First State Republicans are hoping for an overhaul of the state’s economy after the tumult brought by advancing technology.
In the GOP’s weekly message, state Rep. Lyndon Yearick (R-Camden) says Delaware is at a crossroads to find its new economic identity with the loss of thousands of manufacturing jobs.
He points to Gov. John Carney’s (D) first executive order that created a new committee to study public-private partnerships as a step in the right direction.
“This is going to be a process of large and small steps that will take time to unfold. For the sake of Delawareans – especially our youngest citizens – this is a journey we need to undertake now,” Yearick said.
Recommendations from that committee are due to the General Assembly in April.
https://www.youtube.com/watch?v=Ddq4bG_bqPM&feature=youtu.be
Below is the full transcript for the GOP's weekly message:
I am State Representative Lyndon Yearick.
The welfare of our state, and the quality-of-life for Delaware families, is reliant on the strength of our economy and the availability of quality jobs.
Our economy is dynamic and shifting. Manufacturing was once a major source of well-paid employment, but that is changed. According to the federal Bureau of Labor Statistics, less than six-percent of Delaware’s workforce currently owes their livelihoods to this sector.
In 1981, Delaware adopted the Financial Center Development Act. That statute, as well as supporting banking and corporate laws enacted afterward, set the stage for a new era. It made Delaware a major hub of credit card banks and financial service businesses that created thousands of professional jobs.
But 17 years into the new century, Delaware finds itself at a crossroads, lacking a sense of economic identity.
A first step towards changing that began last month with the issuance of Executive Order 1 by Governor Carney. It forms a diverse group, of which I’m a member, to make recommendations on initiating public-private partnerships to foster economic development. Those suggestions will be delivered by April 7th.
Another significant step to re-creating our economy was done by the Delaware Business Roundtable. This non-partisan group of influential business leaders, worked with analysts and 100 state, business, and community officials, to craft a growth agenda designed to increase capital investment and job creation.
The agenda focuses on a number of specific steps to enhance the state’s business climate; reform economic development; and foster entrepreneurship and innovation.
The Roundtable maintains that for Delaware to be successful, elected officials must recognize the new economy and reposition the state to take advantage of opportunity.
In contrast to the Financial Center Development Act, there is no magic bullet that will rebuild our economic fortunes. This is going to be a process of large and small steps that will take time to unfold. For the sake of all Delawareans, especially our youngest citizens, this is a journey we need to undertake now.