COMPANIES LIKE THIS AREN’T GOING TO BOOST GDP …
|| By FITSNEWS || This website has written previously on former Florida governor Jeb Bush‘s big gross domestic product dreams. The “Republican” presidential candidate says his economic plan would create four percent annual GDP growth and 19 million new American jobs over eight years.
That’s a pretty big boast seeing as America’s GDP hasn’t hit four percent in fifteen years …
Anyway, Bush is making his economic case in South Carolina today. However his choice of venues – Nephron Pharmaceuticals – leaves a lot to be desired.
For those of you unfamiliar with this crony capitalist company (which has its roots in Florida), here’s our exclusive report from last fall detailing the taxpayer-subsidized debacle taking place at its West Columbia, S.C. headquarters.
And here’s a follow-up report from earlier this year delving deeper into one of the allegations against the company …
Bottom line? As of last October, Nephron had created less than one-tenth the jobs it promised – at far lower salaries than it promised.
FITS was suspicious of this deal from the beginning – and said so. We published a detailed story regarding its questionable financials – and also wrote extensively about pay-to-play allegations involving Nephron and S.C. governor Nikki Haley. Not only that, we busted Haley in a lie regarding her prior connections to the company’s founders – Bill Kennedy and his wife, Lou Kennedy (who have contributed thousands of dollars to Haley’s political campaigns and who frequently allowed Haley access to Nephron’s private jet).
Bush has made some solid South Carolina visits so far – like when he dropped by one of the special needs schools benefiting from the Palmetto State’s fledgling parental choice program (prompting us to praise his record on promoting academic freedom).
But he’s also made some incalculably dumb visits, too. Like when he joined Haley at a battered woman’s center …. for which the governor previously vetoed funding (we know, we were shocked to learn there was something Haley actually vetoed, too).
Seriously … who is vetting this stuff for Bush?
America is fully capable of achieving four percent annual economic growth – or higher. In fact from 1950-1980, it exceeded that figure seventeen times (and actually exceeded five percent growth twelve times). But as we’ve noted, that was before the era of obscenely big government – before the perpetual expansion of the welfare state and entitlement culture, before the dawn of unchecked crony capitalism, before the radical redistribution of wealth, before Obamacare and before two totally unsuccessful “Wars on Terror.”
Crony capitalism – and its picking of “losers” in the marketplace (like Nephron) – is one of the anchors holding our economy down. And if the American free market is going to “rise” again (an increasingly big “if”), it will do so in spite of such companies – not because of them.
If he really wants to make his GDP boast, Bush should be visiting businesses that are part of the solution … not part of the problem.