GM White Marsh Plant Costs Taxpayers $577,500 Per Job
While “Team Maryland” was busy backslapping themselves about the 200 new jobs they allegedly “created” at the GM plant in White Marsh, some of us were busy doing the math.
According to the Baltimore Business Journal and “Team Maryland,” GM was enticed to White Marsh with $115.5 million in federal, state, and county grants i.e., taxpayer subsidies. These aren’t tax credits or tax breaks mind you, rather money already taken from taxpayers.
A quick calculation reveals that taxpayers are subsidizing GM $577,500 per job. Jobs that will not come online until 2013!
UPDATE
GM reported only a 3% increase in retail sales of it's core brands over it's dismal 2009 performance. Meaning that the demand for the vehicles, for which the White Marsh plant supplies engines, may not support the jobs for which taxpayers are subsidizing.
Spending taxpayer money on corporate welfare, to paraphrase Marta Mossburg, that’s the kind of growth only government could love.
Then again, we already know Maryland Democrats are all about corporate welfare, especially when it benefits them.
1 comments:
This is a gamble as GM could go out of business and/or Americans may never buy another car with an electric engine in it, but years from now if these jobs are still in the area I'm sure the initial investment will have been paid for. Of course if you only focus on whats happening today then you're right, its not worth it.
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