{"id":102351,"date":"2020-11-01T02:45:26","date_gmt":"2020-10-31T23:45:26","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/solving-nycs-dire-economic-crisis-demands-far-better-leadership\/"},"modified":"2020-11-01T02:45:26","modified_gmt":"2020-10-31T23:45:26","slug":"solving-nycs-dire-economic-crisis-demands-far-better-leadership","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/solving-nycs-dire-economic-crisis-demands-far-better-leadership\/","title":{"rendered":"#Solving NYC’s dire economic crisis demands far better leadership"},"content":{"rendered":"

“#Solving NYC’s dire economic crisis demands far better leadership<\/strong>”
\n<\/p>\n

\n With the COVID-19 crisis entering its ninth month, the city\u2019s economy and municipal finances face an existential threat, and Gotham\u2019s need for real leadership grows ever more dire.<\/p>\n

As The New York Times reported<\/a> last week, the city is now grapp<\/a>ling with \u201ca bigger challenge in recovering from the pandemic than almost any other major city in the country. More than one million residents are out of work, and the unemployment rate is nearly double the national average.\u201d City joblessness topped 14 percent in September, as the national rate fell to 7.9 percent.<\/p>\n

And the picture might be even worse for New York: As state Comptroller Tom DiNapoli reported, the statewide drop in unemployment, to 9.7 percent, wasn\u2019t driven by more workers getting jobs \u2014 but by the unemployed not being counted after giving up on finding jobs and dropping out of the labor force altogether.<\/p>\n

Losses are concentrated in five industries: restaurants, hotels, the arts, transportation and building services. Much of that stems from tourists and office workers staying home \u2014 but blame some of it, at least, on Gov. Cuomo\u2019s harsh business restrictions, such as his limiting indoor dining to just 25 percent of a restaurant\u2019s capacity.<\/p>\n

A new Citizens Budget Commission report<\/a> paints another grim picture. Taxable sales in the tourism and business-travel<\/a> sector from June to August were off a stunning 90 percent, or $2.2 bill\u00adion, from the same time last year. The recreation and entertainment sector also fell 90 percent. Total sales: down 23 percent, or $10.2 billion (on top of a $16.2 billion plunge in the prior three months).<\/p>\n

The pandemic is \u201can event that struck right at the heart of New York\u2019s comparative advantages,\u201d explains Moody\u2019s Analytics chief economist Mark Zandi. The city\u2019s recovery will be \u201ca long slog,\u201d lasting through 2025, Moody\u2019s warns, even as the rest of the nation gets back on track by 2023.<\/p>\n

That means city tax revenue (projected to nose\u00addive by $10 billion over just two years) won\u2019t soon rebound. Cuomo (facing his own $14.5 billion gap this year alone) and Mayor de Blasio might have scant concern for the 1 million jobless New Yorkers and waves of dying businesses, but they should at least worry about their own budgets.<\/p>\n

Alas, Cuomo keeps threatening new lockdowns whenever anyone sneezes, figuring he can just blame President Trump for not offsetting the resulting economic pain with federal aid. De Blasio simply papers over problems and kicks the can down the road.<\/p>\n

He pushed a half-billion-dollar hole, for instance, into 2022 in a deal with the teachers union. Worse, that bargain also guarantees no layoffs \u2014 a commitment he repeated in a similar deal with the DC 37 union. In short, he\u2019s locking in current (unaffordable) expenditures in exchange for permission to dig next year\u2019s $4 billion-plus budget hole even deeper.<\/p>\n

De Blasio and Cuomo are pinning all their hopes on a massive bailout from a Biden presidency \u2014 a bailout far larger than anything Joe Biden has actually suggested.<\/p>\n

If New York is to survive, economically and fiscally, it needs leaders who can make tough budget-trimming decisions and rev up the economy. Cross your fingers that it doesn\u2019t completely crash in the meantime.\n <\/p><\/div>\n

\n

For forums sites go to Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n

\n

If you want to read more News<\/a> articles, you can visit our News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n

Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

“#Solving NYC’s dire economic crisis demands far better leadership” With the COVID-19 crisis entering its ninth month, the city\u2019s economy and municipal finances face an existential threat, and Gotham\u2019s need for real leadership grows ever more dire. As The New York Times reported last week, the city is now grappling with \u201ca bigger challenge in…<\/p>\n","protected":false},"author":1,"featured_media":102352,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2020\/10\/092420mayoralexandriacenter21MATT.jpg?quality=90&strip=all&w=1200","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[77885,70344,43,76223,4953],"class_list":["post-102351","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-10-31-20","tag-coronavirus-in-ny","tag-editorial","tag-finances","tag-new-york-city"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/102351","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=102351"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/102351\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/102352"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=102351"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=102351"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=102351"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}