Pulitzer Prize winner David Cay Johnston highlights a new report - Creating Scandals Instead of Jobs: The Failures of Privatized State Economic Development Agencies - today.
Johnston puts it this way:
If you think people who own companies should invest their own dough, and if they do it right are entitled to their riches, you must be living in another era. These days hotels, big-box retail stores, medical offices and the occasional factory are built using your tax dollars for all or a good chunk of the cost, a story detailed in my book, Free Lunch.
This latest development in the rapid growth of corporate socialism is in a report being issued today by Good Jobs First, a tiny nonprofit research group in Washington, D.C.
For years this small group, operating on a budget of about a million bucks a year, has mined the public record to find golden nuggets of fact documenting the upward redistribution of wealth and income that is at the heart of America’s economic woes. It is a story seldom mentioned in the news.
The new report is titled, fittingly, “Creating Scandals Instead of Jobs: The Failures of Privatized State Economic Development Agencies.”
“State efforts to promote economic development,” the report begins, “have traditionally been carried out by public agencies such as commerce departments, which both market the state to potential corporate investors and administer the subsidies that are frequently used to lure companies. In late 2010, however, several newly elected governors called for a different approach. Claiming that their state agencies were no longer effective, the governors-elect called for the creation of “public-private partnerships” (PPPs) to take over the functions.”
These jobs giving away your tax dollars must require tremendous skill, based on what they pay.