As reported by the NC Insider, a subscription-based news service:
According to data presented at a legislative meeting on economic development on Thursday, just over $1 billion in economic development awards were given across the state’s eight prosperity zones during the last five years. Urban counties were big benefactors of the awards….In all, the state gained about 138,000 jobs from economic development awards.
Left out of the data, as always, is any mention of what was lost due to the corporate welfare. What other investments and job growth were foregone because that $1 billion was directed by political cronies, instead of in response to consumer preferences?
Sen. Harry Brown, R-Onslow, noted that while economic development programs were created to help rural counties, in recent years more urban counties have benefited from them. “I just gotta ask, is it something we’re doing wrong, what needs to change?” Brown said.
Yes, you are doing something wrong. And that is engaging in corporate welfare to begin with. Eliminate the crony subsidies and privileges and treat all businesses the same. This would enable broad, across-the-board tax relief to all job creators; and ensure that those businesses that succeed are the ones most efficiently serving consumers, not those with the most political clout.