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"It’s not yet clear how much money the feds or state and local governments will give Stellantis to rebuild and expand Belvidere, but it’s likely to be larger than the $536 million deal for Gotion Hi-Tech’s battery-assembly plant in Manteno."
Summary and audio linked here.
Chicago’s political leadership is floating a pension buyout program as evidence it is seriously addressing the city’s thirty-six-billion-dollar unfunded pension liability, but Mark Glennon, founder of the Illinois policy research organization Wirepoints, said that the proposal moves debt from one column to another rather than reducing it, and that the broader fiscal picture facing the city continues to deteriorate across every measurable dimension. Audio here.
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.
Full interview and summary linked here.
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He thinks Belvidere is a town in Mexico!!!
Just the other day I read here that Stellantus, a foreign company, was offered a deal it could not walk away from to reopen Belvedere. This will provide another headline for Pritzker to tout himself as a job creator while in reality its just taxpayers money being taken from one pocket to be put in another while Stellantus and other connected individuals line their pockets. The Belvedere plant no doubt closed because of the Illinois business climate and now the State has to bribe its way to reopen the plant and provide headlines for its king, J B Pritzker.
As long as it’s IL taxpayer money subsidizing the operation, anything’s possible, even businesses setting up shop in IL.
As even with all the tax subsidies EV sales crash because nobody can afford them. Belvidere is all about maken Illinois look good for dem the convention base on the taxpayers dime….
Even if you have to get a car loan, you should buy a Tesla so Musk can become a trillionaire.
Don’t worry about how many years it’ll take to recoup the capital cost. Think of how much gas money you’ll save! Also, I like the people who become born-again environmentalists after buying an EV.
I liked this WSJ article. Its saying if Reps win in ’24’ all the EV subsidies are dead. If Biden wins you will likely see even more fed $billions$ for EVs, solar, wind thru expanded IRA because astoundingly even with all the green deal/ IRA $billions$ spent the EV companies are still loosing fortunes. Same for wind & solar. So,I believe the reopening of Stellantis plant as EV plant in Belvidere is contractually dependent on the fed/IRA subsidies remaining in place after 24. I’m sure the same for Gotion EV plant. But with anything fed funds, once funding is started… Read more »
Very concerned about the lack of transparency at all levels of our government. Given the actors involved – Biden, Pritzker, Democrats, UAW – there very likely is illegal activity involved using taxpayer monies, specifically in the form of ‘kickbacks’.
You aren’t seriously suggesting Biden would be involved in some illegality, are you?
Solyndra 2.0
Just stop with the tax credits and subsidies, let capitalism and competition go to work
If that happened, no private-industry companies would set up shop in IL.
Stellantis has to build a much better and competitive product than they have been in Belvidere. The subsidies will not make sense unless this happens.