In December 2021, Michigan Democratic Gov. Gretchen Whitmer signed legislation establishing the Strategic Outreach and Attraction Reserve (SOAR) program—"a $1 billion economic development fund to ensure the state can compete for billions of dollars in investment and attract tens of thousands of jobs to bolster our economy," according to the press release. Michigan's legislature apportioned an initial $1 billion for the program. SOAR grants would be disbursed to companies that invested in the state, or to state-affiliated entities for the benefit of those companies; all transfers would require approval first from the state Senate Appropriations Committee and then from the entire legislature.
In practice, SOAR just contributes further to a growing trend of corporate welfare, in which states give away huge chunks of taxpayer money to private companies. Michigan's example should prove to taxpayers and state governments alike that private companies alone should bear the costs of their own development projects.
