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View Diary: President Obama names the first five 'Promise Zones' and explains his hopes for their success (67 comments)

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  •  Echoing TomP, at least it is something. (20+ / 0-)

    Partnerships in a few locations are good for those locations.  

    Reminds me of the kid walking on the beach, throwing starfish back into the retreating ocean as tide goes out.  An old man asks, "What are you doing? There are millions of starfish. It doesn't make a difference when you throw some back."

    And the kid says, "It makes a difference to this one." And this one. And this one.

    But five neoliberal local "Promise Zones" are very far from a national policy.

    Tax incentives?  Oh my. How tired that one is. A tax incentive doesn't cause a person to add more employees -- more customers does.  And more customers with more disposable income does.

    As we know, middle class income has been level or retreated over the last 40 years, while the richest have become vastly, vastly richer.

    There's a lot of room for better national policy. And a good start would be pointing out, over and over, how the operative economic theories of the last 30+ years are pure garbage.  Unfortunately, the president shares those debunked and proven false beliefs.  And that is very sad for us all.

    "The law is meant to be my servant and not my master, still less my torturer and my murderer." -- James Baldwin. July 11, 1966.

    by YucatanMan on Thu Jan 09, 2014 at 01:30:50 PM PST

    •  Yeah, luring investment from who, exactly? n/t (3+ / 0-)
      Recommended by:
      protectspice, YucatanMan, La Gitane
      •  If a "Promise Zone" lures investment from an (3+ / 0-)

        area with better employment opportunities, then that area falls in economic status, while hopefully (and only hopefully), the new area increases economic activity somewhat.

        The net effect is leveling > downward > our economy as a whole.

        If nothing is being done to grow the whole pie, then we're just leveling the pie at lower and lower levels as employment falls everywhere.

        "The law is meant to be my servant and not my master, still less my torturer and my murderer." -- James Baldwin. July 11, 1966.

        by YucatanMan on Thu Jan 09, 2014 at 02:16:23 PM PST

        [ Parent ]

    •  Thanks for that (3+ / 0-)

      This is not a supply issue.  Gigantic gains in productivity have shown that, it's a demand issue.  

      We all went to heaven in a little rowboat, and there was nothing to fear and nothing to doubt. --Radiohead

      by Tzimisce on Thu Jan 09, 2014 at 01:56:58 PM PST

      [ Parent ]

    •  Tax cuts for business haven't worked yet (4+ / 0-)

      This looks like a lame excuse to appear to be doing something. It's just very far from being effective.

      If cutting Social Security & Medicare benefits for low income seniors is what Democrats do after they win a budget standoff, I'd hate to see what they do after they lose one.

      by Betty Pinson on Thu Jan 09, 2014 at 02:37:30 PM PST

      [ Parent ]

    •  I could see it working (2+ / 0-)
      Recommended by:
      Cassandra Waites, YucatanMan

      if it:

      - gave real incentives for local small businesses to either add jobs or increase wages
      - prioritized local residents over outsiders for SBA loans and other entrepreneurial support
      - prioritized local business to business services via incentives
      - fully-subsidized child care
      - full grants for secondary education
      - made monies available for public improvements, streetscape improvements, building upgrades, low-cost construction loans

      Those are just a few ideas I would have.  The money would have to focus on local business development so that the revenues generated stayed in the community.  The goal is to make any community as self-sustaining as possible; "trade deficits" are as much a factor at the local level as they are on a national level.

      Otherwise, you're right.  The typical approach is stupid tax incentives elimination to bring some big ass corporate business into town that employs 50 people at minimum wage... does zero to benefit the community at large.

      "Mediocrity cannot know excellence." -- Sherlock Holmes

      by La Gitane on Thu Jan 09, 2014 at 02:51:39 PM PST

      [ Parent ]

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