2010 1:29:10 PM PDT by MichCapCon
Yesterday, President Barack Obama and Gov. Jennifer Granholm came to Holland bearing gifts: cash subsidies for an electric car battery plant owned by the Korean firm LG Chem. The federal contribution is $151 million in "stimulus" money, and Michigan taxpayers are kicking in another $100 million in cash (plus more later). Of course the real gift-givers are taxpayers, who are all but buying the plant for the company, given that its construction is expected to cost between $244 million and $303 million.
Both President Obama and Gov. Granholm boasted at the event that the plant is a sign of "economic recovery." Yet each of the approximately 400 jobs the operation is expected to generate will cost taxpayers $625,000. At this rate, it would cost $5 trillion to provide employment to the approximately 8 million Americans who have lost their jobs in the current downturn. That amount represents almost one-third of the nation's annual gross domestic product...
(Excerpt) Read more at michigancapitolconfidential.com ...
MI ping
bump
It would be cheaper to pay those 400 people $50,000 per year to do nothing for 12 Years.
Remember when companies would be proud to put together a business plan, and then shop for financing? When a company would produce a product, instead of an idea, and when the core of a business plan was to make a profit, instead of garnering as many subsidies as possible..
I may dislike paying for my neighbor’s house, but paying for a company in another state with no guarantees that they’ll ever produce anything, much less a profit, really cheeses me off.
It would be interesting to see the workforce demographics. In any case a Boondoggle.
I may dislike paying for my neighbor’s house, but paying for a company in another state with no guarantees that they’ll ever produce anything, much less a profit, really cheeses me off.
I think you forgot to add paying a Korean firm to piss away American dollars. I guess since its MI it makes sense. MI has clearly become Darwins waiting room from an economic point of view.
Another corporation successfully attached to the teat of government.
This administration is spending our money like mad. And we still don’t have jobs. I have a sneaking suspicion that jobs are going to everyone who is non White/Christian/Jewish.
If they continue to collect unemployment benefits (welfare for NOT working) and the RATS continue to extend the benefits and continue to raise the eligible amount, that may very well happen.
/s
(The state subsidy alone amounts to $250,000 per job. At this rate, buying back all of the nearly 600,000 jobs lost here since 2003 would cost Michigan taxpayers $150 billion, or almost half the state's total output for a year.)
Come on, Obama is creating jobs. Even if it cost taxpayers 1 Million $ per job it is still worth it. You know why? Because Obama will always blame the resulting higher taxes and deficits on Bush. Obama created the jobs, Bush gets the blame. Simple Huh?
Obama is an idiot.
Then 0 couldn’t count them as “jobs”
Excellent summation.
A GREAT DEAL !!
The catchphrase, or catch-acronym, of the dot-com bubble was IP (Intellectual Property.)
Heaven forfend if you should create a company around a product or service. A business that would require renting office and/or manufacturing space. A business that would require you to ... oh please don't say it ... hire people.
No. It was much better to build a company around an idea that you and your frat buddies could license to poor suckers that would actually try and turn it into a product or service.
Of course much of the IP generated during the dot-com bubble was worth less than the documents it was printed on.
Even lousy products eventually end up selling for something on eBay.
Unless its printed on absorbent two-ply paper lousy IP isn't worth a damn.
“but paying for a company in another state with no guarantees that they’ll ever produce anything, much less a profit, really cheeses me off.”
Let me tell you, kingu, Gov. Granholm is one of the most vile, despicable whores to ever walk American soil.
She stole billions from productive communities in Michigan and gave the cash to fat useless pigs in Detroit and Lansing. Meanwhile, State Attorney General Cox sat on his fat RINO ass and did nothing to indict her for theft, and he’s running for governor and some number of stupid Michiganders are backing him.
Let’s continue: This Bezerkley whore wrote a doctoral thesis titled: Why I Love French Communists.
Since she’s become governor, 600,000 productive citizens have fled the former great state of Michigan. It is now infested with every manner of vile welfare bums. That includes so-called businesses who are grasping for the government teat.
Did I mention that Michigan’s chief export is young people - the future.
There’s a lot wrong with Michigan that could be fixed with carpet-bombing Detroit and Lansing.
That commie bitch Granholm will escape Michigan with millions in payoffs and graft, and the liberal stupid morons infesting the state won’t do squat to prevent it.
PS: What happened to Michigan is currently taking place across the United States, compliments of the racist fascist pig obuma and his thieving Chicago mob.
Shocking.
I heard Joe Plumber was some guy with major political influence. Whatever Joe Plumber says is good for FREE REPUBLIC. You know why that is? That’s because its Joe Plummwe on FreeRepublic.
Joe Plummer knows this crap.
I heard that taxes are only up for those making excess of $500,000.
how many tines were we told ‘bout the Bush rich tax ceap?
Those people who’s taxes are going up from 10% to %15 are Bush rich.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.