Competitive Wisconsin, Inc. Announces Bold New Vision for Economic Development

“CWI plan has potential to grow Wisconsin’s economy by $22 billion”





Milwaukee – Competitive Wisconsin, Inc. (CWI) today announced a bold new plan for economic development designed to grow Wisconsin’s economy by $22 billion and generate $1.32 billion in new tax revenue without a tax increase. 

 

“Competitive Wisconsin believes it is time for a comprehensive economic development plan that will create a competitive economic climate favorable to high-paying jobs and higher per capita income.  We must recruit and develop high wage earners and make strategic investments of taxpayer resources to grow our economy and create jobs,” said Tom O’Neill, president of CWI and senior vice president, Marshall & Ilsley Corporation. 

 

Competitive Wisconsin spent the past 18 months reviewing research conducted by top professors from the University of Wisconsin, the Wisconsin Taxpayers Alliance, and a multi-state survey conducted by the Wisconsin Alumni Association to formulate the recommendations in the Competitive Mandate. 

 

In addition, CWI developed the education recommendations based on the advice of key members of academia.  Finally, CWI studied the successful tenets of Minnesota’s major economic expansion since the 1980s. 

 

The Competitive Mandate will:


  • Foster the retention and expansion of existing businesses and farms and increase worker productivity.

  • Accelerate business start-ups by increasing research and development, encouraging technology transfer and by modifying tax policy to nurture a creative, pro-growth, entrepreneurial climate.

  • Recruit and develop high wage earners and raise per capita income.

  • Promote fiscal restraint of state spending and strategic budgeting with priority in areas that will grow the economy such as K-12 and higher education, entrepreneurship, worker training, health care, property tax reduction, infrastructure and marketing. 

 

The primary goal of the Competitive Mandate is to raise Wisconsin’s per capita income.  Raising Wisconsin’s per capita income by $4,071 would match Minnesota’s per capita income level of $37,322 and would add another $22 billion in per capita income and generate an additional $1.32 billion in new tax revenue.

 

Lyle Balistreri, president of the Milwaukee Building and Construction Trades Council and CWI board member, said “The mandate is what the Wisconsin economy needs.  If we grow businesses, we grow jobs and we grow personal income and tax revenues.”

 

“The mandate emphasizes education as a platform for economic development, especially education in science, math and engineering.  That’s the right strategy for Wisconsin,” said Hermann Viets, president of the Milwaukee School of Engineering and a CWI board member.

 

“The mandate recognizes that agriculture plays a vital role in Wisconsin’s economy and it provides the blueprint for retaining and expanding our agriculture industry in the future,” said Laurie Fischer, Executive Director of the Dairy Business Association and CWI board member.   

 

“Wisconsin can expand its tax base and grow the economy without raising taxes if it takes a more strategic approach to economic development.  It is time to stop chasing smokestacks and start recruiting brain power,” said Bill McCoshen, Executive Director of Competitive Wisconsin and former Wisconsin Commerce Secretary. 

 

Competitive Wisconsin, Inc. was created in 1981 as a non-partisan consortium of agriculture, business, education and labor leaders that focuses exclusively on developing and advocating statewide policies designed to retain and grow existing businesses and create new businesses.

RELATED ARTICLESMORE FROM AUTHOR