Biz

Bow Down To Boeing

“ECONOMIC IMPACT” STUDY TOUTED BY LEGACY MEDIA … || By FITSNEWS || Last fall this website noted how the Lowcountry, S.C. media – most notably The (Charleston, S.C.) Post and Courier – took a pass on information exposing serious problems at aircraft manufacturer Boeing‘s North Charleston facility. You know, the sort…

“ECONOMIC IMPACT” STUDY TOUTED BY LEGACY MEDIA …

|| By FITSNEWS || Last fall this website noted how the Lowcountry, S.C. media – most notably The (Charleston, S.C.) Post and Couriertook a pass on information exposing serious problems at aircraft manufacturer Boeing‘s North Charleston facility.

You know, the sort of issues this website has been covering exhaustively for years …

FITS was the first news outlet in the country to report on production issues at Boeing’s North Charleston facility – which was built thanks to $1 billion in taxpayer-funded incentives doled out by Gov. Nikki Haley and state lawmakers.  Two months later, reporter Phil LeBeau – who covers automotive and aerospace issues for CNBC – confirmed much of our reporting.  More recently, The Seattle Times  and The Wall Street Journal  have referenced South Carolina’s production problems – while Reuters has exclusively reported on how those issues are affecting the company’s global supply chain.

And of course there was the Al Jazeera probe – entitled “Broken Dreams: The Boeing 787” – which exposed a rash of personnel issues within the plant (including rampant drug use by employees).

Anyway …

Not only did The Post and Courier ignore all of that … its “reporter” Warren Wise actually published a column attacking Al Jazeera for its coverage.

Seriously … what gives?  Apparently Boeing is “too big to criticize.”  And Wise apparently all too willing to drop to his knees for the company … as opposed to doing his job of providing impartial coverage.

Fast forward to this week, when The Post and Courier (again, with Wise behind the keyboard) ran a fawning article touting a new “economic impact” report prepared by the Charleston Metro Chamber of Commerce’s Center for Business Research (one of the area’s top crony capitalist propaganda outfits).

According to the report, Boeing contributes $11 billion to the local economy – along with 8,200 direct jobs and 20,000 “sustained” jobs.

Which is more than a third of the entire Lowcountry economy, or so we are led to believe.

Do we trust those numbers?  No, not really … reports like this are routinely inflated with “multipliers” deliberately concocted to dramatically overstate revenue and employment data.  We’re not saying Boeing doesn’t provide a massive economic impact to the Lowcountry (clearly, it does) … but our guess is the real impact is well south of the data mindlessly regurgitated by Wise.

More to the point …

If Boeing truly is creating all this economic activity (and presumably making major bank in the process) … why did it need a billion dollars worth of taxpayer-funded incentives to locate here?

And more importantly … can we have our money back?

No company should ever be given tax money – be it a billion dollars or a single dime – in the name of “economic development.”  Because no matter how good the rate of return on the investment is, picking winners and losers in the free market is not a core function of government.

It’s also inherently unfair to those forced to subsidize the handout.

Boeing may indeed be the jobs “juggernaut” Wise breathlessly touts in his commercial for the company … err, “news article” about the company … but that doesn’t mean it should continue receiving hundreds of millions of dollars from taxpayers.

If anything, such economic impacts would indicate the opposite is the case …

***

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43 comments

GrandTango February 20, 2015 at 9:59 am

Number of Boeing employees in South Carolina: 7,600
Number of Americans unemployed under Obama: 92 MILLION!!!!

STFU you miserable and ignorant @$$hole….

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Number of jobs held by Tango? February 20, 2015 at 10:05 am

Zero.

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Professor Tango February 20, 2015 at 10:39 am

No job? He teaches class everyday on FITS where he is able to reinterpret the fiction spewed from the MSN and other media sources and present the FACTS in an intellectually brilliant manner.

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grandtangosuglydog February 20, 2015 at 10:41 am

BWAHAHAHAHAHAHAHAHAHAHAHAHAHAHA…the guy who swears Obama was President in 2008, that guy is teaching us…LOLOLOLOL

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never too late! February 20, 2015 at 10:47 am

I didn’t say he was reaching out to the ‘special education’ types on here. A GED would help you buddy.

The Inquisitor February 20, 2015 at 10:56 am

Do you find it difficult to talk with Professor Tang’s dick in your mouth?

