‘Only the Rich Can Play’ documents how Republican program to help the poor

Donald Trump said they had created “countless jobs” and poured $100 billion of new investments into low-income neighborhoods. Sen. Tim ScottTimothy (Tim) Eugene ScottHouse passes bill to end crack and powder cocaine sentencing disparity New poll shows lasting support for Black Lives Matter with people of color Police organizations say failed reform proposal would have strengthened departments, not defunded them MORE (R-S.C.) hailed them as “the first, new major effort to tackle poverty in a generation.”

These were “Opportunity Zones” to focus on lifting up impoverished communities. It was the Republicans’ answer to Democrats’ free spending poverty programs. The key was investors in these projects would largely escape capital gains taxes. It was to be a win-win, the rich get a little richer while distressed communities are lifted up with more jobs and opportunities.

It was a win … for the rich. However, it has done precious little for the poor and disadvantaged neighborhoods. This fact is brilliantly captured in a new book, “Only the Rich can Play” by David Wessel, who documents it with prodigious reporting and research, vivid anecdotes and stories, and, where possible, data.

Wessel, a scholar with the Brookings Institution, was a colleague of mine at the Wall Street Journal and probably the best economic correspondent in all my years in Washington. He combines a deep understanding of the dismal science with a remarkable ability to explain it to lesser lights like me.

Opportunity Zones were the brainchild of Silicon Valley billionaire Sean Parker — to lure investors, with generous tax breaks, to invest in poor neighborhoods. He assembled a think tank, Economic Innovation Group (EIG), with Washington political operatives, a Democrat and a Republican. They added a couple blue chip economists: Republican Kevin Hassett, later President TrumpDonald TrumpTexas not hiring private contractor for election audit Lack of helicopter space forced Ivanka Trump, Kushner to drop plans to meet Queen Elizabeth II: book Ex-Bush strategist Matthew Dowd running as Democrat for Texas lt. governor MORE‘s chief economist, and Democrat Jared BernsteinJared Bernstein‘Only the Rich Can Play’ documents how Republican program to help the poor didn’t More than 7 million Americans to lose jobless benefits on Labor Day Job openings hit 10.1 million in third straight record-breaking month MORE, now in the Biden White House.

Parker learned the mother’s milk of getting things done in Washington: money. In 2012, he contributed $571,000 to Democrats, only $10,200 to Republicans. Two years later he again gave $571,000 to Democrats, but $409,000 to Republicans.

They then persuaded two aggressive sponsors, a sine qua non for moving under-the-radar legislation: Sen. Scott and Sen. Corey Booker (D-N.J.), both Black.

EIG struck it rich with the election of Trump and his legislative priority, a massive tax cut, the vehicle they needed. Scott got the president on board and helped shepherd it through. As Wessel recounts, there were no hearings, minimal analysis, many lawmakers probably unaware of the provision. They ignored requests for more accountability and…