Tag: Economic Development Agencies
LOTS OF PUBLIC MONEY, VERY LITTLE PUBLIC INPUT Budget debate will begin on the Senate floor today. The budget was passed out of committee May 3, and made publicly available May 8. The usual practice in the legislature allows members to have the budget for one week (three legislative days) for review. However, a vote …
WHAT IS THAT THING, AND WHY ARE WE PAYING SO MUCH FOR IT? Read Quantifying the Machine, the Policy Council’s report on the costs of economic development, here. For other material on state-driven economic development, click here. In the report, we reveal that state government now spends hundreds of millions of dollars on “economic development” each budget …
Whatever happened to this? Tune back in next week for an update on the state’s failed economic development machine…
Next year, the state of South Carolina will receive around $25 million dollars from the National Mortgage Settlement, a joint federal-state lawsuit against loan servicers awarded to parties affected by illegal housing foreclosures. In the House Budget’s Proviso 90.19, state legislators have decided, confusingly, to apportion this entire settlement to economic development. Despite attempts by legislators to introduce provisos that would use the money for its intended purpose, this proviso sends the entire award to the Deal Closing Fund at the Department of Commerce, a yearly appropriation used to “sweeten the pot” for economic incentive deals that ranges from $5 million to $10 million.
The House is currently debating the budget recommended by the Ways and Means committee after months of hearings. With just over $535 million in “new” recurring revenue[1], lawmakers justify spending as “filling the holes” caused by the recession. However, as we pointed out in our analysis of the executive budget, since 2002 the state budget …
The federal government is trying to run the U.S. economy – and South Carolina is helping out by taking federal grants for “economic development.” Why? Because it’s free money from the government! But is that always a good thing?
Last session, legislative leaders argued South Carolina needed every dollar of the state’s $2.8 billion federal stimulus package to save jobs for teachers and law enforcement personnel. Faced with such dire needs, Gov. Mark Sanford’s suggestion to use $694 million in stimulus funds to pay down the state’s $8.2 billion debt sent legislators into a …
What is the South Carolina Research Authority?
That question was asked at a recent meeting of the House Ways & Means Committee – and not a single lawmaker had an answer. Here are 10 things you should know about our state’s “Research Authority.”
Here are just a few of the things legislators are doing right now in the name of ‘economic development.’
Sponsored by House Speaker Bobby Harrell and 108 other representatives, the Economic Development Competitiveness Act is the product of Speaker Harrell’s economic development working group. This 49-page bill combines a few good ideas with several bad ones. Paramount among the good ideas is the elimination of the corporate income tax. But this is clearly the …
Tag: Economic Development Agencies
Senate Finance Budget: What to Keep an Eye On
Updated on June 3, 2013 by South Carolina Policy Council
LOTS OF PUBLIC MONEY, VERY LITTLE PUBLIC INPUT Budget debate will begin on the Senate floor today. The budget was passed out of committee May 3, and made publicly available May 8. The usual practice in the legislature allows members to have the budget for one week (three legislative days) for review. However, a vote …
Category: Budget, Commentary Tags: Budget 2013, Economic Development Agencies, Federal Spending, Patient Protection and Affordable Care Act, South Carolina Senate
How Much Does the Machine Really Cost?
Updated on October 3, 2012 by South Carolina Policy Council
1 Comment
WHAT IS THAT THING, AND WHY ARE WE PAYING SO MUCH FOR IT? Read Quantifying the Machine, the Policy Council’s report on the costs of economic development, here. For other material on state-driven economic development, click here. In the report, we reveal that state government now spends hundreds of millions of dollars on “economic development” each budget …
Category: Economic Development, Research Tags: Economic Development Agencies, Economic Incentives
The Economic Development Pyramid
Updated on July 4, 2012 by South Carolina Policy Council
Leave a Comment
Whatever happened to this? Tune back in next week for an update on the state’s failed economic development machine…
Category: Research Tags: Economic Development Agencies
The House Budget’s Five Worst Economic Development Provisos
Updated on January 20, 2017 by South Carolina Policy Council
1 Comment
Next year, the state of South Carolina will receive around $25 million dollars from the National Mortgage Settlement, a joint federal-state lawsuit against loan servicers awarded to parties affected by illegal housing foreclosures. In the House Budget’s Proviso 90.19, state legislators have decided, confusingly, to apportion this entire settlement to economic development. Despite attempts by legislators to introduce provisos that would use the money for its intended purpose, this proviso sends the entire award to the Deal Closing Fund at the Department of Commerce, a yearly appropriation used to “sweeten the pot” for economic incentive deals that ranges from $5 million to $10 million.
Category: Commentary, Economic Development, Research Tags: Economic Development Agencies, Provisos
Ways and Means Budget Largest in State History – Yet Again
Updated on April 26, 2012 by South Carolina Policy Council
1 Comment
The House is currently debating the budget recommended by the Ways and Means committee after months of hearings. With just over $535 million in “new” recurring revenue[1], lawmakers justify spending as “filling the holes” caused by the recession. However, as we pointed out in our analysis of the executive budget, since 2002 the state budget …
Category: Budget, Budget Watch 2012, Research Tags: Budget Watch 2012, Economic Development Agencies
The Matthew Lesko Approach to Economic Development
Updated on February 25, 2012 by South Carolina Policy Council
Leave a Comment
The federal government is trying to run the U.S. economy – and South Carolina is helping out by taking federal grants for “economic development.” Why? Because it’s free money from the government! But is that always a good thing?
Category: Commentary, Independence from DC Tags: Economic Development Agencies, Federal Spending
Stimulus Dollars Not Going to Teachers and Law Enforcement
Updated on January 20, 2017 by South Carolina Policy Council
Leave a Comment
Last session, legislative leaders argued South Carolina needed every dollar of the state’s $2.8 billion federal stimulus package to save jobs for teachers and law enforcement personnel. Faced with such dire needs, Gov. Mark Sanford’s suggestion to use $694 million in stimulus funds to pay down the state’s $8.2 billion debt sent legislators into a …
Category: Commentary, Economic Development, Self Governance Tags: Economic Development Agencies, Stimulus
What is the South Carolina Research Authority?
Updated on February 26, 2012 by South Carolina Policy Council
Leave a Comment
What is the South Carolina Research Authority?
That question was asked at a recent meeting of the House Ways & Means Committee – and not a single lawmaker had an answer. Here are 10 things you should know about our state’s “Research Authority.”
Category: Commentary, Limited Government Tags: Economic Development Agencies, SCRA
The ‘Incentives Game’ – what else are lawmakers giving away?
Updated on February 7, 2012 by South Carolina Policy Council
Leave a Comment
Here are just a few of the things legislators are doing right now in the name of ‘economic development.’
Category: Commentary Tags: Economic Development Agencies, Incentive Deals
Fact Sheet on H 4478: The S.C. Economic Development Competitiveness Act of 2010
Updated on January 20, 2017 by South Carolina Policy Council
Leave a Comment
Sponsored by House Speaker Bobby Harrell and 108 other representatives, the Economic Development Competitiveness Act is the product of Speaker Harrell’s economic development working group. This 49-page bill combines a few good ideas with several bad ones. Paramount among the good ideas is the elimination of the corporate income tax. But this is clearly the …
Category: Commentary, Research Tags: Corporate Taxes, Economic Development Agencies