A recent article in the Los Angeles Times examines the debate surrounding Cleveland's economic renewal.

"Cleveland has weathered this recession much better than past slumps, as local industries have retooled and reinvented themselves. Old shops and factories have embraced new technologies. And for the first time in a while, there are grounds for optimism," the article states.

During his recent visit to Cleveland for the Winning the Future Forum on Small Business, President Obama pushed the idea of public investment. "The American economy should update itself Cleveland-style," he believes, "and the federal government should nudge it along with smartly placed investments."

Republicans such as House Speaker John A. Boehner, however, believe that Cleveland's success is due to innovation by business, and that government should help by cutting spending and taxes. Last week, the House proposed cutting $61 billion from the government's budget for 2011, including funds for local economic-development programs. President Obama's budget for 2012, on the other hand, increases investments in infrastructure, technology, and education.

"In Cleveland, the remaining steel mills have come to specialize in higher-end materials. Old plastics and glassware factories now make things such as cellphone heat-shields that compete with the best products coming out of Japan. A Lake Erie wind farm could soon stand just miles away from where the Cleveland Browns play football."

The Cleveland Clinic and University Hospitals also contribute to the growing biomedical industry.

Obama believes the government should invest in these private businesses as well as medical and scientific research and education programs to create a more technically educated workforce. He also pledges to decreases taxes for many corporations and reform the corporate tax code to promote a more level playing field.

Republicans, however, argue that government spending will only inhibit growth and hinder the creation of new jobs. They support cutting federal spending and encouraging private-sector investment.

Read the rest here.