Economic Summit II - Remarks and Speeches

Wisconsin's Economy at the Crossroads:
Building Higher Paying Jobs for the Future

November 26-27, 2001
Midwest Express Center, Milwaukee

Economic Summit Talking Points
Senate Minority Leader Mary Panzer
November 27, 2001

Managing Change

Last year, we made history by meeting here in the state's first economic summit.
Some may have questioned the need for the summit as Wisconsin was enjoying low unemployment, strong economic growth and government surpluses. What a difference a year makes!
The impacts of national economic downturn have begun to be felt here in Wisconsin - 25% more families are seeking assistance through the W-2 program, 16, 542 layoffs have been announced between January and November in Wisconsin this year, and the state budget is in deficit somewhere between $300M and $1.3B.
These more challenging economic times make addressing, planning and building our state economy even more critical.
Wisconsin's economy has grown around a tripod of three basic areas: Manufacturing, Agriculture and Tourism.
This economic tripod will continue to be critical to Wisconsin's economic future, but these bases must be updated and modified to remain effective and strong as new technology emerges and affects all aspects of our lives. We must also work to supplement them with other economic bases to reinforce the Wisconsin economy against downturns.

Wisconsin Technology Council

As the only legislative member of the Wisconsin Technology Council, I have been working closely with individuals from around the state and across disciplines representing capital, higher education, medical, biotech to name a few to help develop a vision and action plan that will help maximize the potential we know Wisconsin has, and to provide the economic reinforcements our economy needs.
Specifically, we have made a commitment to work with Governor McCallum to:
- Capture Wisconsin's fair share of federal funds. Wisconsin consistently ranks near the bottom of states in terms of return of federal tax dollars to the state. Specifically, we will work to secure federal funding for a national center for scientific research in Wisconsin.
- Identify and organize centers of excellence within the state and lead the development of science and technology sectors.
- Attract venture capital to Wisconsin-based science and technology businesses, and increase of infusing $100 million per year in venture capital firms that are Wisconsin-based or Wisconsin-located.
- Attract nationally recognized venture capital firms to locate offices in Wisconsin.
- Work with the airlines to improve direct air service to and from venture-capital hubs like San Francisco and Boston to improve access to venture capital.
- Create a top-tier team at the Department of Commerce charged with the development of science- and technology-based businesses in Wisconsin.
I believe that these steps will help strengthen our current economy by reinforcing the basics, creating a long term vision for these long-time Wisconsin economic engines and attracting high-wage, high-skill jobs in emerging and expanding industries to Wisconsin.

A Vision for Wisconsin

If we are to succeed, we must embrace the vision, and support it with a tight, long-term economic plan. A plan for one year is not enough, we must work to create a long term economic plan for Wisconsin. The plan must be tight enough to endure, but flexible enough to incorporate change.
Governor's Earl and Thompson demonstrated this sort of vision through their commitment to Wisconsin. Under their leadership, we established the Strategic Development Commission which looked into Wisconsin's future and provided a sometimes painful comparison to other states.
We created an education success story, that starts with a strong K-12 system, produces high school students who consistently outscore their peers around the country on the ACT test and culminates in lifelong learning opportunities in a University system that is consistently recognized among the best in the world.
Governor Thompson legendary enthusiasm was applied liberally to tax cuts. He cut income, sales and inheritance taxes alike. He cut the personal property tax on computers. We are fighting to continue that legacy by implementing the single sales tax - it is time to stop punishing businesses that locate jobs in Wisconsin!

Managing Change

The one thing we are certain of is Wisconsin will look different 10 or 15 years from now than it looks today. Consider the office place - if you would have explained email, voice mail, palm pilots and cell phones to the typical office worker 15 years ago, he would likely have shook his head and returned to typing on his Smith Corona, convinced that you had spent too much time watching the futuristic "Jetsen's" cartoon.
If we are to succeed in the future, we must manage change carefully. On a positive note, I believe that we have the collective wisdom and energy to form the right plan and to work cooperatively to implement it.