Amidst Big Corporate Handouts Contributing To Iowa’s Last-in-Nation Status For GDP Growth—Hubbell Pledges To Get Iowa Back On Track
Hubbell: ‘I Helped Put An End To These Taxpayer Giveaways Once, And I’ll Do It Again. It’s Time We Start Growing Iowa The Right Way.’
Today, Fred Hubbell, Democratic candidate for governor, is releasing a new television ad discussing his proven leadership “to get Iowa growing the right way.” Amidst a severe budget crisis, the ad highlights the Reynolds Administration’s poor fiscal management, that took an almost billion dollar budget surplus five years ago to a projected $250 million dollar budget deficit today.
Governor Reynolds repeatedly has made shortsighted and bad economic deals like the Apple deal, that gave away $20 million in state incentives for just 50 permanent jobs - that’s $400,000 per job. These types of tax giveaways have been a contributing factor to Iowa’s financial woes, news that is especially troubling as the state continues to tighten its belt with underfunding and severe cuts to health care and education. Instead of giving away millions to America’s richest company, which has over $260 billion in cash reserves, Iowa taxpayer dollars could have been spent in Iowa, invested in local communities across the state; helping Iowa small businesses grow.
But Iowans “have seen this show before,” and like Fred, they are “not buying” that these types of corporate handouts are good for the state. As a successful business leader, who has led large corporations like Younkers Department Chain and Equitable of Iowa, Fred knows firsthand that shortsighted corporate giveaways will not get Iowa growing. In 2009, Fred was called to public service by Governor Culver to lead the Iowa Department of Economic Development and help clean up the film tax credit scandal, where like today, Iowa was facing a financial crisis while handing out corporate giveaways to out-of-state companies. It’s why as interim Department of Economic Development Director and member of a review panel assessing the state’s tax incentive program, he helped make recommendations on cuts and changes to various tax credit programs that was estimated to save the state over $161 million over two years.
As the state’s economic outlook continues to look more dire everyday, with the Bureau of Economic Analysis’ latest release showing Iowa with the worst GDP growth in the nation, Iowa needs a proven leader with the experience to get the state growing from the ground up.
The 30-second television ad, titled “Show,” will begin airing Tuesday as part of a statewide buy.