Wednesday, November 12, 2003

How to blow your state's revenues: In tight economic times, it's questionable whether states should be spending hundreds of millions of dollars to bring companies to their states that may then either a) pack up and go away or b) never deliver all the jobs and other economic goodies they promised. The New York Times published this week a tough-minded look at the siphoning of state treasuries in an effort to lure new businesses. I've looked at the same phenomenon in South Florida, where state and local governments are spending a half-billion dollars to lure the Scripps Research Institute to South Florida in the dubious hope of creating a thriving biotech economy here.

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