COMPANY IN FLORIDA FACES FINES FOR FAILING TO CREATE JOBS AS PROMISED …
This website explicitly rejects corporate cronyism. It is wrong for government to provide incentives to certain companies at the expense of others … a.k.a. “picking winners and losers in the marketplace.”
Also, news flash: It doesn’t work.
Not only do many of these taxpayer-subsidized investments bomb, but win or lose they place an unfair burden on other companies/ individual taxpayers – a burden that suppresses authentic economic growth.
Anyway down in Florida, corporate cronyism is facing some long-overdue scrutiny. Specifically, a company called Solodev – which received incentives from the city of Orlando – is in hot water for failing to create the jobs it promised to create within the promised time frame.
Now, according to reporter Matthew Richardson of the Orlando Business Journal, local government could fine the company for its failure to produce jobs on schedule.
Obviously a much better policy would be not doling out these subsidies in the first place, but we suppose this is a start …
Companies should never be allowed to take taxpayer money … but if politicians are going to give it to them, the very least they should do is insist these companies keep the promises they make upon receiving it.