North Carolina is making a big mistake by failing to prepare for the next recession
We aren’t in an economic downturn yet, but economists marveling at the historic duration of the current national expansion are urging policymakers to prepare for one now. Key to that preparation will be smart public investments that minimize the harm to communities and families and, in turn, the long-term growth trajectory of the economy.
Unfortunately, this will be a tough sell for North Carolina policymakers who seem to believe that austerity and tax cuts for the wealthy and big companies are boosting the state’s economy. Never mind that the data over the past few years show North Carolina’s employment growth to be merely in line with regional and national averages and insufficient to get jobs to everyone who wants one or to reduce poverty and boost wages.
North Carolina’s current policy approach to public investments has kept spending so low that in the current good times our state has missed a golden opportunity to lay a foundation for stronger economic outcomes and to promote happier and healthier lives for all of the state’s residents.
For example:
* Our state budget has failed to provide the investments needed to provide every four-year-old with access to pre-K – something that would dramatically boost both the educational attainment and lifetime earnings of children served.
* Our state budget has not expanded our investments in the infrastructure of small business centers and start-up capital projects that will generate jobs outside of urban centers and stabilize main streets in communities across the state.
* Our state budget has not equitably removed barriers to post-secondary education for those who can’t afford the cost or those who need connections to transportation or child care to complete their degrees.
Read more: http://www.ncpolicywatch.com/2019/05/22/nc-is-making-a-big-mistake-by-failing-to-prepare-for-the-next-recession/