Friday, March 11, 2016
As Government Shines In New Industry, Paul Ryan Shows Up
As usual, the Janesville Gazette did a magnificent job covering up the huge role government has played in bootstrapping the potential of a radioactive medical isotope production facility (SHINE) in Rock County.
According to this celebratory article, tender readers are led to believe various levels of government pitched a combined total of $9 million of the $100+ million projected price tag when in truth, private funding totals only $11.5 million of the $50 million raised so far leaving public sources i.e., federal, state and local taxpayers, pledging the difference of roughly 77% (give or take a few points) of the venture capital raised at this juncture.
The "celebration event" in Janesville as reported by the newspaper was for the company recently winning approval from federal regulators to start building their facility. The party included a rare visit by Rep. Paul Ryan who told the crowd that SHINE's plan was a "great, fantastic breakthrough," and said it shows Janesville has begun to “decentralize” its local economy and bounce back.
Whether we agree with Ryan's view or not, keep in mind that the medical isotope company in Janesville would not be happening without every level of government using its power of collectivism to guarantee not merely basic start up costs for the SHINE business venture, but more than three-quarters of the money "invested" into the project so far.
Back in the early speculative days, the CEO stated his business idea was so dependent on government assistance that if Janesville taxpayers weren't willing to pop for free land, a loan guarantee and other perks valued at over $9 million, he would pack up his bags and look at other communities. You read that right.
And, so here we are now with the person some have been hoodwinked to least expect crediting collectivism for decentralization and celebrating government dependent individualism from - the self-described free market small government classical liberal - Paul Ryan.
SHINE SEC filing.
RNR - Despite Paul Ryan, Janesville's Turnaround Sparked By Government
Posted by Lou Kaye at 12:06 AM