Taxpayers Shelled Out Millions To Boost Electric Vehicle Maker That Just Went Belly Up

[Pete7469]

LMC sounds like an Ohio State investment loss. I don't live in that state and it was state money for the most part.
Many of those Ford Jobs will be coming to the southern states, including Tennessee. Ford is locating their new plant here for good reason, and like you said, it was a $9.2 billion dollar loan, not government giveaway.

So if it was a $9.2 billion dollar loan, not government giveaway but the company goes tit's up and there's nothing or little of value to liquidate and repay the "loan" who get's the goo in the face?.

 

[Pete7469]

Sure. But in this case, it was your fuhrer who sold us the hogwash.

In its bankruptcy filing, Lordstown said it will pursue a sale of its assets and reduce its 243-person staff to a skeleton crew able to oversee the sale and complete previously ordered vehicles.

The company’s bankruptcy is a far cry from the bright future Trump predicted when he praised the start-up for taking over a shuttered GM factory in 2019. “With all the car companies coming back, and much more, THE USA IS BOOMING!” Trump tweeted in 2019. In a 2020 visit with Trump at the White House, a Lordstown executive predicted the company would eventually manufacture 100,000 trucks a year.

https://www.washingtonpost.com/business/2023/06/27/lordstown-motors-chapter-11-bankruptcy-foxconn/

Give it up bed wetter. The criminal syndicate you empower does NOTHING good for anyone except it's power brokers and vacuous fools like you would dump Zyklon-B on half the country to join then in ruling over the remaining half. The very proof is the fact that you would bother attempting to insert Trump into democrook failures. ( Of course dismal results are actually the end goal in all democrook endeavors).

 

[TNHarley]

But they say we are a Capitalist country

 

[The Duke]

the big guy gets 10%?

For that type of scam? Probably right around 50%.

This is an example of Crony Capitalism/Fascism.

 

[White 6]

So if it was a $9.2 billion dollar loan, not government giveaway but the company goes tit's up and there's nothing or little of value to liquidate and repay the "loan" who get's the goo in the face?.

But it wasn't a giveaway, and Ford is not showing signs of going tits up. So why would I consider that in relation to the OP thread. Nobody is worried about Ford. Ford didn't even take TARP money like the others of the big three, during the Bush crash, as they had raised money through the private sector before the financial crash, with business moves and good management.

 

[Magnus]

View attachment 799801

Give it up bed wetter. The criminal syndicate you empower does NOTHING good for anyone except it's power brokers and vacuous fools like you would dump Zyklon-B on half the country to join then in ruling over the remaining half. The very proof is the fact that you would bother attempting to insert Trump into democrook failures. ( Of course dismal results are actually the end goal in all democrook endeavors).

In other words, you are a retard? We got it. Thanks for posting.

 

[Pete7469]

But it wasn't a giveaway, and Ford is not showing signs of going tits up. So why would I consider that in relation to the OP thread. Nobody is worried about Ford. Ford didn't even take TARP money like the others of the big three, during the Bush crash, as they had raised money through the private sector before the financial crash, with business moves and good management.

I missed that part, I have to admit I gave the OP only a brief scan. My retort had more to do with the general practice of political whores in general "loaning" millions and billions to lofty sounding ideas like solar panels and "green" nonsense only later watching the endeavor shit the bed. Then the folks who of course made 7-8 figure salaries pissing all that money away donate to their own "big guy" and the trough never gets empty. Not to say that the military is probably %25 waste at least and what we actually need is half of what we're actually paying for.

While we're paying for it, the army could be policing the ****ing border and I'd bet if the UCMJ was fully implemented, results were expected, our border would be as secure as Israel's without the mortars and rockets.

Then there's the interest on the exploding debt that will be as high as the military budget before long? I'm getting real sick of the government spending money on much of anything, and the corruption is INTOLERABLE.

 

[Pete7469]

But they say we are a Capitalist country

Compared to whom? Russia?


.

