Faraday will not build a car assembly facility in Nevada. I guess the tax incentives doled out by state politicians were not enough. Luckily for Nevada taxpayers, the demise came early to minimize damage. The Nevada Department of Transportation, however, will widen the road to nowhere at the cost of a few million dollars.
But the other two recent giveaways are very much alive and the taxpayers may end up holding the bag for decades.
For now, Tesla is going strong with its battery factory. But wait until the competition from China and others heats up and federal subsidies for electric cars fade. Also, Tesla CEO Elon Musk will attempt to bring down the battery costs by introducing robots. That will reduce the number of people at the factory by up to 50 percent. Anybody want to reserve tickets to see a ghost town near Reno in, say, 2025?
Then there’s the stadium for the NFL and the Raiders. These guys are ruthless in sucking the blood out of cities by pure blackmail. The folks attached to their iPhones will not come to stadium to buy $10 hot dogs when they can watch the games on other media.
Anyone remember Montreal’s Olympic Stadium which had to change its name from the Big O to the Big Owe?