Presidential Candidates on Economic Development

Three times a week, The Associated Press picks an issue and asks President Bush and Democratic presidential candidate John Kerry a question about it. Today's question and responses:

ECONOMIC DEVELOPMENT: How would you seek to revitalize communities in greatest need of economic development?

Bush: "I believe that America's economic prosperity should extend to every corner of our country. My Opportunity Zone proposal would assist areas that have lost a significant portion of their economic base and are transitioning to a more diverse, broad-based economy, as well as poverty areas eligible for existing programs. Opportunity Zones would ease that transition by targeting federal resources and encouraging businesses to invest in these areas. They focus both on stimulating new economic activity and promoting education, job training, affordable housing, and other activities critical for a vibrant community. Opportunity Zones also recognize that overcoming barriers to growth requires local involvement, and requires communities to work with the federal government to reduce those barriers to development and job creation."

Kerry: "I will create a Small Business Opportunity fund, expand loans and equity for small businesses, increase the federal government's venture capital investments, and expand loan programs to help more small businesses get off the ground. I will increase the share of federal contracts for small businesses and ensure that minority-owned businesses get a fair share, use tax credits to cut the cost of energy and reduce the cost of health care by two-thirds, and eliminate capital gains taxes for long-term investment in small businesses. And I will help small businesses offer retirement plans by using tax credits to help offset the startup costs of pension plans. I'll have a new jobs tax credit to cover an employer's share of payroll taxes for net new jobs created by small businesses in 2005 and 2006."

Don's Commentary: Come on guys. You can do better than that!

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