Kentucky Senators co-sign bill to create economic freedom zones in hard hit communities around the country
Since members of both the House and the Senate have chosen to waste their time chasing the false allegations of Russian hacking since Donald Trump entered the White House, very little has been accomplished in dealing with the problems facing the American people. ¬†However on July 14 both Senators from the state of Kentucky appear to be finally getting off their chairs to offer some type of legislation that will attempt to aid communities hit hard following the 2008 financial crisis.
Senators Rand Paul and Mitch McConnell are co-sponsoring a new bill called the Economic Freedom Zones Act which will seek to provide certain communities with tax-free incentives for businesses and innovation in the hopes of helping to eradicate what is or has been taking place in areas such as Detroit, Stockton, and Baltimore.
US Senators Rand Paul and Mitch McConnell in a statement on Friday said they resubmitted legislation known as the Economic Freedom Zones Act which is aimed at helping economically stressed communities rebuild their infrastructure.
“By reintroducing this legislation, we are standing up¬†for American families who are suffering under¬†the strain of¬†regulation and the consequences of¬†failed economic policies,” McConnell said. “Innovative ideas like¬†this will help bring hope and prosperity to¬†distressed communities across¬†our nation.”
The senators claim the nearly tax-free zones will improve employment prospects for¬†the jobless in¬†high unemployment communities around¬†the United States. ‚Äď¬†Sputnik News
It is unfortunate that the government believes they must intercede in creating infrastructure projects and economic incentives to help rebuild communities since the Federal Reserve has been claiming that the country has been out of recession for several years now, and that an economic recovery has taken place. ¬†Additionally, Washington appears to be left with little choice but to legislate a stimulus package of this type since the banks have refused to lend money towards business and infrastructure, and instead have kept trillions of dollars parked at the central bank earning interest rather than lending it out to spark economic growth.
Although it is becoming more and more difficult for the American people to trust any of nation’s primary institutions such as government, banks, and the media to aid the public good versus their own self-interest, the writing appears to be on the wall forecasting a new financial and economic disaster that is the result of their making. ¬†And if Congress can’t wake up and see the realities of their failures through the people voting into office Donald Trump last November, then each subsequent election going forward may find themselves at risk of losing their positions of power, since Americans no longer accept the narrative that everything is fine in the economy.
Kenneth Schortgen Jr¬†is¬†a writer for¬†The Daily Economist,¬†Secretsofthefed.com,¬†Roguemoney.net, and¬†Viral Liberty, and hosts¬†the popular¬†youtube podcast¬†on Mondays, Wednesdays and Fridays.¬†Ken can also¬†be heard Wednesday afternoons giving an weekly economic report on the¬†Angel Clark radio show.