With Democrat Governor John Bel Edwards’ liberal tax-and-spend agenda tanking Louisiana’s business climate, job creators and investors are looking elsewhere to expand their operations. Today it was announced that Exxon Mobil will invest $2 billion for a chemical expansion project in Baytown, Texas – choosing the Lone Star State’s robust economy over Edwards’ weakened Louisiana. In response, the Louisiana Mid-Continent Oil & Gas Association tweeted: “[g]reat news for Texas and the Baytown area, but we would love to see more of those investment dollars here in our state.”
Edwards’ reckless changes to Louisiana’s Industrial Tax Exemption Program (ITEP) have been a major concern to Exxon Mobil in recent months, with the company stating in January of this year: “Due to the uncertainty, we will have to assume there is no ITEP incentive as we make cost projections on future investment opportunities in Louisiana.”
Since Edwards took office, Louisiana has consistently been ranked as a bottom ten state for business climate by CNBC and has been labeled the worst state to find a job in the country. Edwards’ economic mismanagement has gotten so bad, that U.S. Census estimates show over 68,000 people have left Louisiana for other states since he took office, with many going to Texas. Leading Louisiana economist Loren Scott even called Edwards’ changes to the ITEP program “the best economic development move I have ever seen by any Louisiana governor—for the state of Texas.”“John Bel Edwards’ reckless tax-and-spend agenda continues to take Louisiana backwards by stifling job growth and hurting businesses,” said RGA Deputy Communications Director John Burke. “Louisiana deserves leadership that embraces and empowers its engines of economic growth, but Edwards would rather raise their taxes and force them out of the state.”
