Skip to primary navigation Skip to main content

Sanity on subsidies?

Paterson_2 David Paterson said something very interesting the other day regarding economic development in a meeting with The Buffalo News editorial board.

"Rather than throwing a billion dollars at some company to come in and create a certain amount of jobs, what we have to do is lower the business taxes and create the kind of environment in which business will flourish. and at that point the market will take over.

"That is not as enticing to public servants as these companies that come in and basically seduce you into giving taxpayer dollars away."

Maybe, just maybe, that foretells an effort to reform the myriad of susbsidy programs. Here in WNY they involve hundreds of millions of dollars a year in tax breaks, tax credits and discounted power. Not that the local economy has taken off as a result.

Reform would affect more than just economic development policy. There's a fiscal element, too. The Empire Zone program alone costs the state $600 million a year. That's no small consideration, given the state's fiscal condition.

tagged

Economic Development | State government | Subsidies
comments powered by Disqus