25,000 new jobs in Delaware?
Most of us in this part of Maryland think of Delaware as the place to go to buy big-ticket items because of the lack of a sales tax there, or the state you go through to drive up to Philly or New York. But they have their political battles as well, with 2008 being a local election year for the governor’s chair. Current Governor Ruth Ann Minner is term-limited out, so among the contestants is the current state treasurer Jack Markell. Since Markell’s term as treasurer runs through 2010, in political terms he’s running with cover for the governor’s seat.
Because I paid a little more attention to Delaware politics back in 2006, I ended up on Jack Markell’s treasurer campaign e-mail list and occasionally still get items from him. In this case it was an innocent looking e-mail entitled “Hogs and Jobs”. The hook in it was where he set a goal of creating 25,000 new jobs in his first term should he be elected. In a state where the population is just under 850,000 total, that’s a large chunk of jobs (and growth.)
Last night I read through what is a very thorough and well-detailed plan regarding a number of policies meant to attract and keep jobs to the First State. (Those who complain about the length of my posts may want to know that his post runs over 6,600 words.) And there’s several key elements I’m going to comment on, but as a whole Markell exhibits an understanding of what makes his state successful business-wise and how to continue doing what they’re doing. (It’s astounding for a Democrat to get this, but Markell does have some business background which helps.)
What impressed me the most was that Markell focuses on the correct place to incubate business – the entrepreneur who has an idea and wants to start up a company. Surprisingly to me given Delaware’s reputation as a business-friendly state, Markell cites where “Delaware ranks in the bottom 10 percent of states in the Kauffman Index of Entrepreneurial Activity,” a measure of how many businesses are started there per capita. However, it’s likely some of that is due to the number of large, established companies that already exist there – ones who keep employees satisfied enough to not seek other opportunities. Regardless, the Markell plan addresses that end of the business cycle to a great degree.
Another key point is, “for Delaware…to figure out our strengths, play aggressively to them, and avoid being a second-rate player in areas where others have a strong advantage.” Something tells me Markell has read a book that I’ve read called Now, Discover Your Strengths by Marcus Buckingham and Donald O. Clifton. One thing I got out of it was working out how to manage around the weaknesses and toward the stronger aspects of my personality – Markell seeks to do this at a state level in seeking businesses that would be a good match to what the state already has and assets they possess.
The third of the top three facets I liked most about Jack’s approach was in not reinventing the wheel. Find out what works well in other states and use it in Delaware where appropriate, particularly in how the state would come up with venture capital to help startup businesses. This appealed to me in two ways: number one, it doesn’t look to Washington for help; secondly, it shows what I think the Founders meant to happen as far as states go – Delaware would be one of many laboratories on what government works best for the people of the state. Markell cites examples from a number of other states as models that Delaware can pick and choose from to figure out what’s right for them.
I have two main criticisms of the Markell plan, however. These aren’t necessarily spelled out in the tome, but there needs to be vigilance among those north of the border on these two issues should Markell be successful at garnering the governor’s chair in 2008.
Markell talks about “angel investors”, in other words, people who lend money to startup companies hoping for a good return on their investment. To me, giving tax incentives to those benefactors who wish to participate in the risk involved in funding startup ventures is one thing; however, I draw the line when it gets to being a backstop insurer as the state of Pennsylvania is in the Ben Franklin Technology Partners of Southeastern Pennsylvania. There, the state is on the hook for up to 25% of what “angel investors” have put in. That’s the start of a slippery slope to a point where our federal government is now, discussing a bailout of those who overextended themselves in the subprime housing market.
Another thing to watch for is who actually gets the state-supported backup money. Will it truly be the “best and brightest” or will factors like whether an entrepreneur is of a certain race or gender get in the way? Certainly men and women of all cultures can have the wherewithal to want to start a business, but beware the effort surely to come to place quotas on who can be helped.
The other part I’m bothered by slightly is where Markell says:
…a healthy business climate includes…(e)nhancing our superb quality of life to further attract educated, skilled employees and the businesses that seek them. The state should invest in programs and policies that protect our natural resources, strengthen our local communities, develop arts and culture, highlight our lifestyle, and provide ample opportunities for professional, social, and personal enrichment and enjoyment.
Whenever I see the word “invest” I know that it’s where tax money is to be spent. In this case, it’s a matter of priorities as well as a matter of keeping as much money in the pockets of Delaware’s people as possible. Since I’ve come to know some of Maryland’s policy about protecting natural resources (by buying up previously taxpaying land and overregulating development), along with the general idea that government should “invest” in arts and culture, that’s an area in which I have to caution our neighbors in the First State.
On the whole though I have to commend Jack Markell for putting together a comprehensive set of goals he’d like to achieve as governor for economic development. By contrast, the longest of the Martin O’Malley position papers that he used in his run for governor (and that I still have for reference) is just under 1,500 words. It certainly raises the bar in discussing the issue for Delaware voters in the 2008 governor’s race.
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[...] an apt description for his plan. And when he vowed last fall to bring 25,000 new jobs to Delaware I took notice because a few of those jobs would spill over the border to those of us living in the Salisbury [...]
[...] an apt description for his plan. And when he vowed last fall to bring 25,000 new jobs to Delaware I took notice because a few of those jobs would spill over the border to those of us living in the Salisbury [...]