Nov 8, 2010
Daring to portray the destruction of the state budget as a wonderful thing, the outgoing Democratic Party governor of Michigan just announced 2.5 billion dollars worth of new tax breaks for GM, Ford and Chrysler. Governor Granholm said it was the single biggest day of announced tax credits in Michigan history.
Granholm justified these tax breaks by saying they were in exchange for GM, Ford and Chrysler “investing” 2 billion dollars in their current operations over the next three years. In fact, this investment is merely part of their ongoing operations.
This “gift” of new tax breaks for auto makers will put next year’s budget 127 million dollars deeper in the hole! This “gift” makes next year’s deficit 8% worse – and creates gaps for the next 20 years!
Politicians and pundits have the nerve to scapegoat teachers and public employees, blaming their wages and benefits for budget deficits, when you see these same politicians fork over billions to big business and the wealthy.