Transferring Risk to Taxpayers is Wrong

America just lost one of its best thinkers - economist Milton Friedman just died at age 94. Friedman was a passionate believer in free markets. I agree with him. But free-markets are not just free of excess government regulations. They are also free from government subsidies.

We need to end government subsidies of the commercial real estate market in Fairfax County. Today, real estate firms are building new commercial space that is not pre-leased on the hopes that the defense & homeland security contracting booms will continue and on the trust that Fairfax County taxpayers will continue to subsidize advertising for companies and new residents to come to our already overcrowded community.

Betting on future demand is consistent with a free market. But so is acceptance of the risk that the demand will not come or will trickle in slowly. It seems pretty clear that the new Congress will slow the rate of growth in government contracting that has fueled NoVA's economy. That means less demand for real estate. Lower rents and lower earnings. It should not mean that taxpayers must pay for their advertising. Let's end the subsidies to real estate by defunding the Fairfax County Economic Development Authorities advertising budget. Let the commercial real estate business fund its own advertising. Let the risks of business fall go with those who would reap its rewards,