 

[White 6]

I missed that part, I have to admit I gave the OP only a brief scan. My retort had more to do with the general practice of political whores in general "loaning" millions and billions to lofty sounding ideas like solar panels and "green" nonsense only later watching the endeavor shit the bed. Then the folks who of course made 7-8 figure salaries pissing all that money away donate to their own "big guy" and the trough never gets empty. Not to say that the military is probably %25 waste at least and what we actually need is half of what we're actually paying for.

While we're paying for it, the army could be policing the ****ing border and I'd bet if the UCMJ was fully implemented, results were expected, our border would be as secure as Israel's without the mortars and rockets.

Then there's the interest on the exploding debt that will be as high as the military budget before long? I'm getting real sick of the government spending money on much of anything, and the corruption is INTOLERABLE.

Have you ever looked at Polidiodic? It is a pretty good site for tracking the national debt and which administrations added to it the fastest and slowest and even showing the only one to ever pay it off.

US National Debt by Year – Polidiotic

 

[Concerned American]

Have you ever looked at Polidiodic? It is a pretty good site for tracking the national debt and which administrations added to it the fastest and slowest and even showing the only one to ever pay it off.

US National Debt by Year – Polidiotic

According to your link, no president has EVER paid off the debt. Do you know the difference between deficit and debt?

 

[White 6]

According to your link, no president has EVER paid off the debt. Do you know the difference between deficit and debt?

Well, you are correct, Andrew Jackson only reduced the debt by 99.37% to $33,733.05, which won't even get you a decent pickup truck on the market today. It had been $67,475,043.87 at the end of John Quincy Adams and the presidents before him.
Of course more recently, one of the greatest 1 year rises in history was the 18.25% increase in the final year of the Trump administration. Before it became Joe's problem and even Joe added 5.5% his first year.

Of course, though of interest for people who have the National Debt, their biggest priority (Republican when a Democrat is in office and Democrat when a Republican is in office) it does not really have much to do with the state expenditures of Ohio to that private startup that failed, and not much to do with Ford, and its new electric vehicle and battery manufacturing facilities, Ford decided for economic reasons to locate in the South. Like I said, Ford does most of its finance in the private sector.

 

[Pete7469]

Have you ever looked at Polidiodic? It is a pretty good site for tracking the national debt and which administrations added to it the fastest and slowest and even showing the only one to ever pay it off.

US National Debt by Year – Polidiotic

Never saw it before but I gave it a gander now. I can't say I saw the debt at $0 at ANY point, but I did see ups and downs.

Regardless it's a problem we have that needs to be curtailed or (as I'm starting to believe) there is not only no reason to stop but we will crash when we do. So we may as well just drag the thing out and end up like Zimbabwe.

Then what?

 

[SmokeALib]

Ford is trash.

 

[White 6]

Never saw it before but I gave it a gander now. I can't say I saw the debt at $0 at ANY point, but I did see ups and downs.

Regardless it's a problem we have that needs to be curtailed or (as I'm starting to believe) there is not only no reason to stop but we will crash when we do. So we may as well just drag the thing out and end up like Zimbabwe.

Then what?

I wonder about it and figure it will be long past my time. If I'm wrong, I'm a better survivor than anybody I know and I am in the right part of the country, not in a major city.

 

[sparky]

How much of our tax $$$'s are being pissed away here? ~S~

 

[Concerned American]

Well, you are correct, Andrew Jackson only reduced the debt by 99.37% to $33,733.05, which won't even get you a decent pickup truck on the market today. It had been $67,475,043.87 at the end of John Quincy Adams and the presidents before him.
Of course more recently, one of the greatest 1 year rises in history was the 18.25% increase in the final year of the Trump administration. Before it became Joe's problem and even Joe added 5.5% his first year.

Of course, though of interest for people who have the National Debt, their biggest priority (Republican when a Democrat is in office and Democrat when a Republican is in office) it does not really have much to do with the state expenditures of Ohio to that private startup that failed, and not much to do with Ford, and its new electric vehicle and battery manufacturing facilities, Ford decided for economic reasons to locate in the South. Like I said, Ford does most of its finance in the private sector.

