So today I spent some time in the library doing some research into Start Up New York which is a current iniative to create jobs in New York State.
In addition to this existing program which is politically based (aren't they all) I also looked at some history in New York State and taxpayer millions of dollars that have been poured into bankrupt ventures and ideas like the Delaware & Hudson Railroad and the 1980 Olympic Games in Lake Placid.
I'll arrive at the conclusion first. If New Hampshire thinks that emulating New York is an effective strategy to fix the financial woes of this state then the policymakers are grossly mistaken. And I mean grossly mistaken.
And believe me when I state this I'm not trying to be negative against any effort to create jobs and make things better in the granite state but from my vantage point a disaster is currently in the making.
Let start with some examples: In the 1970-1980s all forms of major industry were eithier closing or moving their operations to Mexico. Taxation was a major reason as was technology and infastructure. So New York responded very similar to what they're doing today: tax abatement programmes and investing in infastructure. And you'll probally never guess what happened.
The Delaware & Hudson Railroad not only absorbed millions in tax abatements and grants but trundeled along in bankrupt condition until it was finally liquidated in 1994 (sold to Canadian Pacific Railroad). The industry continued to leave New York State until the money for the tax programs either ran out or the politicians that voted for it were voted out.
Start Up New York is aimed at high technology businesses that have an "affiliation with a college or university." Regular businesses like a restraruant or law firm or home improvement company aren't eligible for Start Up New York funds.
And New Hampshire wants to follow this economic model?
I was going to talk about the 1980 Olympics at Lake Placid, I'm really surprised this type of idea hasn't also been suggested for New Hampshire.
Let's hope it doesn't because this is massive bath of red ink and money loss.