Ready For Handouts Kathy PosnerSometimes I think I am the only person in the State of Illinois who knows how to add, subtract and divide. The accountants that work for The Illinois Department of Commerce and Economic Opportunity (DCEO) and the group that administers the new Economic Development for a Growing Economy (EDGE) tax credit program that the Governor signed into law recently must be using an abacus because they obviously have no clue. I must imagine that they think they are playing with Monopoly money and not the real money of the taxpayers in Illinois when it comes to the latest deal for Continental Tires the Americas (CTA).
Last October, I wrote that I was upset when Governor Quinn gave $3.5 million to Groupon as an incentive for hiring 250 new workers. How naïve I was at the time when I said, “Divide the money by the number of employees and it figures out at about $14,500 per worker. That is a nice incentive for any company!”
That amount seemed small in comparison when I wrote last week about Motorola Mobility and said, “If we divide the $100 million that Motorola is receiving that is about $34,750 for each of the 3,000 employees based in Libertyville. According to the Chicago Tribune, this is, ‘considerably more than the $15,000 to $20,000 per job that is more typical when the state awards tax credits to keep or attract more businesses.’ “
Now, last week Quinn announced that CTA would be receiving a $22 million incentive package because they were expanding and would be creating 444 new jobs over the next three years.
The press release issued from the Governor’s office said, “The Illinois Department of Commerce and Economic Opportunity (DCEO) is administering the state’s $22 million business investment package. In addition to the EDGE tax credits, the package consists of Employer Training Investment Program (ETIP) job training funds that will help enhance the skills of the company’s workforce, and a Large Business Development Grant to assist Continental with capital expenses associated with this project. The company is also eligible for benefits from being located in an Enterprise Zone.”
Let’s take out our calculators. We divide the $22 million that CTA received by the 444 jobs they are creating and we arrive at $49,549.54 per job. So Groupon got $14,500 for each new job created, Motorola Mobility got $34,750 and CTA got $49,549.54! Remember when the average was $15,000 to $20,000? Now Quinn is giving more than double that. Does he think money is like toilet paper and the roll will never run out?
Last week, I also wrote that I was going to move to Indiana unless Quinn gave me some money to stay. I have now changed my mind. Instead, I am going to open a business, and create one new job for me. I ask Quinn, “Where is my $49,548.54? Should I stop by the Thompson Center to pick it up or will you mail me my check?”
You can read more from Planet Posner here....
Editors Note: Maybe I can be Posner's 1st employee and she can also hire Lady Shafran. The only work we will do is pick up the check!
Last October, I wrote that I was upset when Governor Quinn gave $3.5 million to Groupon as an incentive for hiring 250 new workers. How naïve I was at the time when I said, “Divide the money by the number of employees and it figures out at about $14,500 per worker. That is a nice incentive for any company!”
That amount seemed small in comparison when I wrote last week about Motorola Mobility and said, “If we divide the $100 million that Motorola is receiving that is about $34,750 for each of the 3,000 employees based in Libertyville. According to the Chicago Tribune, this is, ‘considerably more than the $15,000 to $20,000 per job that is more typical when the state awards tax credits to keep or attract more businesses.’ “
Now, last week Quinn announced that CTA would be receiving a $22 million incentive package because they were expanding and would be creating 444 new jobs over the next three years.
The press release issued from the Governor’s office said, “The Illinois Department of Commerce and Economic Opportunity (DCEO) is administering the state’s $22 million business investment package. In addition to the EDGE tax credits, the package consists of Employer Training Investment Program (ETIP) job training funds that will help enhance the skills of the company’s workforce, and a Large Business Development Grant to assist Continental with capital expenses associated with this project. The company is also eligible for benefits from being located in an Enterprise Zone.”
Let’s take out our calculators. We divide the $22 million that CTA received by the 444 jobs they are creating and we arrive at $49,549.54 per job. So Groupon got $14,500 for each new job created, Motorola Mobility got $34,750 and CTA got $49,549.54! Remember when the average was $15,000 to $20,000? Now Quinn is giving more than double that. Does he think money is like toilet paper and the roll will never run out?
Last week, I also wrote that I was going to move to Indiana unless Quinn gave me some money to stay. I have now changed my mind. Instead, I am going to open a business, and create one new job for me. I ask Quinn, “Where is my $49,548.54? Should I stop by the Thompson Center to pick it up or will you mail me my check?”
You can read more from Planet Posner here....
Editors Note: Maybe I can be Posner's 1st employee and she can also hire Lady Shafran. The only work we will do is pick up the check!
