The report card is in on the billions of tax dollars that have been pumped into downtown Cincinnati since 2000, and it is not good. The Cincinnati Enquirer today reports that employment in downtown Cincinnati declined 23.5% between 2000 and 2010, a virtual collapse of the downtown economy.
In that time, we opened the $40 million Riverfront Transit Center, the $110 million National Underground Railroad Freedom Center, the new Ft. Washington Way, new riverfront parks, the new Contemporary Arts Center, the expanded convention center; we subsidized hotels, retailers, and restaurants, and revamped Fountain Square. In short, the City has tried every taxpayer-funded stimulus known to God and man to re-energize and re-grow downtown, all for naught.
They have tried everything, except of course, the free market.
The verdict is in. Their taxpayer subsidized dream of big government has failed, and failed miserably.
It's time for a return to market forces. They can't do any worse than Dohoney, Mallory and the crew.