Investing in the Future and Urban Planning

In order for the 5 Pillars of the American Formula to work, Friedman and Mandelbaum say that "it involves one generation investing on behalf of another. So when we opt for deferring maintenance on the formula rather than making farsighted investments in it, we are denying the next generation the tools it will need to maintain the American dream." 

In no place is this lack of investment more obvious than the poor urban planning decisions made by Philadelphia leadership all those years ago when the potential for prime waterfront real estate was paved over by I-95 and the Schuylkill Expressway.  When elected leadership fails to recognize the potential for long term development, we end up with poorly executed fixes for immediate needs. Today, the city is paying for those hasty decision because there wasn't a visionary speaking on behalf of the next generation of Philadelphians. We can never calculate the loss of business opportunities, residential development, or cultural renaissance as a result of these highways.

While this is just one example of "deferring maintenance on the formula" (and arguably not as important as other issues like global warming and economic failure) it is glaringly obvious when comparing Philadelphia to other cities who supported urban planning visionaries. 

In July, I traveled with my husband to San Antonio, Texas, and felt what I can only describe as waterfront envy. Running through the heart of the city is the San Antonio river, which has been fully incorporated into the urban planning and design. The Riverwalk is a beautiful oasis for tourist and locals looking to escape the Texas heat.  The skyscrapers line the river's edge with water level retail and restaurant space that welcome pedestrians. On street level there is an additional opportunity for retail and restaurant space for each of the buildings, which ensures a thriving retail  and tourist economy.  This project did not happen overnight, it came about in 1929 as a way to prevent frequent flooding.  It was a vision that depended on the next generation to continue the project.  Today, the city has something valuable because someone decided to invest in something important for the next generation.

While we can't go back an rip up the highways that choke the waterways of Philly, we should invite visionaries to collaborate on projects that serve as an investment in the future economic success of the next generation.