The state gives this in the name of job creation. But in reality, once it has left the state's hands, the companies do as they see fit. There are no real ramifications for the failure to meet their job creation projections. While investing state dollars to promote economic development can be an important aspect of revitalizing urban areas and encouraging or expanding local businesses, companies that don't create the jobs they say they will have only a negative impact on our communities. The bipartisan state auditors' reports found the state economic development agencies hadn't implemented monitoring policies to assess whether the companies achieved other objectives.
Taxpayers deserve a good return on investment, whether through grants, loans or tax breaks.
The fact is that many companies do the right thing, but the state can no longer afford to pretend that overall the money they are handing out is being well spent. It is imperative that our state legislators pass S.B. 1035, which sets basic, common sense standards for state economic development assistance. It is right for taxpayers. It is right for Connecticut. All rights reserved.