Cities Need Less "Recycled Income" To Thrive

Bruce Katz of the Brookings Institution proposes that cities are fueling themselves too heavily through "Starbucks, stadia and stealing businesses," sources he says are just recycling local dollars instead of attracting global income sources.

In an interview with Penelope Lemov, Katz explains the proposal they've developed to diversify the income stream of cities:

"We've got to grow the pie. We believe, as do many others, that we need to use this past recession as a wake-up call and shift to an economy that first and foremost is driven by exports, greater global engagement, and the production of high-value goods and services -- building off what has been our manufacturing base and advanced-services base. That will be the way to enhance the fiscal base of cities. Exporting firms, manufacturing firms and innovative firms pay better wages for a broad spectrum of the workforce."

Full Story: Building a New Financial Base

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