Rethinking our economy

Fri, Sep 11, 2009 (3 a.m.)

The toughest issue facing Southern Nevada elected officials is how to deal with the ravages of a recession that has taken its toll. The valley has double-digit unemployment, one of the highest home foreclosure rates in the nation and a shrinking tax base that has failed to keep up with demand for essential services.

To a great extent, these officials’ hands are tied. There is not much they can do to straighten out Wall Street and get banks to loosen credit. There’s not much they can do to stop home foreclosures. And the lack of home rule, coupled with unfunded mandates from state government, gives them little flexibility to manage their budgets.

But in separate In Business Las Vegas stories by Richard N. Velotta and Brian Wargo last week, the valley’s political leaders indicated in appearances before local business organizations that they are thinking about what they can do to help stimulate the economy.

North Las Vegas Mayor Shari Buck had the right idea by citing her city’s plan to recruit California businesses through tax and landscaping deferments. The city also intends to emphasize its proximity to Interstate 15 and to Union Pacific’s rail spurs.

Clark County Commission Chairman Rory Reid was on target by stressing economic diversification. Reid recognizes the importance of having a thriving renewable energy industry as part of that mix.

Las Vegas Mayor Oscar Goodman made sense when he called on the state to give local governments more authority over their own affairs.

All are sound ideas that should be pursued. We would also encourage local political leaders to think long term about ways to help bolster the economy.

As Reid aptly said: “We need to fundamentally remake our economy so that every time the gaming industry gets a cold, we don’t all get sick.”