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Economic Recovery Committee Meeting, Oct. 23, 2020 - Shared screen with speaker view
Joshua Broder
Dave, you will shortly be promoted to panelist, we see you on.
Tae Chong
Is there a strategy to recruit professionals of color to move to Maine including businesses of owned or started by people color especially stem related businesses? For Asians make up 5% of the total population but make 14% of stem degree holders and are 2x likely to start a business.
Tae Chong
sorry about the typos
Sam May
We should not all be in the business of primarily focusing on creating “tradable” jobs if they comprise less than half all the jobs. We can’t leave Maine St and the farms and all the other vast regions of Maine that are not on the leading edge of “tradable” jobs. Let’s not forget many Mainers. I am questioning the focus on just tradable jobs.
Joshua Broder
Credit is as tight as it was in 2009. Hard conditions for recovery and growth.
Tim Agnew
That 3 by 2 table is exactly right and a perfect way to outline what we need to do.
Sam May
Capital travels at the speed of light - 180,000 miles per second. Labor, not quite so fast. And labor is not “important”
Sam May
Risk results in rewards and those rewards, if they are financial, go to the owners of capital and leave the many less “wealthy”. We have empirical proof of growing income and wealth inequality. We are back to levels not seen since the Gilded Age more than 100 years ago. Big bold ideas are great, but they will reenforce rewards to the privileged. I want a better state, even if we are less than one half of one percent of the population of the US.
Tae Chong
Right now, if 1/2 the kids under the age of 18 in the US is multicultural and 1/2 the US population will be multicultural in the next 20 years and they will be the future workers and consumers, why isn't that a focus. It's like saying well, we will just focus on hiring and selling to men only and hopefully our economy and opportunities will grow? If Maine is not welcoming to diverse populations, we are sunk.
Sam May
We invested $45mm in MTAF and nearly half went to one non profit, Jackson. Right? $2.5mm went to Ready. We spent $17k per employee and they then sold the company to Chinese private equity, ensuring that all future wealth created by Ready will leave the State. Is this good public policy? Details matter.
Sam May
Private equity does not share well. Infrastructure well thought out w social concerns layered on them, like net metering and PUC regulations, etc. provide more equity than venture capital funded tradable jobs in clusters.
Sam May
It makes sense from a wealth extraction private equity sense, but makes little sense from a “political” sense. We represent all and must envision bringing along all.
Tae Chong
How about UMASS Boston as a model as well? They were intentional about being welcoming to people of color. Changed their admission policies and created departments to recruit people of color. UMASS Boston is on pace to be as big as UMASS Amherst. In the 1960s it was a sleepy community like college and it is now one of the largest universities in New England. It is the 3rd most diverse university in the nation and immigrants are driving enrollment, particularly in the health sector. Governor Mills is an alumni and Barry Mills is or was the former president of the University There is a blueprint here.
Sam May
lets not drive it, lets thrive it.
Sam May
don’t let a good crisis go to waste