SC

Palmetto State: This Is Your Economy

South Carolina’s economy is “stuck in the mud,” according to a Charlotte, N.C. economist. The quote from Wells Fargo managing partner Mark Vitner appeared earlier this month in The (Rock Hill, S.C.) Herald – which offered its readers a rare glimpse at economic realities ignored by most Palmetto State outlets. In…

South Carolina’s economy is “stuck in the mud,” according to a Charlotte, N.C. economist.

The quote from Wells Fargo managing partner Mark Vitner appeared earlier this month in The (Rock Hill, S.C.) Herald – which offered its readers a rare glimpse at economic realities ignored by most Palmetto State outlets.

In addition to Vitner’s remark – which the S.C. Democratic Party prominently featured in a pair of emails to other reporters – The Herald‘s Don Worthington became the first mainstream media reporter to reference South Carolina’s record low labor participation rate.

That’s something S.C. Cheerleader-in-Chief Nikki Haley wants to keep completely out of the papers if at all possible … particularly the closer we get to November 2014.

So … what is the real state of South Carolina’s economy? Haley’s office boasts of having created 37,000 new jobs (and $9 billion worth of capital investment) – but she’s been busted lying about job creation numbers in the past. Also Haley’s calculations fall short on two critical fronts. First, her numbers don’t factor in the jobs and capital investment South Carolina has lost since she took office. Second, Haley doesn’t say how much taxpayer cash was shelled out for the 37,000 jobs she allegedly “created.”

Because in the Palmetto State taxpayer-funded incentives – doled out largely in secret – have been the primary method of “economic development” for years.

How’s that approach working? Not well …

First there was South Carolina’s “Lost Decade” – which we chronicled in this piece. But things haven’t gotten any better under Haley.

A report released earlier this year ranked South Carolina as one of the worst states in America try and make a living. Other recent reports showed the Palmetto State as having a terrible business tax climate as well as zero upward mobility for its citizens.

And while Haley has been more than willing to grow government, a recent analysis of private sector job creation among America’s governors ranked her No. 34 out of 45 (five governors were excluded from the study because they took office in 2013). One of those five governors, North Carolina’s Pat McCrory, recently signed a massive $2.5 billion tax cut – which will only further diminish South Carolina’s competitive position.

Given all that, “stuck in the mud” seems to fit …

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15 comments

tinkerbell September 30, 2013 at 5:13 pm

No, No can’t be right, remember…Haley is the “jobs Gov.” and “Joe means jobs”.
Oh yea …. they meant bjs , hand js, and they did a job on the voter and got themselves elected!

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Jesus H. Christ! September 30, 2013 at 5:48 pm

That’s what you get when you have Republicans in charge.

Enjoy it, SC.

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Frank Pytel September 30, 2013 at 7:34 pm

Poor thing. Its #Obuttheads fault. #Oshitforbrains

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party you poop September 30, 2013 at 9:56 pm

Dagnabbit, those Repubs must have ruined Illinois, California, Michigan, New York, Massachusetts,…too.

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johnq September 30, 2013 at 6:22 pm

This is clearly unpossible!! As our state has been run by christian conservative republicans for the last 30 years our economy is anointed by jeezus-uh and bathed in milk and honey.

Oh wait, I forgot, in order for our economy to thrive we need to shut down the government, default on our debt and elect christian conservative republicans to office just ONE more time and all will be right with the world.

Fucking idiots deserve to be the laughing stock of the nation.

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Frank Pytel September 30, 2013 at 7:51 pm Reply
El Kabong September 30, 2013 at 7:43 pm

FITS howls at the incompetence of Haley, yet when summer 2014 rolls around we will find him supporting her……just like last time.

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Imagine my surprise September 30, 2013 at 9:59 pm

I thought Sic was running a story on Mark Sanford and his prowess with a backhoe.

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Hi, I'm Nikki October 1, 2013 at 12:56 am

You want fries with that?

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jimlewisowb October 1, 2013 at 9:16 am

Just in case you missed it earlier

Alex Thornton Write in Candidate for Governor

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nitrat October 1, 2013 at 9:44 am

SC ‘Lost Decade’ aka The Sanford Years?
…when Sic was helping Mark promote all of HIS misleading, deceitful numbers?

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Frank Pytel October 1, 2013 at 1:46 pm

I DONT GIVE A SHIT ABOUT THAT. ITS THE GOD DAMN TEA PATRTIES FAULT MF.Fuck ng bastards

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Frank Pytel October 1, 2013 at 1:47 pm

I DONT GIVE A SHIT ABOUT THAT. ITS THE GOD DAMN TEA PATRTIES FAULT MF.Disqust is disqusti.g.

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Same ol' Same ol' October 2, 2013 at 11:18 am

At least the track hoe can get out of the hole. Us, with our sitiation, not so much.

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Same ol' Same ol' October 2, 2013 at 11:20 am

And before anyone takes me to task about “sitiation”, I was trying to emulate Pappy O’Danl’.

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