In other words, New York State’s subsidy to GlobalFoundries stole profitable business from some other place, and furthermore if the plant wouldn’t have been profitable without the subsidy, the subsidy brought unprofitable business into New York State! According to the obvious conclusions of GlobalFoundries argument, this is a lose-lose situation for New York and for everyone else!

What else is the “free market” good for, if not for directing work, goods and services to the places where it’s most profitable?

There’s a very strong smell of something else going on behind the scenes in this judgement. Could it be something to do with the need to keep Gulf-of-Hormuz states on-side for any potential conflict with Iran, by giving them a financial interest in America, and in New York specifically?