National debt should be the #1 priority. Do you live in perpetual debt that you can never pay off? I have been a debt hawk since my first vote in '72 as well. I cannot understand why states are giving away unspent Covid Relief funds to students to feed them over the summer instead of returning it to the treasury to PAY DOWN the debt. This business of blaming debt on the POTUS is another nonstarter. Congress writes the budget. The POTUS signs what is sent to him because, with this polarized government, if he refused to sign it, he would commit political suicide for shutting down the government. I would like to see a constitutional amendment mandating a balanced budget that includes payment of a certain percentage of the debt--over and above the debt service.

 

[Pete7469]

I wonder about it and figure it will be long past my time. If I'm wrong, I'm a better survivor than anybody I know and I am in the right part of the country, not in a major city.

I've always felt a sort of a sense to be prepared for a calamity. That at some time in my life society was going to shit the bed for one reason or another. As I've observed people behave with increasingly piss poor standards I hope the crash happens while I can still defend my loved ones and witness a rebirth. Then I can die knowing they're future might improve for a few generations at least. I'm far enough away from an urban area myself and when I do have to travel into the Shitty of Autism TX it's only for work aside from MAYBE 6 trips a year to a restaurant and I still feel like I'm at a cageless zoo.

I'm not consumed with "prepping or anything, I've already lost everything I owned in a wildfire. You can't prepare for everything or live forever.

 

[White 6]

National debt should be the #1 priority. Do you live in perpetual debt that you can never pay off? I have been a debt hawk since my first vote in '72 as well. I cannot understand why states are giving away unspent Covid Relief funds to students to feed them over the summer instead of returning it to the treasury to PAY DOWN the debt. This business of blaming debt on the POTUS is another nonstarter. Congress writes the budget. The POTUS signs what is sent to him because, with this polarized government, if he refused to sign it, he would commit political suicide for shutting down the government. I would like to see a constitutional amendment mandating a balanced budget that includes payment of a certain percentage of the debt--over and above the debt service.

Well, I don't carry much debt as I just don't believe in it anymore.
Easy to see why the sitting POTUS is blamed, as the Pres is intimately involved behind the scene in the budget and should be a focus for the debt, as it goes with the job.

 

[Pete7469]

National debt should be the #1 priority. Do you live in perpetual debt that you can never pay off? I have been a debt hawk since my first vote in '72 as well. I cannot understand why states are giving away unspent Covid Relief funds to students to feed them over the summer instead of returning it to the treasury to PAY DOWN the debt. This business of blaming debt on the POTUS is another nonstarter. Congress writes the budget. The POTUS signs what is sent to him because, with this polarized government, if he refused to sign it, he would commit political suicide for shutting down the government. I would like to see a constitutional amendment mandating a balanced budget that includes payment of a certain percentage of the debt--over and above the debt service.

I thought the CINC was supposed to draw up a budget and submit it to the house, which was stopped in 2010 I think? Then congress runs it through a ringer, attaching tons of bullshit until the CINC signs it?

 

[Fort Fun Indiana]

Another multi-million dollar boondoggle and the taxpayers got to foot the bill. This is the problem with the government picking winners and losers. It's also what happens when you try to force change on an unwilling populace.

Electric Vehicle maker Lordstown Motors Corp. (LMC) announced it was filing for Chapter 11 bankruptcy Tuesday despite receiving millions in taxpayer funding through tax breaks and grants.

LMC received $4.5 million from JobsOhio, a private nonprofit that collects funds through a government-mandated monopoly on spirituous liquor sales, according to Cleveland.com, and $20 million in tax credits to be paid out over 15 years by the Ohio Tax Credit Authority, according to Business Journal Daily. LMC also received a $40 million loan from the previous owner of the plant, General Motors, who received $60 million in subsidies from the state of Ohio, giving back only $28 million after a settlement was reached due to the stipulation that the plant was supposed to be open until 2039.

MSN

And then throw Ford into the mix

Other automotive manufacturers have also received huge subsidies from the government for electric vehicle production. Ford Motor Co. plans to lay off at least 1,000 employees, The Wall Street Journal reports, less than a week after receiving a $9.2 billion loan from the Biden administration to invest in three electric vehicle factories in the southern U.S.

Every investment comes with risk.