Adding the Amounts Spent for Foxconn (So Far) | FREE WHITEWATER
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Adding the Amounts Spent for Foxconn (So Far)

Wisconsin’s new deal with Foxconn will reduce the cost to state taxpayers, but local governments have already spent vast sums on a project that will not – by Foxconn’s own belated admission – come close to what was originally, and ludicrously, promised.

Bruce Murphy writes of The True Costs of New Foxconn Deal:

the true cost to taxpayers for this deal includes all the upfront costs already incurred under Walker’s plan, which are $681 million. That makes a total cost of $761 million for 1,454 jobs, or more than $523,000 per job.

That’s an astounding per-job cost. Until signing the Foxconn deal the most expensive deal Walker had done gave a subsidy of $54,545 per job to the German candy manufacturer Haribo, while the most expensive subsidy given by his predecessor, Democratic Gov. Jim Doyle, was $35,000 per job to Mercury Marine, as Urban Milwaukee reported.

….

But that’s only based on current spending on Foxconn. Mount Pleasant and Racine County have promised to spend another $552 million on the Foxconn project, which would greatly increase the cost per job. It’s a safe bet local officials will try to cut back the planned spending and/or renegotiate the deal, but unclear at this point how much lower the costs will be.

(Emphasis added.)

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