Six presidential campaigns later, I’ve still got Bill Clinton’s iconic 1992 slogan running through my head: It’s the economy, stupid. But it’s not the economy that I’m thinking about–it’s corporate relocation that’s on my mind. What was so effective about Clinton’s irresistible one-liner is the way it redirected American attention. He not-so-politely told us that, when it came to diagnosing national unrest, we were getting it wrong.
Similarly, the press is missing the real issue when it comes to corporate relocations. Recent articles in The Washington Post and The Wall Street Journal highlight the stories of businesses moving headquarters domestically and internationally for tax concerns. While it’s certainly true that some companies are abandoning their states and the U.S. altogether to dodge taxes, the media is overstating the importance of these fiscally-motivated moves. (more…)