How Much Bailout Money Can Dallas Get?
Tod Robberson, in The Dallas Morning News Opinion blog, asks, "as long as the federal government is talking about handing out money, why shouldn't Dallas put in a pitch for some financial aid?" Mayor Tom Leppert would like some money for the Calatrava bridges and for the Convention Center hotel. Robberson himself would like some money for Fair Park and for job creation in southern Dallas. But Robberson also asks if "it's appropriate for our city (or any other) to be asking for additional federal help at this time, whether it provides an economic stimulus or not?"
That's a loaded question. It implies that the bridges and hotel and Fair Park won't provide an economic stimulus. Or it implies that Dallas is doing so well economically that it can't benefit from additional stimulus. Or it implies that there will be cities who will have a hand out who won't need the federal money or who won't use it productively if they get it.
Barack Obama's plan is to make "$25 billion immediately available in a Jobs and Growth Fund to help ensure that in-progress and fast-tracked infrastructure projects are not sidelined, and to ensure that schools can meet their energy costs and undertake key repairs starting this fall."
The key part of this plan is its focus on "in-progress and fast-tracked" infrastructure projects, not pie-in-the-sky wish-list items that have no chance of securing popular support for the necessary funding even in flush times. The immediate need is not to think up new and wonderful ways to spend money, but to ensure that already approved projects don't get delayed or cancelled because of tough economic times. In Dallas, the bridges and hotel seem to meet the criteria. Projects that don't meet the criteria include some undefined Fair Park or southern Dallas redevelopment project.
Some readers complain that the federal government has no place funding any of these projects. Economic development in cities is not the federal government's responsibility. Fair enough. But the federal government has monetary powers local government doesn't. Left to the cities and states, budgetary pressures would lead to a downward spiral of economic collapse. The federal government can and should use its powers to arrest that vicious cycle. Focus on the right projects. Keep the dirt flying. Keep the workers on the job. Hire more. Turn this economy around.
Closing the DMN as a Loss-Avoidance Strategy
Recently, Wick Allison had a look at A.H. Belo's financials and speculated that the publisher of The Dallas Morning News is running out of cash. Today, Frontburner's Tim Rogers reinforces that conclusion with a story from no less than The Wall Street Journal:
"Fitch analyst Mike Simonton said more worrisome than the number of newspaper publishers in default is the fact that some, including A.H. Belo Corp. and Sun-Times Media Group, are unprofitable on a cash-flow basis, and aren’t in a position to service debt.Rogers concludes: "So what will Dallas look like without the Dallas Morning News? It now seems a fair question."'That should raise red flags,' Mr. Simonton said, adding that newspapers can no longer offset revenue declines with cost cuts. 'Closing some of them down as a loss-avoidance strategy may make more sense.'"
To me, Dallas will look a little more dark, sound a little more quiet, feel a little more lonely. Not that I'll miss the print edition. I gave that up months ago in frustration of seeing yet another writer let go or section cut or reduced. But I still rely on the online version of the News, mainly for its blogs. All the breaking news gets published in the blogs first, and the commentary explaining what's behind the news gets published there only. Frontburner, Unfair Park, and Pegasus News just don't have the breadth and depth that The Dallas Morning News still commands, even after all the cutting and trimming.
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