The headline to this Richmond BizSense article neatly captures the McDonnell administration’s economic development thinking: “Spending money to make money.” Specifically, the Governor wants $54 million in new economic development incentives that he hopes will spur growth and employment. But does any of this spending make good economic sense?

According to the local Babbittry, yes it does. Since it took office, the McDonnell administration claims credit for creative 55,000 new jobs via its many and multiplying incentive programs. It’s important to realize that these are jobs companies have promised to create over time, and certainly not until long after the incentive checks have been cashed.