This is only the beginning of the journey. To characterize this incentive as welfare for the wealthy is overly reductive and does nothing to address the systemic and long-term challenges facing people living in the nation’s most deprived communities. When it comes to economic and community development, the voice that matters most is from people living in opportunity zones. But this voice is at risk of going unheard or being even further marginalized if current narratives prevail.
Offering a decade of tax relief for funds invested in designated “opportunity zones,” the program is coaxing investment in nearly 9,000 communities in all 50 states, spanning neighborhoods with about 30 million Americans and spawning odd partnerships. Created by a Republican-controlled Congress and the Trump administration, the program has been championed by a lefty pop artist (John Legend), a liberal California governor (Gavin Newsom) and a Democratic presidential candidate, New Jersey Sen. Cory Booker.
“The focus is on the community,” Scott said. “If the community is not benefiting, there won’t be an opportunity zone and I won’t be supporting it. I’ve said that publicly several times and I continue to say that even today. If the community does not benefit from the opportunity zone legislation, I’ll call for it to be rescinded.”
Chang said in an email that anything Beijing can do "will hurt itself more than us, and given how close its economy is to the edge of the cliff the regime could end up doing itself in by retaliating." He continued, "For four decades, we were told by elites and policymakers that we could not afford to upset China. Wednesday, President Trump did what his predecessors would not do -- defend America from a China that is going after us. The same power that is encroaching on Hong Kong’s autonomy is attacking our society across the board."
The Economic Innovation Group (EIG) launched the Opportunity Zones Activity Map, an online portal highlighting some of the most innovative and impactful publicly-announced developments catalyzed in the early stages of this new policy. This interactive tool will help raise awareness among policymakers, investors, and the public of the impact Opportunity Zones is having in communities across the country.
Work on additional rules around qualified Opportunity Zone funds is likely to extend into December, with the goal of providing greater regulatory clarity to encourage further investment, Sen. Tim Scott, R-S.C., said Monday at the SIFMA Annual Meeting in Washington, D.C.
China could have a significant advantage in a potential conflict if it develops artificial intelligence (AI) before the United States, a commission established to assess the threat China poses warned in its annual report Nov. 14. The commission, the U.S. - China Economic and Security Review Commission, warned that China is prioritizing the development of AI and that such technology could help the nation surpass the United States.
The Communist Party of China has laid plans for a century of unlimited Chinese power and, with it, the end of the American era. However, we still can -- and must -- bet big on the future of American economic power. The best antidote to China’s ambitions is to ensure America’s continued economic and technological preeminence.
Let’s start with the labor side. Currently, the supply of available labor is extremely limited. Indeed, the unemployment rate is the lowest it has been in 66 years. That is really saying something. But with so few people out of work, it keeps getting harder for firms to find suitable employees. Job gains, while still decent, have been trending downward, in no small part because the number of job openings exceeds the number of people unemployed: The workers are just not there.
While it is critical for President Trump and US allies to eventually succeed in getting the Chinese to discontinue unfair practices like steal intellectual property it is also naïve to believe that doing so will be enough for the United States to win the race to be the global leader in the industries of the future.