Letter: Neal investment bill helps struggling areas
Survey after survey reveals a large percentage of Americans remain concerned about their economic well-being. Our research shows these anxieties are not misplaced. The U.S. economy has become less dynamic since the Great Recession — more businesses have closed than opened, the rate of new business formation remains near an all-time low, and workers are finding it more difficult to change jobs, move to other states, and earn higher wages.
Sure, the economy has grown, but this growth has been heavily concentrated in major cosmopolitan metro areas, largely bypassing the 50 million Americans living in economically distressed communities.
The good news is that First District U.S. Rep. Richard Neal is leading the charge to reverse these trends for Massachusetts residents living in distressed areas by sponsoring the Investing in Opportunity Act. This bipartisan legislation is designed to inject new life into America's economic engine through an innovative approach that connects "left behind" communities with the long-term private capital investments they desperately need. This legislation will be particularly helpful for the more than 622,000 Massachusetts residents living in economically distressed zip codes, and who continue to face economic headwinds despite years of national recovery.
At a time when the American Dream seems in doubt for many, Rep. Neal deserves credit for working to ensure every Massachusetts community has a chance to thrive.
The writers are co-founders of the Economic Innovation Group, which does research on regional economic inequality.
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