Sometimes it feels as though there is nothing our policymakers in Washington can agree upon. But amid the discord affecting our nation’s capital is a glimmer of hope: Senators Tim Scott (R-SC) and Cory Booker (D-NJ), and Congressmen Pat Tiberi (R-OH) and Rob Kind (D-WI) have reintroduced legislation that would incentivize the private sector to make long-term investments aimed at improving distressed communities.
According to ICIC’s latest analysis, inner city residents represent 10% of the population and nearly a quarter of the population living in poverty live in the inner city. Inner cities represent 16% of U.S. unemployment, 22% of U.S. poverty, and 32% of U.S. minority poverty.The bipartisan legislation, known as the “Investing in Opportunity Act” (IIOA), stems from a harsh reality: although the nation’s economy has improved, not all have benefited equally. According to the Distressed Communities Index, combining seven complementary metrics to present a multidimensional picture of economic distress, an estimated 50.4 million Americans live in economically distressed communities. Many areas continue to linger in recession. A report by the Washington-based Economic Innovation Group found that between 2010 and 2013, the average distressed zip code lost 6.7% of its jobs and 8.3% of its businesses, even as nearby zip codes prospered.
By: Staff, Initiative for a Competitive Inner City
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