$600 million. That’s the price tag on Gov. Jeff Landry’s massive taxpayer-funded incentive package to lure multinational corporations to our state.
While details are unclear, and we the people were not treated to public disclosure of the spending, this eyewatering giveaway is reported to be one of the largest publicly funded enticements for a single project in our state’s history. This despite the fact that Hyundai Steel — one of the intended corporate beneficiaries — reported nearly $86 billion in profits last year. Hardly the sort of shop that needs an influx of cash from the taxpayers of America’s poorest state.
As usual, Landry trotted out the same old rationale to justify sending taxpayers’ money to giant corporations: A big government giveaway would “create jobs.” Since announcing the project from the White House in March of this year, he has been all over our state touting it as if luring mega-polluters to Louisiana was a new idea with economic promise.
Recently, the whole world learned the truth.
An Immigration and Customs Enforcement raid in Ellabell, Georgia, where Hyundai has been building an electric vehicle plant, resulted in the arrest of 475 people. More than 300 were South Korean nationals who had been brought in by the company. So much for “job creation” for our communities.
Louisiana is about to see history repeat itself. Only this time, we don’t need to look back any further than when the raid happened. Hyundai has already shown us how it operates in Georgia, and there is no indication that things will be any different here in Louisiana. Landry wants to give hundreds of millions of dollars to a company that promises jobs it may not deliver.
Let’s be clear. Despite the news about Hyundai’s hiring of its own people, our governor is still ready to roll out the red carpet. He has not uttered a word since the raid revealed the truth about employment at Hyundai. Louisiana cannot afford another company that sells us a dream of prosperity while leaving us with pollution and broken promises.
In Georgia, construction of the plant was not even complete and already the company was bringing in labor from overseas. We can expect the same in Ascension Parish.
We hear the same story every time a corporation wants to build here in Louisiana, whether it’s a plastics plant, a pipeline or an ammonia facility. The only things discussed are the so-called benefits, while the costs — more wasted tax dollars, more pollution, more sickness — are never mentioned.
Just think of all the ways our taxpayer funds could be reinvested here at home, creating jobs and raising the quality of life for all Louisiana residents. Our state ranks 46th in opportunity, 48th in infrastructure and 50th in economics overall, according to U.S. News and World report. With $600 million in investment, we could build the infrastructure and provide the influx of working capital that entrepreneurs need to make it here in Louisiana and create jobs all along the way. From education and the arts to professional services, health care and more, there are so many services Louisiana residents need. Each presents an opportunity for growth.
If we want that future, we have to make it. We must stand up and pay attention right now. We cannot let the news releases, ribbon-cuttings and positive coverage fool us. We will always be promised new jobs and quick returns on investment when our hard-earned money is sent to another corporate interest, but we can’t let that distract us from the reality that our money will be sunk into someone else’s project. They’ll keep the profits. We’ll be left with the mess.
So what can we do? That part is simple. We can call on Landry to end this wasteful spending today. He needs to hear from every Louisiana taxpayer at his Baton Rouge mansion. Our message is simple common sense: If you have $600 million to spend on economic development, spend it on the Louisiana businesses that commit to staying in our state and creating real jobs for Louisiana residents.
We’re not asking for much. Governor, are you listening?