Tennessee Department of Economic & Community Development (TNECD) is taking home the Beacon Center’s Pork of the Year Award. TNECD earned the award for their Industrial Machinery Tax Credit.
The work of former TNECD Commissioner Randy Boyd was chosen by the public to be the most wasteful, inefficient use of taxpayer dollars.
“One of the arguments that politicians and supporters of corporate welfare make to defend taxpayer money going to private corporations is that this practice creates jobs,” Mark Cunningham, Communications Director at the Beacon Center said. “While technically correct, even the most ardent supporters of this practice would agree that $1.2 million of taxpayer money per job is a little steep.”
The Beacon Center’s research opened up the door to a little secret of Randy Boyd didn’t want voters to know: the self-proclaimed jobs guy paid for that title with the dollars of hardworking taxpayers. The department has spent almost $67 million since 2011 on only 55 jobs.
The former ECD Commissioner threw millions of Tennessee taxpayer dollars at businesses like it was pocket change, and for a millionaire like Boyd, it just might be. After all, we don’t know. He won’t release his tax returns.
And despite the millions Boyd was willing to pay for a few jobs, rural and West Tennessee were still left behind as company after company chose not to locate to Tennessee.
Congratulations, Randy. If you’re going to waste taxpayer dollars, you might as well be recognized.