Tuesday, January 11, 2011

Not so 'evergreen'

We are shocked by the breaking news today that Evergreen Solar is closing its facility in Devens, Mass.

Company Press Release             Boston Globe Story

This closure of a business, one which has received $58 million in state aid, is significant for the loss of 800 workers it represents. But it also casts a bright light on how giving this company a bailout was a bad investment for the state.

Interestingly, the company is reportedly retaining its operations in other parts of the USA and overseas. Thus, it shows that even targeted incentives are not enough to retain companies here given the poor overall business climate.

We repeat something we've said before. State government should not be in the venture capital business; leave that to the private sector. Government's job is to create healthy economic policy so that private business can grow and thrive.

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