Third Frontier Passes… Brian Hicks Does a Happy Dance
With the deadline being today, the legislature certainly moved quickly to put an issue on the ballot when future campaign contributions are at stake:
From William Hershey:
The House and Senate today, Feb. 3, are expected to vote to put a compromise plan for extending the Third Frontier high tech economic development program on the May 4 ballot.
A House-Senate conference committee late Tuesday agreed to a four-year, $700 million bond proposal. The Democratic-controlled House had proposed a five-year, $950 million plan while the Republican-controlled Senate had approved a four-year, $500 million plan.
From the Ohio House:
COLUMBUS — House Republican Leader William G. Batchelder (R-Medina) and Ron Amstutz (R-Wooster), who serves as the ranking minority member on the House Finance Committee, issued the following statement after the full House passed a measure to place a renewal of the Third Frontier initiative on the May ballot.
“We are pleased to see this bipartisan recommendation to extend a program for the future of Ohio’s economy and would like to thank the legislative leaders for working with us to recommend that voters extend the Third Frontier program. The amendments placed in the recommended constitutional language will keep the program on a strong footing by requiring external merit-based review when awarding project funds.”
Lawmakers remain committed to this program as originally introduced in 2002. Since that time, Ohio has seen an impressive early return on investment through generating more than $6.5 billion in economic activity and attracting a nearly 10:1 ratio of private and federal funds, thereby moving Ohio to the forefront in growing early stages of capital flow into Ohio. The measure passed the full House 83-14.
That ratio of “10:1″ is due to the fact that investors and banks feel more comfortable when government handouts/cheap loans are involved. This is forcing taxpayers into doing the job of venture capitalists. Here, taxpayers assume high risk for only supposed benefits on a macro level (unless you hire a lobbyist and start writing checks to Armond Budish and Ted Strickland?), while destroying jobs and confiscating wealth elsewhere in the economy… which is why that supposed ROI is bullhonkey.
And the conservative Republicans who opposed should be applauded: Seth Morgan, John Adams, Jeffrey McClain, Jeff Wagner, Danny Bubp, Bruce Goodwin, Dave Burke, Matt Huffman, Margaret Ruhl, David Daniels, Kris Jordan, Barbara Sears, and James Zehringer. I’m told Lynn Wachtmann was ill today, but there is no question he would have otherwise been another “no” vote.
Think I’m out of line by disagreeing with Republican leaders in the House and Senate on this one? Well, if you want to take a look at what core Republican voters think, just notice that, in addition to candidate for Auditor Seth Morgan, the 3 Rs who are running in 2 serious primaries for the State Senate- Jordan, Daniels, & Evans- all voted “no.”
- Convicted Criminal Brian Hicks vs. Tom Brinkman on the Socialist 3rd Frontier
- James Newton on The Third Frontier
- Strickland Handpicks
DonorsCompanies for Third Frontier Grants, Republicans Like Campaign Cash Too
- 3rd Frontier’s Job Creation
- Thomas Suddes Glazes Over Why Democrats Want to Expand/Renew the Socialist 3rd Frontier