By: Mark Glennon*
Not just another day in Illinois. The election is coming up, so open your wallets to fund the pork. Here’s what we got today:
Cronus will build a fertilizer plant downstate employing 175, and 25 jobs will be created in Chicago. Cost: $52 million for just 200 permanent jobs!
Coyote Logistic will supposedly add 500 jobs in Chicago. Cost: $2.5 million to taxpayers.
Amazon: 1,000 jobs. Cost: Not known yet, but likely huge. According to the Tribune, “Without knowing where Amazon intends to build in Illinois, it is impossible to tally the millions the company would receive in state tax credits for the estimated $75 million investment here.” However, the cost will probably be in the tens of millions since Maryland offered an estimated $43 million in tax credits to Amazon in exchange for a $175 million distribution center in October 2013.
Please, let’s get the election over with.
*Mark Glennon is founder of WirePoints.
Expect no retraction or apology. This what they do.
The state’s existing buyout program for its own pensions is the precedent for Chicago, which should be a warning: Look out for similar exaggerated claims and shoddy analysis.
Chronus subsidy = construction union votes such as Heavy Equipment Operators (IUOE), Laborers (LiUNA), Electricians (IBEW), Roofers, Cement (OPCMIA), Plumbers & Pipefitters, Ironworkers, Truck Drivers (Teamsters), Painters, AFL-CIO Building Trades Councils, etc. The same unions pushed for Illinois Jobs Now bonds to fund construction work. $31B can buy you a lot of votes. The private sector unions have been hit much harder than the public sector unions since the 2007 – 2008 financial meltdown. And the private sector union pensions in general are not as lucrative as the public sector union pensions. The tax hikes required to fund the public… Read more »