GOVERNOR’S CORPORATE HANDOUT FUND GROWS BY 800 PERCENT
|| By FITSNEWS || A crony capitalist slush fund enabling South Carolina governors to dole out millions of dollars in “incentives” to select companies has grown by more than 800 percent under Nikki Haley. The governor’s “closing fund” – which received $5 million a year in 2011 – is currently budgeted for $45.3 million. That’s more than a nine-fold increase in less than five years.
According to reporter Rick Brundrett of The Nerve – a Columbia, S.C. new media outlet that works in concert with libertarian-leaning S.C. Policy Council – the S.C. Commerce Department fund “is authorized through obscure state budget provisos that lawmakers have to renew annually.”
Brundrett’s story also noted the panel which approves these corporate handouts “typically discusses secretly what taxpayer-backed incentives companies will receive, and often releases little, if any, specifics to the public.”
Three years ago, this website published a report exposing South Carolina’s near-total lack of transparency in assessing the effectiveness of its taxpayer-funded “economic development” handouts – which of course have labored to produce nothing but record low labor participation and shrinking incomes.
Last year, The (Columbia, S.C.) State newspaper noted the Palmetto State provided taxpayers with a “bare minimum of disclosure” regarding these payouts.
Wonder why …
If an 800 percent expansion of taxpayer-funded “economic development” efforts produced nothing but a smaller workforce making less money … we’d try something else, too.
— Salty Dog (@TopSouthern) February 9, 2015