There were two stories in the paper over the weekend – both of them local to the Washington, DC area – that perfectly captured the difference between smart government spending and dumb government spending. Let’s start with the dumb first.
Since 2012, the Maryland state government has been offering increasingly generous tax credits to persuade filmmakers to locate their productions in the state, most notably the Netflix series “House of Cards.” A new report from the non-partisan Maryland Department of Legislative Services concludes that the state has wasted more than $60 million to encourage productions that create only a handful of short-term jobs and bring little revenue back to the state. For every dollar the state spends on tax incentives, the report found, about 10 cents comes back. Read more »