Evidence that Politicians Can’t Make Good Business Investments
From the Chicago Tribune web site.
Here’s another indication that members of the Illinois General Assembly should not be in charge of investing your retirement money.
My first non-part-time job was as a Budget Examiner of the United States Budget Bureau.
As a baby budget examiner, I was given the budget of the Small Business Administration.
Once the budget went to the printer, I found there was nothing to do.
My boss decided that I should meet some people with Small Business loans.
One was in Cleavland. He was using his minority loan to produce sweet potato chips.
After trying a couple, I asked if he really thought there was a market.
“Maybe not here, but down South,” was his reply.
I’d suggest that the loan went into default, but was running for McHenry County Treasurer in 1966 when I could have checked it out.
Having banks and loan officers at the Small Business Administration make loans is probably better than allowing Illinois State Representatives and Senators make the decisions.
Those who voted for subsidies to Sears
- allowing the company to subtract their Illinois payroll from their obligation to pay withholding taxes on their employees’ earnings, plus
- indenturing School District 300 property taxpayers for another ten years.
For 10 years Sears can keep up to $15 million a year, which it otherwise would have sent to the Illinois Revenue Department.
In addition, for next 15 years, the Sears TIF-like arrangement will cost local tax districts something between $250 million to $300 million.
or School District 300, the cost will be “as much as $160 million,” according to D300 Spokesperson Allison Strupecl.
In signing the big business tax break bill for those his allies in the Occupy Wall Street movement would call the 1%, our esteemed Governor Pat Quinn, never a businessman, said,
“Investing in Illinois employers is a key to growing our economy for years to come.”
Right.
