The Smoky Mountain News puts out an excellent product, and a current article by Quintin Ellison is among the best. It summarizes the pathetic results of loans from economic development programs in Jackson County. Five out of the nine companies receiving loans in Jackson County have defaulted. In perhaps the worst example, Q.C. Apparel renegotiated the terms of their $358,355 loan seven times. They now owe the county $425,901, and the collateral, $5000 in sewing machines, is a poor excuse for “public good.”
Thickening the plot, beginning in 2005, the Jackson County EDC was scandalized by power struggles and allegations of favorite-playing. Sheriff’s deputies seized the organization’s records for an audit, but the auditor could only conclude he had insufficient data to conclude anything else.
Not to be outdone, Macon County now seeks to emulate Jackson’s program. Quoting Ellison:
And, just as in Jackson County, leaders there are touting the system as a good method of igniting the engines of economic development. In this weedeater-like two-cylinder economy that once roared at a mighty 10 cylinders [The parenthetical comment was removed because it had the earmarks of editorial watering-down. I may be wrong.], any possible forward motion has moths-to-flame attraction for county leaders and business entrepreneurs alike.
It is a bit long for a newspaper article, but every word – excepting the content of quotes from politicians – is worth the read.
