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Devotees of the failed Keynesian economic policies that wrought Detroits destruction will hate this plan.
Solyndra, Fisker, Ecotality etc. come to mind. Nobody allocates resources better than when ownership risks its own capital.
the Bold is true, but the rest is B.S.
you named 3 companies, but dont mention that the Green energy stimulus had an 80%+ success rate. You mention Fiskar, but dont mention that GM and Chrysler are both still here.
you named 3 companies, but dont mention that the Green energy stimulus had an 80%+ success rate. You mention Fiskar, but dont mention that GM and Chrysler are both still here.
No company would ever fail with the government willing to lose millions on them.
You could revive Detroit in one year if you cut Medciare 10% for one year and poured the money into Detroit But then you would have the Tea Party types complaining. Then there is defense spending which is even worse. Both of these are supported by Republicans 100%. Republicans have their hands into our pockets pretty deep but then its for a good cause.
On the surface I actually like Rand Paul's idea, I don't think it is the whole picture seeing just giving a tax cut to areas with high unemployment like Detroit isn't going to fix the unemployment problems. A reduction of taxes and an increase in investments would be a real way to stimulate depressed areas.
No one is going to so called save Detroit at this stage or any other of the bankrupt cities. The city itself will dispose of most its debt and a lot of bondholders take the hairs cuts. They can't be bailed out because they have no hope of paying it back .
We already do this....not sure if it is just NJ or a wider program...but around where I'm from there are a lot of poorer urban enterprise zones (might have the name wrong) with the sales tax cut in half. 7% to 3.5%.
Bottom line is here it doesn't do much to develop the areas except to displace some big-box retail from other areas, especially near highways.
Maybe it would work at a deeper cut, maybe not. Maybe income would get better results than sales. For sure though done at the level and style it's done in NJ it doesn't.
We already do this....not sure if it is just NJ or a wider program...but around where I'm from there are a lot of poorer urban enterprise zones (might have the name wrong) with the sales tax cut in half. 7% to 3.5%.
All you're doing is diverting money from other areas that were already established and giving favorable treatment to a new area to be developed, probably with select developers with deep pockets and political connections/contributions.
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