CHINESE BILLIONAIRE WOULD REAP WINDFALL … USING YOUR INVESTMENT
|| By FITSNEWS || Meet Li Shufu. He’s a businessman from China with a net worth of $3.3 billion. His company – Chinese carmaker Zhejiang Geely Holding Group – bought Volvo for a song back in 2010. The Swedish carmaker was purchased from Ford, which was in the throes of the Great Recession at the time – and desperate for cash.
Ford’s loss was Shufu’s gain: His company paid $1.8 billion for an asset the U.S. automaker spent $6.4 billion on more than a decade earlier.
Now Shufu wants you to pay. Well, assuming South Carolina “wins” its battle with Georgia for a new Volvo automotive facility … he wants you to help subsidize the construction of a new $500 million Volvo automotive facility in Berkeley County.
How much money does he want? It’s not immediately clear, although Palmetto State taxpayers have shelled out more than $1 billion in economic development incentives to aircraft manufacturer Boeing.
Anyway, based on the latest data Shufu’s net worth is equal to the median annual income of 74,723 South Carolina families.
Crazy, huh? Of course every single one of those families – and tens of thousands of other families just like them – will be on the hook for South Carolina’s crony capitalist handout to Shufu.
And sure … Shufu’s plant may create 4,000 jobs (God only knows how many of which will have to be imported due to our dumb-as-dirt workforce). And it may have an economic impact of eleventy kabillion dollars or whatever magical figure the crony capitalists pull out of their yin yangs.
Isn’t it time … past time, actually … to try something different?
Look: We have nothing against Shufu. Or Volvo. We want them to come to the Palmetto State and create lots of jobs. Our beef? When a guy with $3.3 billion asks tens of thousands of people who are struggling to get by to chip in with the cost of building his plant.
And when the politicians who trip over themselves to hand him the cash – your cash – take credit for “creating jobs.”
They did nothing, people. Nothing but stroke a check to a billionaire … from your account.
Of course South Carolinians don’t get that because their legacy media outlets are in the tank for the recipients of the largesse. Which means our fourth estate is every bit as complicit in the “dumbing down” of our citizens as the government-run schools they also shill for.