About the Author
Key Findings
1. The state has created several economic plans in the past and results have been consistently poor.
2. In 1969, Washington Congressman T homas Pelly predicted it was “obvious” that supersonic transport would be the future of aircraft.
3. In 1985, Governor Booth Gardner’s economic strategy focused on bringing manufacturing to Washington and exporting timber, but did not mention Microsoft which would go public the next year.
4. Governor Gregoire’s “Green Economy” plan changed direction, saying Washington must phase out manufacturing in favor of the service sector.
5. Panels of industry representatives and politically connected groups are likely to focus on maintaining the status quo rather than creating an environment that creates competitors and undermines their political power.
6. According to the Tax Foundation, Washington’s business tax climate ranks 46th in the nation and no amount of economic planning can overcome a punitive economic environment.
7. Rather than attempting to predict the direction of future economic trends, Washington should create a healthy business climate that welcomes innovative new industries.
Introduction
hat will Washington’s economy look like in 2030? Legislators hope creating a five-year economic development plan, as outlined in HB 1595, will help craft government regulation to guide job and business growth over the next five years. T his isn’t the first time the state has attempted to predict the future direction of the economy. T he record of those efforts has been abysmal. The latest example is just weeks old.
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