Frowning takes 68 muscles.
Smiling takes 6.
Pulling this trigger takes 2.
I'm lazy.
Posted on 06/07/2010 8:50:47 AM PDT by MichCapCon
On May 25, the executive committee of the Michigan Economic Development Corp. publicly cried foul over "unwarranted criticism" of the agency and warned that "political in-fighting" could hurt the state's business investment climate. But the criticism of the state's chief "jobs" department is not only warranted, it's overdue.
The letter specifically references the MEDC's Michigan Economic Growth Authority tax credit program as evidence of effectiveness, claiming the program is "enabling us to compete successfully against other states and countries. ..." The officials cite no supporting evidence. The claim, however, is at odds with the four scholarly analyses of MEGA that have been produced since its inception - two by the Mackinac Center, one by the Anderson Economic Group and one by the Upjohn Institute.
A 2005 study by the Mackinac Center showed that MEGA had no impact on per-capita personal income or job creation. We did find that for every $123,000 in tax credits offered, one construction job was created, but 100 percent of those jobs disappeared within two years.
Last year, we used a different modeling technique to isolate MEGA's effects from the larger economy and found that for every $1 million in tax credits earned in a county there was an associated loss of 95 manufacturing jobs.
The Anderson Economic Group study, published in March and funded by the Michigan Education Association, found that MEGA and two similar state programs cost the state 25,000 jobs and $85 million in tax revenue annually...
(Excerpt) Read more at michigancapitolconfidential.com ...
Another brillant job done by Jenny and crew.
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