Maximum Leader Hood takes care to whack a goofy idea out of Cabarrus County to get the state into the venture capital business. Yes, venture capital. And, of course, it is a Republican state legislator pushing it.
Sen. Fletcher Hartsell may be many things, but a capitalist is not among them. His North Carolina Venture Capital Program would throw $100 million in taxpayer funds into the swirling, risky waters of start-ups and emerging technology. There is simply no way this is a proper function of government.
“I think it’s important for us to create catalysts for innovation in the state. The need for venture capital financing in North Carolina is rather significant,” Hartsell told the N&O.
Yes, yes it is. And why is that? Could it be that North Carolina’s high marginal income tax rate discourages capital formation and risk taking? Just a thought, there Fletch.
And notice the formulation: Identify a “Need,” Craft a government “Solution” requiring taxpayer money.
That’s innovation for sure.
