Tag: economic development incentives

Curbing Economic Development Incentive Excesses

A bill prefiled with the S.C. Senate last week could go a long way toward limiting the excesses of economic development incentive agreements between government and private business.

S. 134, with senators Tom Davis and George Campsen as sponsors, would tighten down on not only what, but how governments can give away public money as an economic development incentive.

Most importantly, it would make the process transparent so the taxpayer could see in advance just how much public money is being thrown at a company to relocate, or expand its business.

Public Discussion on Economic Development Incentives

Independent Republican gubernatorial candidate Tom Ervin should be thanked for introducing economic development incentives into the political discussion recently.

While Gov. Nikki Haley campaigns around the state claiming to have created 57,000 new jobs in South Carolina during her first four years, Ervin recently released a report debunking much of Haley’s claim.

Maybe the voting public will now realize that neither state bureaucrats at the S.C. Department of Commerce, nor operatives at locally created economic development entities have any business throwing taxpayer funded “economic development incentives” at businesses they hope will create new jobs in the area.

New Incentives for AvCraft?

A recent local media report said Horry County officials are working with officials of AvCraft Technical Services to attempt to structure a new incentives deal for the company.

AvCraft admits it can’t meet the goal of 150 new jobs it agreed to approximately three years ago when it received its current economic development incentive package from Horry County.

And this is not the first time. AvCraft has failed to meet promises. It never produced the 400 jobs it promised when it received its first incentive package from the county in 2004. After new ownership bought the company out of bankruptcy in 2009, it did not produce 50 jobs promised.

Economic Development Incentives and You

One of the biggest ripoffs of American taxpayers comes in the form of economic development incentives given to businesses under the guise of job creation.

This is something we hear about every week, but the cost to the individual taxpayer is never considered.

It has gotten to the point that companies and the governments they negotiate with consider job creation something that should be subsidized by taxpayers.

Businesses understand any expense they can transfer to taxpayers will make the bottom line look better. Government interference in the marketplace is to be avoided at all costs except when business can shift expenses to government.