A businessman from Central America responding to a post made a very enlightening observation about Ohio. He said Ohio is a like a third world country lacking adequate development. Almost all media outlets, business organizations, universities, as well as the mother, brother and sister of nearly everyone else, seems to agree; they are all promoting the renewal of the not-yet-ended Third Frontier funding for high tech development.
So, why not follow the crowd. Well, because crowds generally chant whatever smooth talking speakers claim. Like other dumb animals, we like sheep are easily led astray–also called the herd mentality.
It cannot be denied that 48,000 new jobs have been created as a result of the Third Frontier economic stimulus fund. Ohio taxpayer gave the state $500 million to help develop high tech industries and job. Each job created cost taxpayers over $10,400. SRI Intl. research claims it also produced a positive economic impact of $6.6 billion. (A must read is an article by Tom Breckenridge on Cleveland.com)
If we forget that politicians and big business sold off our low tech industrial job to China and other nations, we also forgot the much how much greater the Third Frontier has actually cost. And, did most Ohioans really benefit from the sale? I doubt it.
Yes, Third Frontier is a boondoggle for universities, big energy, drug companies, General Electric, and some new enterprising tech companies. They will create new jobs while eliminating old ones. The costs are likely higher for many individuals than politicians and big business concerns care to acknowledge. For example, many young Americans will end up having to compete with foreigners with Green Cards.
Yet, in spite of the young who will benefit from those new jobs, if foreigners are need to fill positions, those jobs will in the end not be such great paying jobs. Just asks those experienced in computer technologies.
Trusting the hype media, business leaders, and politicians is like believing FDR’s welfare program would be a temporary remedy for those affected by World War II. You can be certain that Third Frontier welfare for high tech corporations will be as temporary.
Who pays for corporate welfare? All of the middle class who supposedly benefit from all of the great new jobs. Remember, low-tech Wal-Mart and the factory farm.
Carrie Mihalick wrote an article in which she traces the fascist or progressive history of the Third Frontier movement across the world and to Ohio. Her research facts reminds of the Progressive results of Obama and progressive Congressional Democrats economic policy. Third Frontier may seem more discrete than Obama and Company in how it will eventually run tech business in partnership with big business but I doubt it. (Her article is another must read.
Allowing the Third Frontier to continue will the Ohio Constitution’s 5% cap on state debt service to be violated. (See the rest of the argument by a number previous Ohio legislators by going here.)
A better plan is to give venture capitalists bigger tax breaks for investing to create new high tech industries and jobs. Let big corporation reinvest in their own high tech developments. Make politicians stick to policies and funding initiatives that actually do benefit all citizens rather than the chosen few.