So says this report released today by the Civitas Institute. The study, entitled “The Economic Impact of Federal Spending on State Economic Performance: A North Carolina Perspective” concludes, “In North Carolina, between 51.1 thousand and 66.9 thousand job losses can be expected to occur during the time that ARRA funds are being spent.”
Co-authors of the report include Arthur Laffer, former member of President Reagan’s Economic Policy Board and creator of the famous “Laffer Curve;” and Donna Arduin, former top fiscal advisor to Governor Schwarzenegger in California (during the good year) and governors in Florida, New York and Michigan.
As Arduin explains, “Government does not create anything–it merely redistributes wealth by taking money from those who pay taxes–those who are creating jobs and wealth–and spending it with bureaucratic inefficiency, reducing the incentive for taxpayers to save, invest, and employ people.”
And let’s not forget former Gov. Easley’s attempt at a state “stimulus.”
Remember when he “fast-tracked”’ nearly $750 million in state government capital improvement (i.e. construction) projects back in January? At the time, his office promised “these projects will produce nearly 26,000 new jobs.” In contrast to such bold claims, North Carolina has since lost 17,000 construction jobs – a contraction of roughly 8 percent – and 71,000 jobs overall.
Read the full report here.