Index Investing News
Sunday, May 18, 2025
No Result
View All Result
  • Login
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion
No Result
View All Result
Index Investing News
No Result
View All Result

Hochul’s Micron deal exposes her blueprint for continued NY economic decline

by Index Investing News
November 4, 2022
in Opinion
Reading Time: 3 mins read
A A
0
Home Opinion
Share on FacebookShare on Twitter


The more we know about Gov. Kathy Hochul’s massive corporate welfare gift to memory-chip giant Micron, the worse the whole thing smells. 

Empire State Development, which has a notoriously spotty record on marquee tech projects — witness the humiliating failure of Andrew Cuomo’s Buffalo solar plant — has finally released two more documents on the specifics of the Micron deal.

One is a study on the alleged economic benefits of steering $5.5 billion in public monies to Micron, which claims around 9,000 jobs within Micron and almost 42,000 in knock-on jobs outside the firm by 2055, resulting from two phases of investment by Micron. 

Bull. The study’s dated a week after the deal was signed — a clear signal that Hochul’s minions created the numbers after the fact, to justify a decision she’d already made.

Don’t believe us? Just look at the other document, a term sheet laying out some details of the state’s agreement with Micron. 

That sees just 4,680 Micron jobs by 2035, when phase one ends, with the rest to come in the nebulous phase two. It specifies no hard knock-on jobs numbers, let alone in the absurd ratio (4.6 outside jobs for every one within Micron) the study imagines.

That figure is all the more nonsensical given that a big chunk of those outside jobs (like those involved in building the plant) would be governed by a project labor agreement — jacking up the cost by excluding non-union workers, who make up around two-thirds of New York builders and contractors and nearly all in the Syracuse area. 

President Biden, Governor Hochul and Senate Majority Leader Chuck Schumer tour Micron Pavillion with Micron President and CEO Sanjay Mehrotra.
President Biden, Gov. Hochul and US Senate Majority Leader Chuck Schumer tour Micron Pavilion with Micron president and CEO Sanjay Mehrotra.
Evelyn Hockstein/REUTERS

So these are jobs most locals can’t qualify for, and the added cost helps explain why Micron demanded so much.

Plus, as The Post revealed, subsidy per head for each job within Micron works out to $611,000 — assuming all 9,000 get created. That’s about five times the rate for the Amazon HQ in Queens that US Rep. Alexandria Ocasio-Cortez and state Sen. Mike Gianaris killed.

Other perks tossed into the deal include a $283 million effective tax break, sweetheart rates on water and electricity and $22 million in grants from National Grid.

And this is Hochul’s only answer when she’s asked about economic development: a single, unbelievably subsidized project that does nothing about the high taxes, soaring costs for (increasingly unreliable) energy, ham-handed regulation and other issues that make New York’s business climate second-worst in the country (just above New Jersey).

Her economic vision is as bankrupt as her efforts on crime. New York needs real opportunity — which is why New Yorkers need to vote for Lee Zeldin and every downballot Republican come Tuesday.



Source link

Tags: BlueprintcontinueddealDeclineeconomicExposesHochulsMicron
ShareTweetShareShare
Previous Post

Elon Musk begins widespread Twitter layoffs week after takeover

Next Post

‘Under The Bridge’ Author Rebecca Godfrey Dead; Hulu Developing Series – Deadline

Related Posts

Two-faced RFK Jr. ‘politicized science’ to kill NY fracking

Two-faced RFK Jr. ‘politicized science’ to kill NY fracking

by Index Investing News
May 18, 2025
0

Robert F. Kennedy Jr. says he’s combating the form of “politicized science that drove Froot Loops to the highest of the...

Maintaining with UP: The callous focusing on of two girls officers

Maintaining with UP: The callous focusing on of two girls officers

by Index Investing News
May 18, 2025
0

A pupil of the Authorities Women’ Diploma Faculty as soon as advised me how she needs to hitch the armed...

Nitin Pai: Operation Sindoor leaves India higher positioned for the subsequent spherical

Nitin Pai: Operation Sindoor leaves India higher positioned for the subsequent spherical

by Index Investing News
May 18, 2025
0

In his e-book on technique within the data age, Everett Carl Dolman presents a startling argument: “The primary notion the...

NIH May Be Directed To Research ‘Trump Derangement Syndrome’ – FREEDOMBUNKER

NIH May Be Directed To Research ‘Trump Derangement Syndrome’ – FREEDOMBUNKER

by Index Investing News
May 18, 2025
0

Authored by Steve Watson by way of Modernity.information,Laws has been launched to direct the Nationwide Institutes of Well being (NIH)...

China blinked — and Trump gained the primary spherical of his tariff battle

China blinked — and Trump gained the primary spherical of his tariff battle

by Index Investing News
May 17, 2025
0

The opening spherical of the tariff battle with China is over. And earlier this week, President Trump achieved a really...

Next Post
‘Under The Bridge’ Author Rebecca Godfrey Dead; Hulu Developing Series – Deadline

‘Under The Bridge’ Author Rebecca Godfrey Dead; Hulu Developing Series – Deadline

UWM Overtakes Rocket Mortgage As Biggest US Lender After Strong Q3

UWM Overtakes Rocket Mortgage As Biggest US Lender After Strong Q3

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED

Wolves: The place is Helder Costa now?

Wolves: The place is Helder Costa now?

April 4, 2022
Demián Bichir joins the forged of The Black Cellphone 2

Demián Bichir joins the forged of The Black Cellphone 2

September 13, 2024
Has the FIRE Method Modified? Why 100% Index Funds Isn’t the Reply

Has the FIRE Method Modified? Why 100% Index Funds Isn’t the Reply

February 15, 2025
Pope urges Sudan’s warring sides to lay down arms as new cease-fire looms

Pope urges Sudan’s warring sides to lay down arms as new cease-fire looms

May 21, 2023
A Timeline Of Financial Markets

A Timeline Of Financial Markets

May 1, 2023
International nationalism: Half 2 – Econlib

International nationalism: Half 2 – Econlib

April 30, 2025
The world should stay vigilant over a debt crisis in the Global South

The world should stay vigilant over a debt crisis in the Global South

January 2, 2024
Takeaways on AP’s investigation into cocoa coming from a protected Nigerian rainforest

Takeaways on AP’s investigation into cocoa coming from a protected Nigerian rainforest

December 20, 2023
Index Investing News

Get the latest news and follow the coverage of Investing, World News, Stocks, Market Analysis, Business & Financial News, and more from the top trusted sources.

  • 1717575246.7
  • Browse the latest news about investing and more
  • Contact us
  • Cookie Privacy Policy
  • Disclaimer
  • DMCA
  • Privacy Policy
  • Terms and Conditions
  • xtw18387b488

Copyright © 2022 - Index Investing News.
Index Investing News is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion

Copyright © 2022 - Index Investing News.
Index Investing News is not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In