Wednesday, December 11, 2013

'Economic development' scams three times more likely to lose jobs than create them

The slush funds known as economic development programs not only lavish 7 billion in New York state tax dollars each year, not only lavish these special perks to a mere 4% of businesses, they do so in a secretive fashion that provide no accountability to assure the recipients actually produce the number of jobs they promise. Over a quarter of projects receiving "economic development" funds were not obligated to promise to create or retain a single job.

To the extent that the data could be analyzed, only 13% produced the number of jobs proposed while 40% either didn't create a single job or actually lost jobs.

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