Foxconn mostly abandons $10 billion Wisconsin project touted by Trump
Source: CNBC
PUBLISHED WED, APR 21 20215:46 AM EDT
Taiwan electronics manufacturer Foxconn is drastically scaling back a planned $10 billion factory in Wisconsin, confirming its retreat from a project that former U.S. President Donald Trump once called the eighth wonder of the world.
Under a deal with the state of Wisconsin announced on Tuesday, Foxconn will reduce its planned investment to $672 million from $10 billion and cut the number of new jobs to 1,454 from 13,000.
The Foxconn-Wisconsin deal was first announced to great fanfare at the White House in July 2017, with Trump boasting of it as an example of how his America First agenda could revive U.S. tech manufacturing.
Read more: https://www.cnbc.com/2021/04/21/foxconn-mostly-abandons-10-billion-wisconsin-project-touted-by-trump.html
magicarpet
(14,330 posts)modrepub
(3,513 posts)If you've chosen to be a politician, by default you're a lousy business person. Folks who believe politicians and their business "models" will soon be parted from their tax dollars.
Now maybe business tax incentives work, but only if they apply evenly to all businesses (including Tony the hot dog cart vender) and they are capped so the big players don't get all the benefit.
iluvtennis
(19,942 posts)Canoe52
(2,951 posts)Jay25
(417 posts)Wild blueberry
(6,705 posts)Foxconn (emphasis on CON) was Scott Walker's self-professed Shining Accomplishment. False, hollow, rotten.
riversedge
(70,668 posts)usaf-vet
(6,283 posts)..... to the massive project PUSH by then-Governor Scott Walker.
Many taxpayers protested this project. The protester's complaints were ignored.
What is the COST today to Wisconsin taxpayers and future taxpayers?
IT WAS A LIE AND A SCAM FROM DAY ONE!
Firestorm49
(4,045 posts)Foxconn has provided, supposedly, a few hundred jobs. Ooh! Wow!
This has been another boondoggle promoted by short sighted Republicans, namely, Skippy Walker and his cronies. Foxconn has a history of reneging on their obligations all across the country. As Vizzini once said in The Princess Bride, Never trust an Asian in a land war.
Wisconsin, the property owners in the area who were forced out by eminent domain, as well as all Wisconsin taxpayers, have been royally screwed by 1 Republicans (again) and 2 Foxconn.
Gov. Evers is trying to forge a deal. Well see how it works out, but dont bet on very much.
edhopper
(33,751 posts)that his devoted cult will ignore.
KG
(28,754 posts)Ford_Prefect
(7,963 posts)We saw Dell do the same thing in NC. Big up front promises to get tax and other benefits for investment, and then flee or reduce the deal once they had reaped them.
Javaman
(62,561 posts)none of this surprises me. the entire thing was nothing but pure unadulterated bullshit since the start.
the amusing part is: foxconjob still claims it will still hire 1454 people.
I don't think that will happen. I think in the end, they will pack what ever bags they have here, pull up stakes and tell Wisconsin to take a hike.
this was nothing more than a gigantic grift.
and now that the orange asshole is out, foxconjob did a cost benefit analysis on their ability to continue to spread their bullshit. They found that it was no longer an option.
so give time, this saga is not yet finished.
there is still more bullshit from foxconnjob yet to come.
LuckyLib
(6,824 posts)waltzing together for the RW press and nut job followers. Disgusting waste of money, land, and human effort.
SWBTATTReg
(22,360 posts)that the state of WI has a claw back feature on any benefits already paid out.
IllinoisBirdWatcher
(2,315 posts)How much did Wisconsin taxpayers spend on infrastructure for this "wonder" of tRump's world?
Another typical con.
Firestorm49
(4,045 posts)which they could not seem to come up with earlier for actually needed road improvements, and fork it over to another con job named Foxconn. What a joke. Actually, its not a joke. Its infuriating..
IllinoisBirdWatcher
(2,315 posts)will now never work at the "Fox Con." Miles of empty roads built to hold massive transport trucks going nowhere through the farm fields east of I-94.
Infuriating is the correct word.
monkeyman1
(5,109 posts)Initech
(100,207 posts)I'll show myself out!
Praek3
(149 posts)Seriously can anyone list two things either of these two pos have done, that were successful and of benefit to society writ large?
Xolodno
(6,428 posts)I forget the movie, but it stars Johnny Depp as a reporter in Puerto Rico. A developer enlists his help for favorable news treatment...but he eventually relents and fails.
But in one scene one of the developers say; yeah we only want one luxury resort tower, but were going to propose two. They'll push back and we will fight a little and then relent. So it looks like they won, but in reality, we got what we wanted.
JustABozoOnThisBus
(23,427 posts)With the name "TRUMP" emblazoned over the door, it should bring billions to Wisconsin.