. . . But no jobs.
It is rare to see Tom Crawford of Capitol Impact pen an editorial criticizing state government, but this morning he’s done just that after the Georgia Senate voted to gradually phase out the corporate income tax for Georgia-based businesses.
In a column appearing in several newspapers across the state, Crawford writes, “All the new jobs that were supposedly going to be created from this gusher of business tax breaks don’t seem to have materialized.”
We have continued to suffer higher than average unemployment since 2005, culminating last month when the jobless rate hit the highest level ever in Georgia at 9.3 percent. How could that be happening if all of those business tax cuts were creating so many jobs?
If you look at data available from the state Labor Department, you’ll see that in the 50 months since January 2005, which was when Republicans assumed control of the legislature, Georgia’s unemployment rate has been higher than the national rate for 28 of those months.
While most will agree that the Georgia GOP is not to blame for the rising unemployment (according to the Atlanta Journal-Constitution, more than half of the state’s counties have a jobless rate higher than ten percent), Tom Crawford is right. The Republicans’ oft-repeated mantra that more tax breaks and more tax cuts will create jobs is folly.
Their policies have failed to create a single new job in Georgia and will contribute to the worsening of this state’s fiscal crisis.