A report financed by the Rockefeller Foundation recommends that New York City end its preoccupation with huge subsidies for big businesses.
"No one doubts that New York's globally leading collection of great corporations has been a massive asset. But their appetite for subsidies depletes the city's treasury and threatens basic services. Why continue payoffs, the new report asserts, when the big firms, once bedrocks of stability, are gobbling each other up, restructuring, sometimes going bankrupt, all at a time when technology makes it easier to move skilled jobs to the suburbs?...How can New York, with 50-year-old policies of ignoring most neighborhoods outside of Manhattan, reverse course and return to its early 20th-century culture of entrepreneurial workshops in the outer boroughs, building income and chances for the masses?"
Thanks to Abhijeet Chavan
FULL STORY: Strastospheric Subsidies -- Or Back To Basics?
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