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GrandTango February 20, 2015 at 5:19 pm

While I LMAO…I would not let him do that…no matter how much he begged. I ain’t about dat…LMAO…

grandtangosuglydog February 20, 2015 at 10:40 am

Transgo is trying for troll of the year, but like all things Transgo..i see failure ahead for our little Emily. Maybe she can get a job working for Gene Alday?

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Fiscal conservative February 20, 2015 at 10:04 am

Let’s just throw more money at the problem. Curtis Loftis can issue them some more bonds (debt) and everything will be okay! He is a pretty big campaign donor recipient from Boeing, so it’s only a matter of time before he sends them another big check of our tax dollars!

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Phil February 20, 2015 at 2:13 pm

How much debt has loaned out since he got elected?

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Kev February 20, 2015 at 4:04 pm

The Treasurer can’t loan any money, only the General Assembly or the Budget and Control Board. But of course as you are an Investment Commission professional you know that. But you also know Satan is the father of lies (John 8:44), and he is your employer.

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Fiscal Conservative February 20, 2015 at 4:48 pm

Isn’t Curtis’ signature on each of the bonds? Doesn’t the money come from the Treasury? I would say it’s pretty clear that curtis is giving his campaign contributors our tax dollars.

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kev February 20, 2015 at 4:57 pm

You lie so easily. Every treasurer signs the checks, the bonds, etc. But they don’t originate with him. You serve your master well.

Satan is the father of lies (John 8:44)?”

Fiscal Conservative February 20, 2015 at 5:26 pm

kev – he approves the debt right? Without his approval SC wouldn’t be in the billions of dollars we’re in since 2011 right? If he didn’t sign away our children’ (debt-ridden) future and prospertiy we wouldn’t have billions extra in debt since 2011 right? C-mon man, be honest. Don’t be Satan’s tool. He get’s desperatley needed campaign contributions from these crony-capitalists. Curtis needs to be held accountable for the debt he has saddled our state with. I voted for him in 2010 because I thought he was gonna stand up to special interested. Not take money from folks that have business before him and do business with him (see bond attorneys). I voted for him because I thought he was different.

kev February 20, 2015 at 5:31 pm

Satan is the father of lies (John 8:44)

How easy you twist, turn and lie. So easy for you.

Fiscal Conservative February 20, 2015 at 6:55 pm

kev – what’s your obsession with Curtis and Satan? Why don’t you address the question? If his signature is required in order for the state to rack up a shit ton of debt, isn’t he responsible for our fiscal situation? The rating agencies will downgrade SC this year. Mark my words.

Sal February 22, 2015 at 11:09 am

The treasure is enacting the lawful directives of the state. Unless there is a legal question about the paperwork, he must sign the documents. Your ascertain is silly.

Fiscal Conservative February 22, 2015 at 3:34 pm

Sal – despite your grammatical errors, I don’t believe you addressed the issue. Is the treasurer accountable for what he signs? Is he not the manager of SC’s debt? The answer is yes.

Kev February 20, 2015 at 4:02 pm

Satan is the father of lies (John 8:44)

The Investment Commission are doing the work of their boss Reynolds Williams. When they are blogging they are lying. Investment professionals should know better.

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Phil February 20, 2015 at 4:50 pm

Who is this Reynolds guy? I looked on the website and I see he is a guy on the investment panel. But doesn’t that mean he has as much of a say as Curtis? He isn’t even the Chairman. Plus, he’s not the executive director. Kev are you as demented as you sound with your biblical quote up there?

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Kev February 20, 2015 at 4:56 pm

Reynolds Williams is the puppet master, casting favors so that his people lie so that they get big money from the retirees. Of course you know that as your pockets are full.

Satan is the father of lies (John 8:44)

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Amicus curie February 20, 2015 at 5:28 pm

Have retirees complaiend to the General Assembly lately. No they haven’t. If they had, they would have gotten some Dem to put a bill up. Quit blowing smoke Curtis.

kev February 20, 2015 at 5:32 pm

Satan is the father of lies (John 8:44)

Facts February 20, 2015 at 6:56 pm

Satan is Curtis’ father. Anyone ever heard the mouth on that clown? Site biblical verses all day you vile man, but your use of language shows what a hypocrite you really are.

Kev February 20, 2015 at 6:47 pm

Satan is the father of lies (John 8:44) And how the liars worship Satan, and bear false witness. They hate those that try to walk in light. That hate reformers like Loftis because they love the darkness. They love the lie.

