The MEDC/MEGA/Granholm dog and pony show is on parade again with it's latest. 11,000 new jobs,$247 million in investments. Hurrah!
"We are making significant progress toward diversifying Michigan's economy despite a national recession," Granholm said. "The expansions announced today demonstrate that businesses across a wide spectrum of sectors are choosing Michigan over other states for new growth opportunities. These are the types of projects that will transform our economy and create good-paying jobs for our workers."
I still like the Mackinac Center description as the job announcement program rather than the job creation program.
When you look into the 15 projects announced,you find a wide range of subsidies.It would certainly be interesting to read the playbook on the formula MEGA uses to determine the tax credit amount.For instance.Farmers Group will return nearly 75% of their planned investment thru tax credits "costing" nearly $40k per job created in credits.Yet,Holland Awning will only "cost" us just under $8k per job created directly by the company.
Of course,most of these projects are over many years or even decades.Farmers has 17 years to hire 1,400 and claim 100% of their tax credit.
At least we can sleep better knowing our economy is again being transformed and businesses around the globe are choosing Michigan for it's superior business climate.My God,how do these people keep a straight face spewing out garbage like that?More to come...