Sheffield's pro-business case on poverty
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Mayor Mary Sheffield's Mackinac speech. Photo: Courtesy of Detroit Regional Chamber
Mayor Mary Sheffield made the business case for lifting Detroit's most impoverished residents Thursday at the Mackinac Policy Conference.
Why it matters: Fighting poverty is an economic growth strategy in the best interest of corporations and the state at large, Sheffield argued in a keynote speech on Mackinac Island.
- The swanky annual shindig gathers the state's most powerful private, nonprofit and political leaders, costing $3,500-$5,200 to attend.
State of play: Sheffield described being a pro-business mayor — but the top of her economic agenda is investing in struggling Detroiters' health and financial well-being.
- She argued that poverty is not just a social or charity issue, but the key to regional economic development and workforce competitiveness.
Case in point: When she asked credit ratings agencies how Detroit could earn a higher rating, they cited residents' income levels, poverty and unemployment.
- "This confirmed what I long believed, that raising household income is not just compassionate policy, it is sound economic policy."
- Plus, poverty is a top challenge cited by big-box retailers when they make the decision whether or not to open a store here, she added.
Between the lines: Sheffield referenced policies enacted so far, including bringing infant and mother cash program Rx Kids to Detroit, raising wages for Detroit employees and hiring a top-level anti-poverty executive.
- She has previously called on corporations to follow her lead and raise their wages.
- Other future endeavors of Sheffield's that could use corporate and state-level political support include population growth and retention strategies, and creating new revenue streams to lower property taxes.
Go deeper: Poverty is on the rise in Detroit