Veto, Don’t Fail Me Now

There were plenty of good reasons for Gov. Blunt to veto HB 327, as he did on Friday. As Show-Me Institute scholars Joe Haslag and Mike Podgursky, and intern Steve Bernstetter, wrote in their June 14 op-ed critizing the bill:

Government economic planners do not know what the next “big idea” will be, and any effort to find that idea through central intervention is likely to fail. The best way for Missouri to ensure future economic prosperity is to provide businesses with a climate favorable to developing those ideas, whatever they may be. State officials should step back from the belief that they can fix weak economic growth through central planning. Creating another layer of bureaucracy, no matter how well-intentioned, will only obstruct those developments and, like kudzu to southeast horticulture, choke off Missouri’s economic growth.

It’s also worth noting that the governor’s office issued a press release quoting several prominent Missouri residents’ opinions about the veto. One of the quotes is from Show-Me Institute President Rex Sinquefield:

“House Bill 327 gets in the way of keeping Missouri on a pro-growth path.”
Rex Sinquefield
President, Show-Me Institute

Gov. Blunt has said that he wants to call a special session for legislators “to pass a more restrained bill,” but picking economic favorites even on a smaller scale would be a mistake. If the Legislature wants to make a real stand in favor of economic growth, it would do well to heed the advice of Show-Me Institute scholars:

A better economic development bill would reduce these corporate giveaways, simplify the tax system, and reduce marginal tax rates. Missouri households and businesses can create their own “quality jobs” without the help of state government.