Last updated on 2015.07.27
A South Dakota Republican Party press release (apparently from Dick Wadhams) claims that the EB-5 visa investment program brought over $600 million into South Dakota and that Democratic candidate for U.S. Senate Rick Weiland is a poopyhead for criticizing his Republican opponent Mike Rounds for using EB-5 for economic development.
Let's all get drunk with Dick and Mike and assume that $600 million (a) exists and (b) is good. Let's assume that if a Senator Weiland repealed EB-5, South Dakota would lose $600 million (and the concomitant 5,000 jobs that such money brings in direct and indirect economic impacts, according to the implication of Wadhams's press release—remember, we're all very drunk) over a nine-year span. (Nine years is how long EB-5 ran in South Dakota from the time Mike Rounds plugged his Governor's Office of Economic Development into EB-5 in 2004 to Governor Dennis Daugaard's cancellation of the GOED's contract with private EB-5 manager SDRC Inc. in September 2013.)
Mike Rounds has proposed eliminating the U.S. Department of Education. Since we're already drunk, taking that claim seriously isn't hard, either.
Eliminating the Department of Education would lose South Dakota $192 million a year. In little more than three years, Rounds's death-to-Education policy would negate the economic benefit of nine years of his EB-5 economic development policy.
So elect Mike Rounds instead of Rick Weiland, keep EB-5 but nuke Education, and over nine years, you cost South Dakota over a billion dollars—
(where's my beer—glug glug glug)
—and ten thousand jobs.
Sure, Mike, Dick, let's play drunk economics. You still end up under the table.