Now that it is the end of Bill Clinton's term, he is still seeking some kind of legacy. The middle east peace thing isn't working out so well and I imagine that Hillary is not much fun to deal with these days with her Senate race.  I can even see that Clinton must be frustrated that farmers and ranchers in the west don't roll over when he takes away land by declaring it a national monument.  They have this funny idea about due process.  However, does Clinton have to take it out on the poor old Delta? Once again, in order to have a legacy or promote the ticket or anything else, Clinton has blessed us with yet another plan that will do everything for everybody in every way.  This time the devil in the details has been known variously as the New Markets Initiative or the Clinton-Hastert Agreement, on which our contributing editor, Nancy Hirst has written about it in this very issue.
Of course, according to our daily paper of statewide circulation, the initiative is what the Delta has been missing all along. "Tax Breaks for the Delta" read one headline while another editorial vowed "Delta Progress, Clinton- Hastert plan shows promise." Of course, the paper went on to show the evil gridlock twins of Cochran and Lott standing in the way of progress to make certain that the Delta remains outside.  Why, a recent meeting in Washington called Delta Vision, Delta Voices (and no, it was not a mental health meeting) proved that hundreds of Delta residents were screaming for this plan to be implemented.  I wonder how many of those hundreds went to DC on a government ticket.
Anyway, hopefully by now you want to know what the plan is and why it irks me so.  So, pay attention.
First of all, contrary to media portrayals, this is not a Delta specific plan at all.  Why it was portrayed as such seems curious.
But the tax credits?  Surely tax credits for depressed areas are good for economic development. After all, when companies expand or relocate they love to have tax credits to help them defray investment costs. Well, guess what; there are tax credits available but not for companies who actually build buildings and employ people.  That would be too simple.  Instead, individuals who contribute money to qualified government created Community Development Banks would receive tax credits.  The banks, and I use that term loosely, would give tax credits to the investors and make loans to businesses on deals that are generally not credit worthy and eventually lose all of the money.  But, they would have a great time doing it.  And, if a major company wants to build a new location in the Delta, they get NOTHING.
Wait one minute, you may say: the Clinton-Hastert agreement would expand and extend Empowerment Zones.  President Clinton, I thought the idea was to HELP the Delta.  While there have been a few exceptions, it is pretty clear that this initiative has been one of the most divisive and controversial economic development programs in history.  In our area it has worsened race relations and brought out more wannabe hustlers than Carter has pills.
Bill, if you want to help the Delta, I mean really help the Delta, then listen up.  It will not take long and it isn't nearly as complicated as what you have tried to do.  Paying attention?
1.) Target federal tax incentives to counties that have greater than 25% of its population living in poverty.
2.) Give companies that locate or expand in those areas investment tax credits equal to 30% of their total investment and up to 20 years to claim the credits.  This will rapidly build the local tax base and enhance schools and other community services.
3.) Provide wage tax credits for companies that create NEW employment in these Counties.  And don't make it so complicated that it is unusable.
4.) Give companies a 25% tax credit for training and retraining of employees for a ten year period.
Or, Bill, if you would rather build a political delivery system full of promises but short on delivery, keep straight ahead; you're right on track.