Posted on 09/25/2014 8:01:35 PM PDT by thetallguy24
An independent audit of the Texas Enterprise Fund has found that roughly $222 million doled out from the fund went to companies that submitted no applications or made no promises to create jobs. The fund has been highly touted over the years by Gov. Rick Perry, who has said it was an invaluable tool to bring jobs to Texas and to stem the flow of jobs that might otherwise have left the state.
The audit, conducted by the Texas State Auditor's Office, was the first time the Texas Enterprise Fund's activities were reviewed by an outside agency. Among its findings, the report says that during 2004-2005, the fund did not require recipients to submit applications or create direct jobs for 11 projects that received awards totaling $222 million, roughly 44 percent of the $505 million awarded in total by the fund.
The report noted that a $40 million award in 2004 to then-Austin based Sematech Inc., a research consortium, had no requirements to create jobs, nor did the company submit an application for its funds. At the time of the award, Perry said the funding would allow Sematech to add 350 workers here, and economic research groups touting the award said it could eventually create up to 4,6000 new jobs in the area. By 2007, the company had moved its headquarters to Albany, New York.
(Excerpt) Read more at bizjournals.com ...
If Republican, media = slavish attack dogs.
If democrat or pro-abortion, media = slavish propagandiasts and lavish puppets.
I don’t engage in Texas Worship, but in fairness every state does this. Economic Development incentives generally never produce the promised results and there is never any accountability. It just one of the many ways government as to piss away money.
As a anybody but Perry Texan I can say that this story is actually two stories - the first part - no strings was because that is how the program was created by the legislature, two years later they changed it and Perry followed it. Now if you ask if he was a good manager of it - that is why he did not run for reelection - it was a CronyCapitalism thing - Dewhurst and Perry GONE!!!.
The Democrats and their allies in the media are working overtime to destroy Gov. Perry but making unfounded accusations and innuendo.
And while the Democrats may dream of destroying Rick Perry, the American people will see this as a desperate attempt that will not even put a chink in the governor’s armor.
I'm a Texan, and I'm down wit dat.
Any "armor" that La Raza Rick possesses, comes from the fact that he's somehow managed to fool a great many well-meaning conservatives into believing that he's one of them, when he most definitely is not.
If anything, he's a reliable, big government, liberal, establishment Repuke, who talks the talk without walking the walk.
Spit....
Conservatives....we eat our own then wonder where they went.
How is this unfounded or a liberal media thing?
This report was an audit ordered by the Republican Texas Legislature.
From the article....
In a statement, Gov. Perry spokesperson Lucy Nashed defended the Texas Enterprise Fund as an essential tool for economic development in the state.
“The Texas Enterprise Fund is a critical deal-closing tool that has helped attract businesses to Texas that have in turn created thousands of jobs and billions of dollars in capital investment, and the Legislature has continued to recognize its value by reauthorizing it every session since it was created,” reads the statement.
“This audit confirms that funds awarded through the program have been allocated in accordance with state law. Administrative processes and procedures are regularly reviewed and updated as necessary to ensure effective, efficient and responsible distribution and oversight of all TEF awards.”
While I’m not happy with many of Gov Perry’s decisions ...I am thankful for the economy we have been blessed with. Sounds like they’ve followed the required processes. Time will tell, if they, for some reason, have not.
I’d also take Gov Perry over what we currently have in the White Hut.
The fund doled out just over $500 million for just 48,000 jobs. That’s over 10k per job. The state only spend $4,500 per student in our public schools.
Something is really wrong with that.
Plus, you can’t call yourself a free market capitalist if your subsidizing businesses, especially businesses that don’t need it. Does the Jon Huntsman Corp need it? Does USAA, Visa, CITGO, Apple, or Facebook need our taxpayer dollars?
“How is this unfounded or a liberal media thing?”
Where did I say anything in my post about the liberal media?
“The Democrats and their allies in the media are working overtime to destroy Gov. Perry but making unfounded accusations and innuendo.”
Are their allies not the liberal media?
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