North Carolina Economic Advisor Says That Continuing Failed Policy of Industrial Recruitment Hoping For Better Results is an Act of Political Insanity
State Leaders Should Focus on Private Investments In Small Business and Regional Economic Growth in the State's Eight Metro Regions.
- (1888PressRelease) September 28, 2010 - Charlotte and Raleigh, N.C. - In an economic policy speech to North Carolina financial leaders in Charlotte, N. C., Thomas Vass, an economic advisor from Raleigh will argue that North Carolina's fundamental economic problem is that the rate of job creation from small business expansion is not great enough to overcome the rate of job destruction in large corporations that were initially recruited to the state with tax incentives and have now moved operations to other countries.
"North Carolina's economic problems today are caused by the state's over reliance on industrial recruitment of large corporations," said Vass. "The loss of over 400,000 manufacturing North Carolina jobs in 20 years," said Vass, "has not been offset by small business job growth because North Carolina elected representatives are committed to the wrong economic policy."
Vass will present his economic analysis of the state's current conditions on Tuesday in a speech to the National Funding Association at noon in Charlotte, at The Palm Restaurant, located at 6705-B Phillips Place Court in Charlotte. The event will start at 11:30.
Vass will discuss the implications of the current economic strategy for the 450,000 N. C. workers unemployed, in North Carolina, whose average duration of unemployment is over 36 weeks. "Unless elected state leaders come to their senses soon," said Vass, "these unemployed workers and thousands of other marginally employed citizens face the very real prospect of permanent unemployment."
"This state had 291,000 new citizens fall below the poverty line in 2009," said Vass. "The 15.4% rate of poverty in North Carolina is the 9th worst in the Nation and it is getting worse not better," he added. "This state had more people entering poverty last year than almost any other state. This is an abysmal economic performance and doing more of the same thing that created this failure is insane."
Vass will outline an alternative economic development strategy that places the greatest emphasis on stimulating private investments in small high tech companies located within 50 miles of the state's eight metro regions.
About the National Funding Association: The Association is a business network of individuals consisting of investment bankers, accountants, attorneys, brokers, venture capitalists, consultants, bankers, turnaround professionals, factors, specialty finance companies, and asset based lenders. NFA members provide services including working capital, commercial finance, factoring, commercial lending, equipment lending, bridge financing, mezzanine lending, equity, and financial services of other types as well. Contact Dawn Sakai, info ( @ ) nationalfunding dot org (704) 733-9156 dot
About Thomas E. Vass: Vass is both a regional economist and a registered investment advisor. He holds a business method patent on a method for managing an investment portfolio, and has created a global online due diligence platform called The Private Capital Market. He is the author of numerous books and articles on the relationship between technology innovation and regional economic growth. Contact: Thomas Vass, tvass ( @ ) privatecapitalmarket dot com
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