You see any pie up there? Yeah, me neither.
OK, I admit that I don’t understand business, beyond the basics (buy cheap, sell dear).
That said, how does giving $10 million in state economic development funding to Facebook — yes, that Facebook, the one worth $350 billion — constitute good business for the state of New Mexico, which faces a projected shortfall for the current budget year of $458 million?
The deal to bring a data center to Los Lunas would also, according to the Albuquerque Journal:
• Guarantee Facebook 1.5 million gallons of water per day.
• Reimburse the sixth most valuable company in America for up to 75 percent of gross tax revenues from the center’s construction and operation.
• Waive property taxes for more than 30 years.
All for “up to” 300 construction jobs over seven years and 50 “permanent” jobs, which we know are anything but as restless gazillionaires in search of a better deal make struggling localities scrap like dumb dogs over an old bone.
As I said, I don’t understand business. And I know New Mexicans need jobs. But wouldn’t Los Lunas be better served in the long run by courting companies that love us for what we are, and might still respect us in the morning?
Tags: Albuquerque Journal, Facebook, Los Lunas
August 26, 2016 at 7:46 am |
Good morning! You understand business very well, Patrick. This Facebook Charity is so very thirsty. Will they have a soup kitchen, shelter homeless vets, offer vouchers for no-cost spay, neuter and shots, free and plentiful mental health counseling, free child and elder daycare to assist those who are employed or wish to seek employment? What a deal for New Mexicans.
August 26, 2016 at 8:03 am |
The mind, she boggles, no? I mean, who knew hosting cute-kitten videos was so expensive?
August 26, 2016 at 8:15 am |
BOHICA again tax payers. Kinda like spring training in Tucson. Or new NFL stadiums in Glendale, Arizona or Santa Clara, California. Or Tesla in Nevada. Hey, those lobbyist expenses have to bear fruit, right? And on the 100th birthday of National Parks, we have the F-35 program cost overrun of $400 billion and years late in deliveries and initial operational capability, while we can’t afford $16 billion of backlogged maintenance in our national parks. On, and on, and on………. And you can Bannon won’t release his tax returns.
August 26, 2016 at 8:45 am |
Funny you should mention Tesla, which New Mexico wanted (and failed) to land.
August 26, 2016 at 9:16 am |
I was in a hurry to get to my oatmeal, walnuts, and blueberries. As a result, the mistakes in the last sentence of my rant. Please excuse me.
Data centers belong near the ocean, preferably in cold climates, so you can cool the oil immersed servers with sea water or cold winter air. Putting one in the desert just shows that Zuckerberg has reached his level of incompetence.
Looks like the Dumpster picked another winner for a campaign manager, Bannon. Glad he dropped the O’ from his name. That way we can claim he isn’t of Irish stock. Can’t pay his taxes and treats women the same as orange one.
http://www.npr.org/2016/08/26/491440310/reports-new-trump-campaign-ceo-faced-domestic-violence-charge-in-1996
August 26, 2016 at 8:18 am |
CORPORATE WELFARE – the only kind of welfare the right-wingers like. $10 mil is probably less than 1 seconds income for Spacebook, is this REALLY going to make a difference? They’d be better off shoving $10 mil in cash out of the ass-end of a C-130 flying over the state. At least that money might fall into the hands of someone who truly needs it?
August 26, 2016 at 8:47 am |
Oh, man, the drivers here are already bad enough. You get ’em looking skyward for falling greenbacks between peeks at their phones and a guy on a bicycle won’t have a chance.
August 26, 2016 at 9:40 am |
Well, the people who need it most don’t have cars – they’d be pushing their rusty shopping carts around gathering the cash to add to the bottles and cans they collect.
August 26, 2016 at 8:23 am |
why does facebook need 1.5 million gallons of water per day and why do they want to get it in a desert state? come to florida where water falls freely from the sky every day or baton rouge where it’s in people’s living rooms?
those 300 temporary jobs and 50 permanent jobs will be for people that already have the skills. so probably a lot of people will be imported thus screwing the unskilled locals. it’s happened with the auto industry here in the southeast.
August 26, 2016 at 8:49 am |
Yeah, check out the link I dropped under Pat O’Brien’s comment. Tesla’s Nevada workers were getting a taste of that earlier this year.
August 29, 2016 at 7:58 am |
They need the water to cool the servers. So lets put it on a desert where there are already water wars. Right??
August 26, 2016 at 8:42 am |
Peanuts compared to the crap Nevada is trying/doing. Two billion to Teslaa a done deal, another billion to Faraday in process, and money for a stadium for the Raiders to the tune of $750 million to Sheldon Adelson (networth $25+ billion)!
August 26, 2016 at 9:05 am |
A billion here, a billion there … before long you’re talking about real money.
August 26, 2016 at 9:28 am |
Still plenty of time to bid on hosting the 2032 Olympics!
August 26, 2016 at 11:17 am |
Any city thinking of bidding for the Olympic bullshit should talk to Boston first. They are worse then facebook or the NFL when it comes corporate welfare.
August 26, 2016 at 9:45 am |
Meanwhile, here’s something you guys and gals might find useful, based on the “I never thought about that” comments we’ve received.
http://cycleitalia.blogspot.com/2016/08/how-to-measure-your-bicycle.html
August 26, 2016 at 11:23 am |
Thanks Larry! And yea, I never thought about that. Excuse me, I need to go to the garage.
August 27, 2016 at 1:20 pm |
My timing must be excellent, as usual: The New York Times just popped up a piece headlined “Cloud Computing Brings Sprawling Centers, but Few Jobs, to Small Towns.”
August 27, 2016 at 2:42 pm |
That was interesting, especially the link underneath that piece to another article title “Cycling Matches The Pace and Pitches of Tech.” Is cycling is the new golf? I thought it was funny that if you’re looking to network or find work on your bike, don’t be a poseur.
Well, September and October will be busy months. Sandy is again involved, and I have been convinced to join her this year, in the Brown Canyon Ranch Western Heritage Program.
http://browncanyonranch.org/western-heritage-program.html
August 28, 2016 at 7:37 am |
The Times ran a similar story about 10 years ago, and it seems to get trotted out at least once a year (consult Mr. Google re: “cycling is the new golf”).
You’d think there would be a fair amount of crossover, since both activities can be hellishly expensive if one lives for the bling and an outing can involve a preponderance of elitist buttmunches.
Every time I read one of these stories I dream about Captain Capitalism and His Plastic Wonderbike trying to have a serious on-the-bike bidness chat with Laurence Malone, the former jillion-time U.S. cyclocross champ, who turned up in Fanta Se back when I was still racing.
He was delivering burritos for a living on some old steel beater, rocking ancient kit and some equally elderly steel ‘cross bike with toeclips and straps, and was just faster than bad news from DeeCee. Anybody who wanted to talk pinto-bean futures with him would have to talk real loud ’cause he wouldn’t be in their ZIP code for long.
August 28, 2016 at 9:32 am |
BOHICA indeed. This is the kind of thinking that has brought us…ta-da…our state budget dilemma!
August 28, 2016 at 2:03 pm |
OK, so Facebook gets a tax waiver for 30 years? Facebook won’t even be around in 30 years.
August 28, 2016 at 8:24 pm |
It makes money for the rich people who own “The State”.
And, you are complaining.