NOT A “GREAT DAY IN SOUTH CAROLINA” FOR GDP EXPANSION
Need further evidence of the failure of South Carolina’s government-driven, crony capitalist approach to economic development? (Assuming those anemic incomes and lagging labor participation rates weren’t sufficient to make the case).
Here goes …
The Palmetto State’s economy grew at a modest 1.9 percent clip last year.
That’s below the national growth rate of 2.4 percent, according to data (.pdf) released this month by the Bureau of Economic Analysis (BEA). It’s also below the state’s 2014 growth rate of 2.5 percent.
Weak, right? We certainly think so … especially given all the “great day in South Carolina” propaganda coming out of S.C. governor Nikki Haley‘s office (and all the tax dollars flowing to corporate cronies from her commerce department).
And if national trends are any indication, the current year isn’t going to be any better.
We’ve said it before, we’ll say it again: It is not government’s job to grow the economy – certainly not by perpetually expanding itself as it gambles with other people’s (i.e. your) money.
Government’s job is simple (and limited). It exists to protect liberty and private property and to promote prosperity for all people by allowing the free market to do its job.
That’s clearly not happening in South Carolina …