The House is poised to to introduce an “economic development” bill that they claim will boost the economy, but almost certainly will fail to provide real solutions to the lack of available jobs and long-term economic mobility needed by North Carolinians. While the full details of the bill have not been released, reports suggest it will include more give-aways to large corporations that will do little to change North Carolina’s economic vitality. Signals to date indicate that the bill will expand corporate incentives and give large multi-state companies another big tax break. We’ve already read this story before, and it doesn’t end well for many small businesses, struggling rural communities, or workers who have not seen a raise in years. Any new proposals should be carefully considered, but old ideas that have already proven inadequate won’t magically fix what ails the North Carolina economy.
Certainly, North Carolina’s labor market could use the support of sound public policies that could strengthen the recovery and ensure that it is delivering broad benefits to all North Carolinians not just a select few. The state’s job deficit stands at more than 400,000 jobs needed to provide employment to all who want to work, the number of unemployed people in the state remains elevated relative to pre-recession levels and poverty has not come down nor have wages grown as the economy has recovered. There is a long way still for North Carolina to go in addressing the economic damage of the Great Recession, ensuring all communities enjoy a recovery and that all who want to work can and can support their families doing so.
At this critical moment then public policies should not be blunt instruments but instead reflect the real economic challenges facing North Carolina and address them head on. Here are some of the criteria that we will use to assess the bill when it is available: Read More