RALEIGH — Gov. Pat McCrory will propose $1 billion in bonding authority to fund a Division of Corporate Welfare based on a model concluding that, when properly administered, business incentives pay for themselves. At the core of the Welfare Wednesday initiative is the theory that, when properly administered, incentives pay for themselves.
Carolina Journal learned last week of the initiative, and received confirmation of the details today, April 1.
Professors at N.C. State University — most of them not economists — have developed models with a multiplier effect showing that every project supported by incentives more than pays for itself, placing taxpayers at no risk of default.
Sometime next year the supporters of the new Welfare Wednesday proposal will ask voters to approve a $1 billion bond to fund the program.
To read the remainder of this parody, from the April print edition of CJ, click here.