Creation of a National Economic Restoration and Countercyclical Program
Adopted at the in 2010
WHEREAS, many recessions or economic downturns within the national economy over the past forty years have been regional in nature; and
WHEREAS, economic recovery following national recessions and regional downturns vary dramatically from metro to metro, with many cities facing slower recoveries as measured by GMP growth and job creation; and
WHEREAS, according to the U.S. Conference of Mayors in its recently released report, 'U.S. Metro Economies-- Pace of Economic Recovery: GMP and Jobs (January 2010), U.S. metro area unemployment will remain painfully high, with over 105 metros having more than 10% unemployment by the end of 2011; and 117 metros, almost one-third, having more than 8% unemployment by the end of 2013; and
WHEREAS, according to a survey conducted by the U.S. Conference of Mayors in October of 2009, many cities face much higher unemployment rates and numbers of unemployed compared to their larger metro areas; and
WHEREAS, a large number of metros will remain in recession or will not regain their pre- recession levels of employment until well beyond 2015, NOW, THEREFORE, BE IT RESOLVED, that the U.S. Conference of Mayors calls on Congress to create a National Economic Restoration and Countercyclical Program that would automatically make funds available to metro areas or select jurisdictions within such areas, that are in recession or have persistently high rates of unemployment; and BE FURTHER RESOLVED, that the program fund infrastructure development, modern transportation facilities, economic development initiatives, and job creation incentives, subject to approval of a local/regional economic restoration plan submitted by cities, approved by the Department of Commerce Economic Development Administration in consultation with the U.S. Departments of Housing and Urban Development, Transportation, and the Department of Labor; and
BE IT FURTHER RESOLVED, that the Department of Labor and the Department of Commerce determine annually which cities and metro areas qualify to receive such funding by meeting the economic distress criteria as established in the authorizing legislation.