The Amazing Job-Creation Powers of Pork & Corporate Welfare Queens
From the inbox:
Program has created over 40K jobs and provided a 10 to 1 return for taxpayers
COLUMBUS – Citing an impressive job-creation performance and a strong return on investment for taxpayers, State Reps. Sandra Williams and Jay Goyal joined business leaders in growing high-tech industries from across the state to announce their efforts to renew and expand the Ohio Third Frontier Program.
“This bipartisan program has not only created thousands of Ohio jobs, it has developed a foundation for Ohio’s economic recovery by jumpstarting high-growth industries such as the biomedical, advanced materials and alternative energy sectors,” said Rep. Williams. “Ohio cannot afford to relent or we risk slowing the positive economic growth that this successful program has generated.”
The Ohio Third Frontier Program began in 2002 with bipartisan support and voter approval. It is a 10 year, $1.6 billion bond program that allows for targeted support of technology companies that diversify and accelerate Ohio’s knowledge-based economy.
“Ohio’s future economic prosperity depends on our ability to shift from traditional manufacturing industries to the high-growth, technology-intensive industries of tomorrow,” said Rep. Goyal. “Third Frontier not only accelerates our economic transition, it also creates good-paying jobs for Ohioans.”
40,000 jobs? really? Ohio has lost 243,200 jobs overall, unemployment is 10.5% (with the real unemployment rate being much higher). To say that grants from the 3rd Frontier, which went to everything from internships to grants for Donatos Pizza, is fuzzy math, as every dollar spent was taken from productive activities elsewhere in the economy.
With the nation souring on the wasteful Obama Stimulus spending, it is nice to see Ohio Democrats and Republicans, standing shoulder to shoulder, in the spirit of bipartisanship, to make Brian Hicks richer.
Update: The proposal to extend and expand the 3rd Frontier program will consist of sending $1 billion to start of technology companies. Congratulations fellow Ohioans- We are all venture capitalists!