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From Reuters
GARY, Indiana (Reuters) - United States Steel Corporation founded Gary, Indiana in 1906 - naming it after co-founder Elbert Henry Gary - and the city’s fortunes have been closely tied to the company ever since.
When the firm started losing business to cheap Asian imports in the 1970s, waves of layoffs followed as Gary became a haven of blight, crime and lost population.
Last year, the city harbored hopes for a revival after President Donald Trump imposed tariffs on steel imports and the company planned a $750 million investment to modernize Gary Works, its largest North American plant.
But it’s now clear those hopes will not translate into new steel jobs, even after the city and state offered the firm a $47 million tax break package.
COMMENT:-
Somehow I can't quite get my mind wrapped around "Slowing Of Job Loss = Job Creation".
Admittedly the tax breaks did result in an increase in average income (at least the incomes of the owners went up and an increase to a part of a population will result in an increase in the population's average).
U.S. Steel wins tax breaks from one of America's poorest cities
GARY, Indiana (Reuters) - United States Steel Corporation founded Gary, Indiana in 1906 - naming it after co-founder Elbert Henry Gary - and the city’s fortunes have been closely tied to the company ever since.
When the firm started losing business to cheap Asian imports in the 1970s, waves of layoffs followed as Gary became a haven of blight, crime and lost population.
Last year, the city harbored hopes for a revival after President Donald Trump imposed tariffs on steel imports and the company planned a $750 million investment to modernize Gary Works, its largest North American plant.
But it’s now clear those hopes will not translate into new steel jobs, even after the city and state offered the firm a $47 million tax break package.
COMMENT:-
Somehow I can't quite get my mind wrapped around "Slowing Of Job Loss = Job Creation".
Admittedly the tax breaks did result in an increase in average income (at least the incomes of the owners went up and an increase to a part of a population will result in an increase in the population's average).