There may not be celebratory press conferences, but citizens’ appreciation for wage growth and opportunity will more than make up for it. And it means officials need to provide regulatory certainty through judicial reform and eliminating red tape.ĭo that and new businesses will spring up across Oklahoma, all on their own.
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Requires Visual Studio Code, a free and open source code editor. LavishScript Syntax highlighting Requirements. It means officials need to improve Oklahoma’s educational outcomes through school choice, which will generate a workforce that attracts employers. This is the official LavishScript VS Code extension from Lavish Software. In Oklahoma, the obvious answer is to lower and eventually eliminate the state income tax, which currently deters investment. Were going down under the earth, deep into a seemingly impenetrable nuclear bunker. When companies demand subsidies to come to your state, it’s a sign that serious reforms are needed. Time to take a break from hyper-expensive, lavish games, and come back down to earth. The central-planning efforts of government officials can never substitute for the workings of a vibrant free market. Instead of touting corporate-welfare schemes, it’s far better to create a state environment conducive to economic growth and job creation and allow the private sector to flourish. The Kansas City Star reports Panasonic’s contract guarantees it will receive subsidies even if no jobs are created and regardless of worker wages. Pity the Kansans who “won” this competition, not Oklahomans. Panasonic chose to forgo Oklahoma’s offer of $700 million in incentives for as much as $1.2 billion from Kansas. If you doubt it, look at what Kansans now face. But the reality is this: If you must provide massive subsidies to get a company here, you haven’t picked a winner. There’s no press conference with all other citizens – employers and workers alike – who must pay taxes to maintain those incentives for the select few.Īnd politicians like to think they can pick economic winners and losers. If a company accepts an incentive enticement, policymakers can hold a press conference and declare they’ve “created” jobs. Admittedly, the lure of corporate welfare is hard to resist. Some will be tempted to try and use “Project Ocean” to lure another company. Some will wrongly assume Oklahoma didn’t lavish enough taxpayer money on a prospective business. Now the results are in: Project Ocean failed. This year, Oklahoma officials touted “Project Ocean,” a nearly $700 million corporate-welfare program. As Thomas Sowell noted, “It is so easy to be wrong – and to persist in being wrong – when the costs of being wrong are paid by others.” Oklahoma policymakers have an opportunity to prevent this reality in the future.