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Pathetic and sad February 20, 2015 at 8:59 pm

Wowzers Curtis. Now I know you’ve had too much to drink. Curtis the reformer? How about Curtis the status quo who takes money from major corporations and does their bidding at the BCB? How about Curtis the moron paying SAP millions to create a software system that only costs a couple hundred thousand in other states? How about Curtis the buffoon who lost a slam dunk lawsuit against a bank that broke their contract? How about Curtis plebeian who seeks absolution from those who cannot offer it? How about Curtis the monster that hates himself because he looks in the mirror and inside his head and knows exactly what he is? How about Curtis the adulterer? How about Curtis the man arrested for beating his ex-wife? How about Curtis who drove away every person that has ever helped him? How about Curtis the peeping-Tom? How about Curtis the… get over yourself Curtis. You know exactly what you are : a guy who made money off his parents and then made an ass of himself the rest of his life. Quote God talking about Satan all day, but look in the mirror, no matter how difficult it is and see what you are. A vile, loathsome, excuse of a man and bad friend.

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Kev February 21, 2015 at 8:34 am

Mr. Pathetic and sad,
My God have mercy on your soul.

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A con v February 21, 2015 at 9:01 am

B, I see you are using again. You are on a road from which you cannot return.

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Coo Coo Nest February 21, 2015 at 10:41 am

It appears the bugman thinks he’s a prophet now. Or worse, he thinks he’s God himself. Can someone say megalomaniac?

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Bill Smith 999935 February 20, 2015 at 10:07 am

On the contrary, this deal was the perfect example of how the free market economy works. Boeing wants to build a plant, provide over 7,000 jobs and a great tax base. Who wants it? What state, county, city is going to give me the best deal?

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Nope February 20, 2015 at 10:32 am

one small fly in your ointment….any time government is taxing or giving away tax money it collects in a market, then by definition it’s not a “free market”.

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Bill Smith 999935 February 20, 2015 at 10:45 am

Not really. In this case, the govt was acting as simple player in the forces of supply and demand.

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Nope February 20, 2015 at 10:54 am

“Not really.”

I’m not surprised that your answer not only further reinforces the fact that it’s not a “free market economy”, but that you don’t understand what a free market economy is.

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Bill Smith 999935 February 20, 2015 at 11:14 am

On the contrary, it sounds like you don’t understand – just because the government is a player, it doesn’t automatically mean it’s not a free market move. But that level of nuance is clearly outside the realm of your comprehension, so I’ll move on.

Nope February 20, 2015 at 11:55 am

” just because the government is a player, it doesn’t automatically mean it’s not a free market move.”

LMAO!

Yes, please do.

CNSYD February 20, 2015 at 10:19 am

Yawn!

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The Colonel February 20, 2015 at 10:41 am

“…Post and Courier – took a pass on information exposing serious problems at aircraft manufacturer Boeing‘s North Charleston facility…

Mainly because there were no “serious problems” – the major problem was with a off site subcontractor’s batteries. The Al Jazeera piece was received as exactly what it was, an ill researched, attempted hit piece, full of innuendo and out right bovine excreta.

Funny thing – Al Jazeera is a Qatari owned news agency with very close ties to the gubamint of Qatar (like brothers) and Qatar airlines which is owned by the gubamint. Qatar Airlines flies the maligned 787 – at the time of this hit piece they were negotiating with Airbus and Boeing for new planes.

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Rocky February 20, 2015 at 3:23 pm

Gotta admit, the jobs created down here are damned nice to have in the MSA. If people in Upstate and Midlands are up for it, we could you a heavily subsidized truck assembly plant too, if they don’t mind.

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Karadion February 20, 2015 at 1:20 pm

Repeating the same crap over and over doesn’t make you right. Just like you lied about having your pictures deleted.

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CNSYD February 20, 2015 at 4:57 pm

You have been warned about this before! STOP littering Sic Willie’s little fantasies with facts and truth! You are negatively affecting his agenda.

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Mike at the Beach February 20, 2015 at 10:10 pm

Some people never learn. Facts are welcome here ONLY if they support the narrative (or whatever Zerohedge says). Fucking heretic.

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Rocky February 20, 2015 at 3:21 pm

Everytime I pass that big building off Mark Clark – I think to myself – “I’m not worthy, I’m not worthy.”

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Native Ink February 20, 2015 at 7:13 pm

The 2014 Charleston Chamber of Commerce economic scorecard:
Aviation industry: 40% (of local economy.)
Medical industry: 45%
Tourism: 40%
Higher education: 35%
Port of Charleston: 45%
Residential construction: 30%
Commercial construction: 20%
Digital/telecommunications industry: 15%

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