Good Jobs First Blog
In addition to aid like unemployment insurance and business loans, Uncle Sam is disbursing hundreds of billions to help the economy recover from impacts caused by a global pandemic and widespread economic shutdown. The Delta variant has sparked renewed hardships.
On September 27, Ford Motor Company announced plans to invest $5.6 billion at the Memphis Regional Megasite in Stanton, Tennessee, to build an electric vehicle (EV) assembly and battery plant, jointly with SK Innovation. The facility, dubbed “Blue Oval City” by Ford (in a reference to its corporate logo), is projected to employ 5,800 people as Ford makes its first big foray into EV production. The same week, Ford and SK Innovation revealed plans for two more battery plants in Glendale, Kentucky, south of Louisville, at an estimated cost of $5.8 billion.
In recent years, local and state governments have disclosed more information to the public about tax breaks, grants, and other subsidies they give corporations. But Alabama remains an exception. Unlike most states, it still fails to meaningfully track what the public is getting for the billions it gives to businesses to open or expand operations. We talked to former state Rep. Patricia Todd about what must be done to change that.
A new report from three government watchdog groups reveals a stunning figure: companies controlled by private equity firms received approximately $5.3 billion in federal CARES Act funding. Sadly, PE portfolios are not the only beneficiaries with deep pockets that got money from a relief package that was supposed to help small, struggling businesses and keep workers on the job.
Right now, three tech companies—#1 and #2 microchip makers Intel and Samsung and electric-truck start-up Rivian—are staging secret subsidy auctions, playing states against each other for new facilities.