We agree with Roger Gros’s recent blog post, “Delaying the Inevitable,” where he states:
The idea that Atlantic City could or should control how a company develops its property—casino or not—is simply ludicrous. A company responds to many things, but most importantly, it responds to the economic conditions under which it must build its projects. To think that a government could force a company to build according to its original timetables when economic conditions change so radically is akin to forcing developers to leave or not even consider Atlantic City.
So maybe the City Council of Atlantic City should go back to school to learn basic economics. Private companies are beholden to shareholders who demand fiscal responsibility from company officials. To betray that duty to shareholders would verge on the criminal. So Atlantic City’s effort to “hold their feet to the fire” as Mason said is foolhardy and will eventually dry up investment dollars that would normally be committed to the city.
Mr. Gros’s analysis is spot-on the mark. I wish that there were more people pointing out that the City Council is largely devoid of sound economic principle. The same City Council that is responsible for the creation of a near-$200 MILLION budget, for 40,000 residents, lacks the understanding of how a market economy operates. Let us review the Councilmen.
—Councilman William “Speedy” Marsh has held numerous positions for different boards of education.
I invite reader response, especially if I am neglecting any of the Councilmen’s jobs and business experience. However, from the information that has been provided to the public, City Council – with a few exceptions – has very little economic understanding. They are good at spending our money, but have little experience and exposure to handling their own budgets in a market economy.
(We thank www.cityofatlanticcity.org for the photographs.)