Wrong. It still sounds like they are generating cash. Apply whatever accounting method you want, At the end of the day cash is king.
Their default rate is 0.175%. That doesn’t sound like inordinate risk to me.
I have read a number of articles about this situation and better minds than yours or mine agree that it is not profitable. That’s why it’s referred to as corporate welfare. If it were profitable it wouldn’t be addressed in that way and the argument would be made the it is not welfare. No one is making that argument except you and the Chamber of Commerce.
I won’t go any further than that because clearly you are not going to be persuaded by facts.