The deal to give Stellantis reportedly up to $13.2 billion to save its battery plant is a compelling argument against corporate welfare.
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But governments can’t pick winners and losers. If you give billions in subsidies to one company, you’re going to be held over a barrel by other companies to do the same. That hurts profitable competitors who are paying taxes and not reaping subsidies. If governments are going to invest billions in these plants, they should demand an equity stake in those industries. When the plants are making money, taxpayers should see a return on their cash, just as any other investor would..Let’s not forget, taxpayers bailed out the auto industry in 2008-2009. In 2018, the Fraser Institute estimated the cost to taxpayers was $3.7 billion; that was never repaid.
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