It passed the assembly 52-34 on Tuesday, July 28, 2015, and Governor Walker signed it the following week on August 11, 2015.
The plan will preserve Milwaukee's stake in the NBA, but it comes at a cost that the state's residents will have to pay. The subsidy is for $250 million, but will rise to $400 million after interest over the next 20 years.
The Bucks' basketball organization brings in a lot of money for the state. Keeping the Bucks in Wisconsin is in the state's best interest, but maybe the money should have come from the billionaire owners who own the organization.
The Bucks organization is worth $600 million. The owners are comprised of a group of billionaire hedge fund managers led by Wesley Edens and Marc Lasry.
The Bucks have a rich political history in Wisconsin given that its founder, president, and the owner was U.S. Senator Herb Kohl.
It's no surprise that the organization has the backing of the state's political establishment.
It should seem outrageous that a team worth $600 million which is owned by a group of billionaires would need a subsidy. This is where the hedge fund business ethics come into play.
The owners lobbied for the subsidy because of claims that they have some overwhelming debts from some bad investments. Despite that claim, they still hold their top spots on Forbes richest list.
What's worse is where the money came from...
Governor Scott Walker has a record of cutting public funds. Teachers, public employees, and low-income residents have felt the Governor's wrath. His most recent cut rips $250 million away from the public education budget.
I can't say that Governor Walker took $250 million of school funds and gave it to a corporation whose leaders are filthy rich. He definitely cut $250 million, but the Bucks' getting that same amount could be a coincidence. Maybe he needs the money for snow removal.
It's hard for me to swallow that education does not enter the spectrum of importance the way corporate money does. A subsidy for a sports arena, no matter the amount, is one of the most blatant slaps in the public's face.
Wealthy hedge fund managers own the Milwaukee Bucks basketball organization. I don't know how this could fly in today's economy. I can't see how the mainstream media ignored it given the fact this cross-eyed, career empty suit is running for president.
I can see this puppet cutting natural disaster funds to pay for Monsanto's takeover of the food supply.
If you're a Wisconsin reader then use this information to start sending emails, attacking social media and calling for the governor to reverse this decision or at least cut it by half.
I understand that arenas bring in money and a continuous stream of jobs. I'm not saying that the owners can't use a little tax relief or legislative hand, but not at the expense of education.
It's more and more evident with every budget cut that Governor Walker's campaign financiers and payoff providers are more important than the people who elected him.
This guy should not be a presidential candidate. He's a paid for politician and we don't have enough money to buy his loyalty.
Blog by T. Clavero for Freedom Pop RadiO