Monday, January 07, 2008

the "Economic development" scam

Great series from the Oak Ridger which found that six of their local "economic development" officials make over $100,000 with some making over $200,000. More evidence that "economic development" has long ago stopped being about the local economy. It has become a very bad excuse for spending taxpayer and non-profit money with almost no accountability. Politicians like to be able to say they are "doing something about the economy" when in fact they have neither the capacity or ability to "help the economy." Most of the non-profit groups are simply empire building.

Low taxes, less regulation, and hard working employees and employers are the key to economic development, not a bunch of hot air from politicians and Chambers of Commerce officials.

Link

Federal tax records suggest that it can be profitable to lead a local nonprofit organization.

The leaders of six local economic development organizations each received more than $100,000 in annual compensation, according to the most recent tax records available online.

In tax records reviewed by The Oak Ridger, the largest nonprofit paycheck went to Tom Rogers, Technology 2020 president and chief executive officer. He received $252,587 in compensation in calendar year 2006, according to the company's tax return.