Economic Stimulus Update

I had to duck in and out of the office early this morning, but I did have a moment to scan the headlines in the morning papers. Today’s edition of The New York Times includes an update, “Obama Seeks Wide Support in Congress for Stimulus“, on yesterday’s discussion of the proposed stimulus package.

“I thought the atmosphere for bipartisan cooperation was sincere on all sides,” Mr. (Senator Mitch) McConnell (R-KY) said after the meeting. The legislation, which Mr. Obama and his economic advisers discussed Monday, includes about $300 billion in tax cuts for workers and businesses. A part of the plan that was a centerpiece of the presidential campaign would provide credits of up to $500 for most workers at an overall price of $150 billion. The plan also includes more than $100 billion in tax incentives for business to create jobs and invest in factories and equipment.

With incentives to business for job creation and capital investment and a focus and investment on infrastructure improvements, the new administration and congress are talking like they may know a little about economic development. Add to that the discussion of elevating the skill levels of our workforce and we may just have a plan to work our way to sustainable prosperity.

About Daryl Phillips, CEcD

I am a professional economic developer. I presently work for communities and companies in developing and implementing workforce and economic development solutions as CEO of Phillips Economic Development Solutions (Phi EDS). Prior to September 2017, I was the economic development professional who served a community team of elected officials, business people, community leaders and dedicated stakeholders for economic development in Cheatham County, Tennessee (pop. 39,880) and its four towns. During my five-year tenure, I served the team as Cheatham County grew over 1,700 jobs, turned around population declines at the start of this decade into healthy population growth, increased tourism expenditures 20.3% and local tax revenue from tourism 25.4%, grew sales tax revenue 36%, focused on developing the local workforce and was recognized by SmartAsset as having the 9th highest Incoming Investment Index of all the 95 counties in Tennessee. I am a member of International Economic Development Council, Southern Economic Development Council, Tennessee Economic Development Council and International Council of Shopping Centers. I have earned the designation of Certified Economic Developer (CEcD) from International Economic Development Council (IEDC), the Economic Development Finance Professional (EDFP) certification from National Development Council and hold a Master of Business Administration from Tennessee Technological University.
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