Attracting Businesses During the “Great Recession”
Politicians like Bill Richardson usually view “economic development” as the practice of taxing the rest of us in order to provide incentives and direct payouts to favored industries like solar and film. As Joe Bast at the Heartland Institute writes in this excellent article, real economic development means providing certain economic conditions that are favorable to ALL industries that might wish to locate in a particular place, not just those that have the best lobbyists or are the most sympathetic or even “cool.”
So, what does Bast recommend (more information on each is contained in the article itself)?
1. Keep total tax burden low.
2. Keep taxes on businesses low.
3. Avoid corporate welfare.
4. Remove privileges enjoyed by labor unions.
5. Lower minimum wages.
6. Reduce workers compensation costs.
7. Keep housing affordable.
8. Reduce the burden of regulations.
9. Discourage lawsuit abuse.
10. Attract members of the creative class.