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Not A Great Day In South Carolina For Crony Capitalists

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MICHELIN PLANT MOTHBALLED …

|| By FITSNEWS || S.C. governor Nikki Haley has bet big on the tire business. In fact her administration has doled out millions of dollars in taxpayer-funded incentives to lure major tire manufacturers to the Palmetto State.

Was that a good bet?

Umm …

Earlier this week, tire manufacturer Michelin announced its intention to mothball a facility in Starr, S.C.  According to The (Anderson, S.C.) Independent Mail, operations at the facility are being suspended due to what one local economic developer referred to as “a downturn in mining and related industries.”

The company got $7.8 million worth of taxpayer incentives to build the facility – which was first announced in April 2012.

Not surprisingly, the crony capitalists are sounding the most optimistic tone possible.   One told the paper “hopefully, this will get turned around real soon.”

Will it, though?  That’s a good question …

With the economy on the ropes again (especially the market for automobiles and heavy industrial vehicles), is this the best industry upon which to place a major taxpayer bet?

We think not …

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