Quantcast

Businesses must reinvest in community

caines | 6/21/2012, 6 a.m.

People are becoming more and more cynical of institutions, whether public or private, and rightfully so. On the public side, as in local government, there is a sense and belief based on previous history that the public sector can do more in creating jobs. One recent example would be the First Source Hiring Ordinance adopted by the Miami-Dade County Commission. Its intent is to give qualified residents looking for an opportunity for work to be hired by businesses that have been awarded county contracts. Remember, those contracts are funded primarily by our tax dollars. This is a good public policy initiative it is definitely a good beginning. Legislation that puts people first and holds the private sector accountable in doing the right thing should always be applauded. However, there is an overwhelming distrust of the private sector that perhaps stems from a rational reaction to poor institutional business practices or a general reluctance of companies that make profits to subsequently reinvest into the community. There is a tremendous private sector investment that has been going on for the last 15 years in existing low- and moderate-income communities. At the same time, we have seen the private sector adopt a model of doing business in these areas which has produced a radical disparity of income and business inequality and a decline in social mobility. It is a known fact that when government supports public policy that encourages equitable and cost-effective reinvestment in human capital, it provides sustainable growth that impacts income and business development. By Henry Crespo Sr. Miami Times Contributorhcresposr@gmail.com