Sunday, August 14, 2011

Vote seeking politicians + "incentives" = Huge Waste of Taxpayer Money

Great investigative article by the Tennessean. So-called economic development is a black hole for taxpayer money.

If politicians knew how to create jobs they would be in the private sector earning big bucks.

Ok, class lets review: Politicians are not morally or intellectually superior to their constituents. They have no special economic insights or knowledge. They are just like you and me and they should NOT be making economic decisions for us.

With jobless rates above 9 percent in much of Middle Tennessee, local governments are turning more often to tax incentives and other perks to attract new jobs, reigniting a fierce debate over how much cities and counties should pay for progress.

It’s not just a philosophical argument.

There’s a lot at stake — at least $248.3 million in today’s dollars in Davidson, Rutherford and Williamson counties alone, according to a Tennessean analysis of available records for 10 incentive-based projects since 2006 for which tax packages are fully known.

In return, the county governments hope companies deliver on promises to create several thousand new jobs with call centers, headquarters buildings and distribution centers.