Tuesday, August 5, 2008

Boeing's big Subsidy

Bidding war to see who could give the sweetest deal to Boeing in order to land the contract to build Boeing’s new 7E7 jet airliner. Boeing set a June deadline for state legislatures to submit their offers. The document containing the fine print of Washington State’s bid will not be publicly released. In less than three days, on June 11, both political parties gave Boeing the largest handout in Washington State history - an astounding $3.2 billion in tax breaks and $4.2 billion in Boeing-inspired transportation projects. The 7E7 final assembly plant (if built at all) will net only 800-1,200 new jobs.
Through arm-twisting and blackmail, Boeing convinced the state legislature and the media that Washington State is “uncompetitive,” setting in motion a bidding war between states for 800-1,200 new jobs, and identified 99 “recommended” actions for our legislature to enact to make Washington “business friendly.” In response, the legislature cut spending for public needs and devoted their time and our tax-dollars to Boeing and a few other multinational corporations. One union leader, interviewed afterward, referred to it as "the day corporate greed won."
It’s incredible to see the details of this deal, which was the biggest tax write-off in state history. Here is only part of what was implemented by the Washington state legislators last year on Boeing’s behalf:

No comments: