There are those times when small-government conservatives, Democrats, and libertarians agree. Acknowledging the misconduct, failures, and cronyism of the Wisconsin Economic Development Corporation would be one of those occasions. It is, among other things, the state’s biggest white-collar welfare scheme, both mismanaged and mendacious.
Here’s the effectual motto of the WEDC:
When officials of the city and university boast of these grants, that’s what they’re peddling.
Job Creation Failure
• 46% of companies receiving incentives with a job creation goal failed to report any progress.
• Less than 25% of companies awarded incentives with job creation goals reached at least half of their goal.
• Only 12% of companies reached the targeted number of jobs.
Job Retention Mediocre
• 37% of companies receiving incentives with a job retention goal have no reported progress toward that goal.
• 62% of companies awarded incentives with job retention goals have reached at least half of their goal.
• 51% reached their targeted number of jobs. But, some of these companies laid off workers either before or after receiving incentives.
Capital Investment Sluggish
• 44% of companies receiving incentives including a capital investment goal have no reported progress toward that goal.
• 42% of companies awarded incentives with capital investment goals reached at least half of their goal.
• 25% reached their targeted level of investment.