I live in Alabama, and my state’s economic development agency is perhaps among the most active in the country. It is now certainly among the best funded, as voters here recently approved a referendum increasing a cap on the oil and gas royalties that fund its activities to $750 million. It will use this money (ostensibly) to generate jobs, retain existing jobs, attract capital investment, nurture nascent industries, and rescue stagnant ones.
Since state governments waste millions of dollars a year with conscripted capital, it is hard to oppose this spending. After all, this is spending not for special interests, but for everyone. Right? FULL ARTICLE