What does this mean for Syracuse? The Big Boss isn't going to come in here and save us. Citigroup's cutoff of Destiny's credit is symptomatic of this larger economic picture.
Nor is Uncle Sam going to save us.
The $787 billion economic stimulus, which is only one-third of the shortfall in aggregate demand, pales in comparison to the $12.8 trillion lent, spent, or committed in guarantees to the financial industry and the over $5 trillion committed to overseas wars and military spending over the next eight years by the new administration.
The combination of taxes and inflation to pay for the wars and bailouts preclude any substantial urban policy that will really help us rebuild cities like Syracuse and probably any strong economic recovery nationally for many years.
What this means is that we are going to have to do it ourselves. The city government is going to have to take a much more direct role in developing local businesses.
That means everything from the retail stores that have largely abandoned our neighborhood business districts, to the green industries everyone agrees are central to our city's and region's recovery, to the high-value added production of real material wealth by agriculture and manufacturing, which too many leaders in this community have concluded are not viable here.
But the Greens argue that if we are serious about the sustainability everyone now talks about, we have to be serious about developing a local and regional base of sustainable agriculture and manufacturing, with renewable agricultural feedstocks supplying the raw materials for ecologically clean and sustainable manufacturing.
The high value-added nature of manufacturing is what creates the wealth that serves as the foundation for the service, retail, and government sectors and for the value we can trade for the material things we that we do not produce locally and need to import.