After Wisconsin's Foxconn debacle, states and companies rethink giant subsidies
Economic development officials in Wisconsin say they are more than ready to move on to other matters now that they have renegotiated a massive subsidy deal with Taiwanese electronics manufacturer Foxconn that was widely considered to be one of the biggest economic development debacles in history.
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Hailed as "the eighth wonder of the world" by then-President Donald Trump, who traveled to Wisconsin for the 2018 groundbreaking, the Foxconn facility was supposed to be a mecca for advanced manufacturing on a sprawling site about 30 miles south of Milwaukee. The company promised to invest more than $10 billion building giant video displays, creating some 13,000 high-tech manufacturing jobs.
The state, under former Gov. Scott Walker and at the urging of the Trump administration, agreed to pay up to $2.85 billion in incentives, plus hundreds of millions more to buy the land and build the infrastructure to support the project. It is believed to be the largest such package ever offered by a state to a foreign company.
But almost immediately there were problems, which Foxconn has called "unanticipated market fluctuations." The plan to build giant video displays quickly proved unworkable, so the company considered making screens for smartphones instead.
https://www.msn.com/en-us/money/news/after-wisconsins-foxconn-debacle-states-and-companies-rethink-giant-subsidies/ar-AALAaho
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