Corp. Welfare On A Cadillac Scale!
The state of Michigan has given $3 billion in special tax credits and cash to the big three automakers: Ford, Chrysler (a foreign company) and GM.
And who gave the money to them? Well, the politicians who say they HATE corporate welfare, Governor Granholm and friends,
Democrat Governor Granholm's (who despises corporate welfare, by the way) $3 billion dollar gift to the big three made our state among the biggest corporate welfare providers in the country, according to a recent study by a a government accountability advocacy group called "Good Jobs First."
How much did each receive? Chrysler ($1.30 billion), General Motors ($1.07 billion) and Ford ($909 million) were awarded the corporate welfare in 2009 and 2010 under the Michigan Economic Growth Authority program. Although, at least the deals required the firms to “create or retain” a specified number of jobs in order to actually collect the benefits.
How did we rate? Michigan has been the fourth-most-generous state in handing out business subsidies, according to a report by Good Jobs First. Only the states of New York, Washington (home of Boeing) and Louisiana (home of large energy producers) offered more.
Michigan had a total of 15,205 deals authorizing $10.4 billion in combined tax breaks and cash subsidies according to the analysis.
You have to ask yourself, "How do the Democrats rail against Corporate Welfare but then give out so much?"
Because it works!
Your thoughts? Call me today on my show the Live with Renk show from 9 to noon Monday through Friday at 269-441-9595.