Why are legislators attempting to sweeten up yet another corporate giveaway program? Carolina Journal gives the surprising reason:
The effort is an attempt to catch up to South Carolina, which has similar programs, and is beating North Carolina to the draw in landing corporate headquarters, he said.
Wait. South Carolina? Hold on.
OK, OK.
So South Carolina is beating us in this made-up game of economic development instead of economic growth. How are we comparing otherwise?
Well, Forbes just published today a list today given the headline of, hm, “The Best States for Business 2018: North Carolina Leads the Way.” Yes, we’re no. 1. South Carolina is 25th. Smack-dab middle of the pack.
We are beating South Carolina soundly in overall business tax climate — we’re 12th, they’re 35th, according to the Tax Foundation. And in corporate tax rates — we’re ranked third, they’re 19th.
We’re beating South Carolina in economic freedom, too, according to the Fraser Institute — we’re 17th, they’re 33rd.
Oh, and we’re even beating South Carolina in overall freedom, according to Cato’s Freedom in the 50 States — we’re 18th, they’re 29th.
But South Carolina is crushing us in the regulatory freedom component of the Freedom in the 50 States ranking; they’re 9th, we are 21st. So if we’re suddenly taking cues from South Carolina, how about that? Let’s start with occupational licensing …
