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ECONOMIC DEVELOPMENT, OR DE SOTO'S REVENGE?

February 15, 2007

Grow the Iowa economy by subsidizing Spain?

That seems to be the plan. Between forgivable loans and tax credits, Acciona Energy of North America is lining up for over $5 million in aid to build a wind turbine factory. State 29 does the math:

Iowa taxpayers will be spending almost $47,000 for each of the 110 jobs that pay an average of $31,500 a year if Acciona get all the taxpayer-financed corporate welfare they seek.

De Soto would have had an easier time if he had tax credits and forgivable loans.

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