Pages tagged "Economic Development News"
Charleston Daily Mail - Secretary Keith Burdette defended the state's use of tax credits to attract businesses to the state before lawmakers Wednesday. Read
Speaking to a joint meeting of the Legislature's Joint Commission on Economic Development and Joint Committee on Finance, Burdette criticized a recent New York Times report for creating a "woefully inaccurate picture" of how the state uses its business tax incentives.
The State Journal - A recent analysis by the West Virginia Center on Budget and Policy indicated that production declines may not translate to employment declines directly. Miner productivity is expected to fall, meaning producing the same levels of coal will take more man-hours. Read
"In fact, there may be 10,000 more coal jobs in Central Appalachia in 2035 than there were in 2010, despite production falling by 100 million tons, because of falling productivity," wrote analyst Sean O'Leary.
That analysis was just a quick look at one of the many factors playing into the future of the coal industry. As O'Leary points out, there are a lot of variables that could influence the future of coal. The industry's future will have significant implications, not just economically but culturally.
West Virginia Public News Service - The bad news is that West Virginia has a high rate of unemployed youth not in school. The good news is there are things that can be done about it. Read
USA Today - The liberal West Virginia Center on Budget & Policy did a study of how a permanent fund would benefit the state. "I kept thinking to myself, 'We need something like Alaska,'" says executive director Ted Boettner. Read
USA Today - "Fracking is happening and it's not going to stop, so we have to take the high road of good regulation and taxes so communities are better off, not worse off, after it's done," says Ted Boettner, executive director of the liberal West Virginia Center on Budget and Policy. Read
Sunday Gazette-Mail - Ted Boettner, executive director of the West Virginia Center on Budget and Policy, said the Patriot announcement is more evidence that the state needs to focus on planning an economic transition as the coal industry declines. Read
"The decision highlights the fragility of our state's economy and the urgent need to take steps to ensure that we will always benefit from our rich natural resources," Boettner said Friday.
"One way to do this is by creating a permanent trust from severance taxes or a Future Fund," he said. "This can be done with existing revenue sources and can provide more stability and help us transition our economy. Mineral trust funds have a proven track record in several other energy states and there is no reason it can't work here."
Four of the five major Sunday morning political shows ignored the issue of job creation and economic growth, which economists and voters say are the most important economic issues facing the nation. Instead, the economic discussion on the November 11 editions of these shows focused almost exclusively on the debate over how to achieve deficit reduction. Read
Economists and other experts also say that job creation and economic growth are the most important issue facing the country.
An op-ed written by economist Dean Baker and West Virginia Center on Budget and Policy executive director Ted Boettner stated that "it is unfortunate that deficit reduction has come to occupy center stage in the national political debate when clearly our country's biggest problem is the jobs deficit." The two added: "Deficit reduction in the near future will worsen the unemployment problem."
Charleston Gazette - Federal researchers estimate that Central Appalachian tonnage will fall more than half in the coming decade. Sean O'Leary, of the West Virginia Center for Budget and Policy, told (Ken) Ward:
"The reality is that even without greenhouse gas or mercury regulations, coal production in Central Appalachia is going to dramatically decline. Repealing environmental regulations won't make the remaining coal seams in West Virginia any thicker or easier to mine, and it won't stop power plants from converting to natural gas."
The center's director, Ted Boettner, added: "Most alarming is that the governor and many legislators are not putting the issue of coal decline and transition at the top of their legislative agenda." Read
Charleston Gazette - Last week, the West Virginia Center for Budget and Policy reported that coal mining and natural gas extraction, two of West Virginia's largest industries, accounted for 5.5 percent of the state's total personal income in 2011. By comparison, the federal Medicaid program made up 4.4 percent, Medicare 6.6 percent and Social Security 9.5 percent.
"While Romney and Ryan may scale back some of the EPA's proposed regulations on air pollution and greenhouse gases, their plans to cut Medicare, Social Security and Medicaid will have a far greater impact on the livelihood of working families in West Virginia than any of Obama's proposed EPA regulations," said Ted Boettner, the center's executive director.
Boettner's group has been pushing for a small increase in coal and natural gas taxes for a dedicated fund that would pay for educational program, economic development efforts, and infrastructure improvements to help diversify the coalfield economy.Read
Gov. Earl Ray Tomblin is rejecting a proposal that he form a bipartisan commission to begin more serious planning for the decline of Southern West Virginia's coal industry. Tomblin has also rejected a proposal by the West Virginia Center for Budget and Policy for a small increase in coal taxes to create a "future fund" that would pay for educational, infrastructure and economic development efforts. Read