MACKINAC ISLAND, MI – Mayor Mary Sheffield sent a bold and unconventional message during her first address at the Detroit Regional Chamber Policy Conference on Thursday, May 29. Rather than simply highlight the city’s many successes, such as reduced crime, growing population and budget surpluses, she issued a call to action with her new mantra: “Poverty Elimination is a Growth Strategy.”
During her 30-minute speech, the Mayor made her case that the only sustainable economic recovery for Detroit and the region is one that is built on a foundation of flourishing residents, rather than just traditional economic development.
As evidence, Mayor Sheffield pointed to the city’s latest credit rating increases from Moody’s (A3) and Standard & Poors (BBB+). Although the city has made tremendous progress in raising its ratings with 12 consecutive years with upgrades, she asked the rating agencies why they were not higher.
Their response was eye-opening: The reason the city’s credit rating isn’t on par with other municipalities with similar financial practices, balanced budgets and surpluses is lower household incomes.
That is validation of the Mayor’s strategies since taking office for investing in people, including launching RxKids in Detroit, which already has delivered more than $4.5 million to families with new babies in Detroit and committing to pay all full-time city employees a living wage of at least $44,615 per year.
Sheffield also spoke of investing in the city’s youth through programs like Grow Detroit’s Young talent and other efforts led by her new office of Education and Youth Affairs, as well as investing in small businesses through programs like the Legacy Business project, which provides grants to companies that have operated in Detroit for at least 30 years.
The Mayor also challenged those in the audience, including business and political leaders, to join her in her efforts to invest in people, which would lead to a virtuous cycle of financial stability that then supports businesses and makes the city, region and state stronger, citing her long held belief that “people need businesses and businesses need people.”
Ultimately, Mayor Sheffield said she sees it as her responsibility to buck tradition and use new and innovative approaches.
“I was not elected to maintain the status quo. I was put in office for Detroit to Rise Higher, and poverty elimination is one of the most powerful economic development tools in our toolbox,” Mayor Sheffield said.
