Friday, August 29, 2008

$577 million of taxpayer money to Volkswagen

The "study" created by the State economic development hacks at UT indicates, of course, it will be a greaaaaat deal. We expect no less from Bill Fox and friends. No dissenting opinions were allowed.

What will this "study" not tell us? It will NOT tell us how many MORE tens of thousands of jobs would be created by giving ALL businesses in Tennessee an across the board tax cut of $577 million. The same Tennessee businesses that work everyday without Matt Kisber and Phil Bredesen and Bob Corker swooning over them like they swoon over Volkswagen.

Why do Phil Bredesen and company give this money to Volkswagen (more than twice what other states gave away in previous "recruitments") and NOT to all Tennessee business? Because they wouldn't get the chance to crow like a rooster and strut like a peacock at the ribbon cutting and say how proud they are that THEY created these jobs. Polticians DO NOT create jobs, they create photo-ops. And, they buy political capital and political influence with OUR taxpayer dollars. If you or I did it, it would be called bribery. When the polticians do it, they call it "wonderful." What a crock!!

Link

State and local governments are offering about $577.4 million in assistance and tax breaks for Volkswagen Group of America over the next 30 years to build its $1 billion auto assembly plant in Chattanooga, officials said today.

But a new study released today concludes that the benefits from the VW plant and the supply businesses it will draw to the region easily exceed the record high incentives for Tennessee by generating over $11.8 billion in personal income growth over that period.

Also, the study by the University of Tennessee’s Center for Business and Economic Research estimated new total tax revenue of nearly $1.4 billion.