4/16/2023 0 Comments Bloomberg amazon factory town![]() ![]() But they should want those things because they're good for the people who live and work in those states and cities - not because those things are good for Amazon. ![]() In their case, the old adage that government should live within its means - same as a household - actually applies.Ĭities absolutely should want to have thriving universities and robust transit and internet infrastructure and educated workers. (It can cause an inflation crisis, but that's another matter.) But state and city governments don't control the currency. It controls the currency in which it taxes, spends, and borrows, and thus can never face a debt crisis by definition. Now, fear-mongering over deficit spending is foolish and destructive where the federal government is concerned. Since 2014, states and cities have given Amazon well over $1 billion in the form of subsidies and tax breaks. They found that from 2005 to 2014, local governments forked over $613 million to Amazon to attract construction of the companies' various fulfillment centers, and another $147 million to attract its data centers. The Institute for Local Self-Reliance and Good Jobs First are nonpartisan research outfits that track these sorts of bidding wars by cities and states for corporate investment, and are generally critical of them. "Amazon HQ2 will bring billions of dollars in upfront and ongoing investments, and tens of thousands of high-paying jobs," Jeff Bezos, Amazon's founder and CEO, said in a statement. Its original Seattle headquarters pumped $38 billion into the city's economy from 2010 to 2016. After all, Amazon estimates its new headquarters will employ 50,000 full-time employees, paid six-figure salaries on average. Of course the company wants to be around them!Īnd it's no wonder that American cities are tripping over each other to woo one of the most valuable companies on Earth. Good mass transit and universities and an educated workforce are all valuable things for a company like Amazon. It's hard to blame Amazon for just acting in its self interest. Louis, and Miami are are all also throwing their hats into the ring. "New York City has the most innovative and diverse tech sector in the nation," piped up New York City Economic Development Corp spokesperson Anthony Hogrebe. ![]() "If Amazon wants an East Coast headquarters, I don't see any city better in America than Boston, Massachusetts," declared Boston Mayor Martin Walsh. Communities across the land are already falling over each other to court Amazon's affections. ![]()
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