« Is Prokhorov's candidacy for real? Amid the coverage, some opposition figures say he's a Kremlin stooge | Main | David Burke in Talks to Bring Mini-Food-Trucks to Barclays Center »
December 15, 2011
Good Jobs First report shows states, in New York, offering subsidies for jobs without getting much in return
Atlantic Yards Report
Guess what? Most states, including New York, offer subsidies for jobs without ensuring job creations and job standards in return, according to a new report.
No!!
From Good Jobs First:
States are spending billions of dollars per year on corporate tax credits, cash grants and other economic development subsidies that often require little if any job creation and lack wage and benefit standards covering workers at subsidized companies. These are the key findings of Money for Something: Job Creation and Job Quality Standards in State Economic Development Subsidy Programs, a 51-state [they include the District of Columbia] “report card” study published [yesterday] by Good Jobs First, a non-profit, non-partisan research center based in Washington, DC.
...Each program is rated on a scale of 0 to 100 (with extra credit for advanced features). Nevada, North Carolina and Vermont rated the highest, with the District of Columbia, Alaska and Wyoming the lowest.
Also low was New York, tied for 43rd place.
...Consider, for example, that Atlantic Yards subsidies were premised in part on the (optimistic) claims of 17,000 construction related jobs, or job-years. If Forest City Ratner builds modular, as is announced, the amount of tax revenues from construction worker salaries would certainly decline, as well as likely the number of jobs.
Posted by eric at December 15, 2011 10:42 AM