WECT paints a pretty stark view of Economic Development (government trying to create jobs, not to be confused with Economic Growth which is what happens when government stays out of the way) jobs in the area.
Here’s the sad truth (via the story):
1) A conservative estimate of the amount of public money funneled into these local non-profit organizations last year, is $8 million.
2) Wilmington – Chamber of Commerce CEO Connie Majure-Rhett is making almost $150,000 in salary and benefits.
3) Wilmington Business Development. The non-profit is primarily funded by private money, but it also does work for the City of Wilmington, New Hanover County, and Pender County, and accepted $310,000 in public funding last year.
4) Their CEO, Scott Satterfield makes $303,426 in total compensation a year – including a $27,515 bonus.
One of the funniest lines in the story by Ann McAdams was, ”We asked Satterfield if it was difficult to explain to people why the director of a non-profit with 3 full-time employees would be so highly compensated. His reply: ‘My board sets my compensation, and I do the work.’ ”
Really? That’s a lot of wasted money out there! And what the heck have ANY of them actually accomplished?
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