The following was written by the International Economic Development Council. It is their estimate of what the Presidential election may mean for economic development.
The Presidential Election Results:
Economic Development Implications and Priorities
Yesterday, Barack Obama was elected the 44th president of the United States. He will take the helm of government in turbulent economic times. We expect therefore that in the short term, the new Administration and the new Congress will and should focus their efforts on stabilizing the U.S. economy. However, while addressing these challenges, there are significant opportunities to stimulate growth and revitalize the economy. IEDC recognizes that many of our members will be fielding calls from the press, board members, and elected officials among others to try and understand what the implications of the election are for the economy, and what federal, state and local communities will need to do to address our economic challenges.
To help our members, we have put together below:
1) a snapshot of what we believe the election results may mean for economic development; and
2) the priority areas for government action that we believe will stimulate our economy.
This list of priorities also should help you respond to questions from your community leaders as to where we should be heading. Election Implications for Economic Development Policies An assessment of the policy positions presented during the election suggests that we might expect the Obama Administration to:
• Renew the role of government in economic development particularly in urban and metropolitan and rural areas of distress;
• Emphasize infrastructure restoration, including transportation reinvestment, calling for the creation of an infrastructure reinvestment bank, which will create jobs nationwide;
• Aggressively address climate change with a focus on the development of renewable energy, investing in manufacturing and job training programs for clean technologies; and
• Prioritize education, from early childhood initiatives through post-secondary tuition financing to entrepreneurship education to strengthen human capital and job creation.
Economic Development Policy Priorities
To engage the new Administration in economic development opportunities, IEDC has prepared a Federal Economic Development Agenda, which will be distributed over the next few weeks to urge the new Administration to target its attention to the priority areas below to stimulate the economy.
• Rebuild the nation’s infrastructure by:
-- Investing in, and restoring, our infrastructure, which will create jobs;
-- Improving the decision-making processes that underpin infrastructure investments to increase effectiveness and efficiency; and
-- Incorporating new realities such as technology and sustainability into infrastructure efforts. • Ensure a competitive workforce by:
-- Strengthening the skills and capabilities of the existing workforce; and
-- Strengthening the skills and capabilities of emerging workforce pipeline.
• Stimulate entrepreneurship and assist small businesses, by:
-- Proactively supporting entrepreneurs, recognizing their differing needs from small existing businesses;
-- Expand entrepreneurship education; and
-- Helping small businesses adapt to changing market conditions.
• Develop and conserve energy resources and grow the green economy, by:
-- Encouraging the development of renewable energy and energy efficiency technologies and industries;
-- Creating a market for renewable energy, energy efficiency and clean transportation products; and
-- Ensuring workforce skills in energy and related industries.
• Promote technology and innovation, by:
-- Incenting research and development, commercialization and production;
-- Catalyzing innovation partnerships especially among regions and among universities, industries and communities; and
-- Strengthening federal innovation programs.
• Ensure sound financing and good governance, by:
-- Re-establishing the federal role in economic development;
-- Integrating shifting economic development priorities into existing programs;
-- Better aligning federal, state and local economic development programs; and
-- Adapting to a more global world.