Courtesy of their corrupt elected officials, South Carolina taxpayers have already given aircraft manufacturer Boeing $900 million worth of taxpayer-funded incentives. On top of that Boeing gets subsidies courtesy of the U.S. Export-Import Bank not to mention billions of dollars annually in federal defense contracts.
But hey, the company is lining the pockets of South Carolina politicians with campaign contributions … so whatever Boeing wants, Boeing gets.
In fact less than two weeks after stroking S.C. Gov. Nikki Haley a $2,500 check, the governor will sign legislation authorizing another $120 million in subsidies for the company. In fact this latest “incentive” – news of which was broken exclusively by FITS – is pure debt associated with capital projects (i.e. buildings).
Never mind that its latest airplane can’t seem to stop catching on fire … or the fact that every time Palmetto State leaders approve new tax breaks for the company somebody else has to pick up the tab.
And never mind that your business isn’t getting a dime for its capital projects … (in fact, the shrinking of the tax base associated with these massive incentive deals means your business will likely have to pay more).
Such is the new reality of crony capitalism in America … where bought-and-paid for politicians give away hundreds of millions of tax dollars at breakneck speed with no accountability, little transparency and virtually no discussion of the consequences of their actions.
In fact consider this … earlier this week it was revealed that S.C. Senate Finance committee chairman Hugh Leatherman (who knows all about getting his bread buttered) commissioned yet another lengthy committee process to study the merits of parental choice legislation.
Never mind that this issue has been debated for the last decade in South Carolina – during which time every other state in the nation has passed some sort of choice bill.
Anyway, while Leatherman continued stalling on choice … Boeing got its bailout pushed through the Senate in less than 48 hours.
Less that forty-eight hours, people.
That’s how “democracy” works in South Carolina, people … assuming you can pay for it.
Speaking of, apparently the best these “Republicans” can do on tax relief for small businesses and individual taxpayers (i.e. the rest of us) is to discuss the possibility of giving a few dollars back … and only if there’s enough money left over. For example in her FY 2013-14 budget, Haley proposed a whopping $29 in tax relief for the average Palmetto State filer … but only if there was a budget surplus.
And the beat goes on (bada boom da doom dada) …
UPDATE: Props to South Carolina Senator Tom Davis, who argued passionately from the floor of the State Senate this week against the approval of this latest Boeing bailout. Also, props to Senators Lee Bright, Kevin Bryant, Thomas Corbin, Shane Martin and Danny Verdin – who joined Davis in voting against the package. Meanwhile, click here for a recap of those who voted the wrong way.