Saturday, May 28, 2011

NYC;s Economic Problems 404

The number of people working in offices in Manhattan is 1.2 million, barely higher than it was back in 1990. http://bit.ly/1qwHPB0

Needs A Criminal Probe

J.P. Morgan Chase & Co. is looking to move 2,150 jobs from New York City to Jersey City, the latest expansion of the financial institution across the Hudson River. * The Empire State ranked 46th among the states for its overall fiscal health, according to a study by George Mason University’s Mercatus Center. “With barely sufficient cash to cover short-term spending, New York’s fiscal position showed several areas of stress,” wrote study author Eileen Norcross.

NYC Economic Problems

Why are finance jobs leaving? Look no further than thecommercial-rent tax (CrainsNY) via @GregDavidonNY

NYC's Economic Problems

How NYC is Losing the Middle Class

Wall Street

Will Wall Street Crash NYC?

The Daily News writes that Wall Street’s slump raisesquestions about the city’s and state’s ability to weather a fiscal “superstorm” and neither is as prepared as it ought to be:

Small Fines On City Businesses

New Approach Means Fewer Fines for Small Business Owners (NY1) Small businesses owners are getting a reprieve from City Hall. The city announced Friday that the number of violations issued against small businesses has been cut by a third, and total fine revenue is down by half. * NYC Fines on Small Businesses Drop Sharply (WSJ)

Keeping Wall Street Jobs Strong

112 Rikers Island employees red-flagged for integrity issues, including gang affiliations, still working at prison — months after Correction Dept. was notified (NYDN) New York needs finance: A new report spotlights the importance of keeping the industry strong (NYDN Ed) In this city of two tales, attention must be paid to both. Seven years after the national financial meltdown, New York is fortunate to remain the headquarters of global finance. Now the question is: How to keep our No.1 job producer No. 1 in the world. Banking and Wall Street jobs, from chief executives down to entry-level clerks, are overwhelmingly held by residents of the five boroughs. They produce 62% of the city’s private-sector wages, accounting for more than a third of the city’s $700 billion economic activity, according to a study by the Partnership for New York City.* Citing a report, the Daily News writes that New York City must maintain its banking industry and Wall Street jobs by improving airports, Internet connections, high schools and the tax structure * Federal officials designated the South Brooklyn Marine Terminal in Sunset Park, Brooklyn, as part of

America

’s Marine Highway System, which will make it eligible for federal support, Crain’s reports:

NYC's Economic Problems

NYC Cultural Change and the Escape

More on Wall Street

Escape From NY

More residents left New York than any other state in 2013. (NYP) IRS data from 2013 shows 114,929 taxpayers moved out of the state, making New York the state to lose the most people, far more than the 68,943 who left Illinois, which ranked second for most residents lost

Tear down this law(NYDN Ed)

The outdated Scaffold Law stunts growth

thevillager.com/2014/05/01/pearl-paint-closes/ … Pearl Paint closes on Canal St.

Fact the 1% Pay Half of NYC Taxes Confuses de Blasio's Tale Message

35,400 Tax Filers Pay 46% of the Total Collected

DE BLASIO AND THE 1 PERCENTERS(Capital) Mayor Bill de Blasio, whose campaign focused on the city's income disparity, expressed his gratitude for the city's top earners on Monday. - A New York City Independent Budget Office analysis shows that the top 1 percent of city taxpayers—those making $598,000 or more per year—pay $3.3 billion in city taxes, which is 46 percent of the overall total, :Top one percent pay almost half of city income taxes: IBO(NYDN) * New York collected $3.9 billion from tax scofflaws in the 2013-14 fiscal year

NY's Evil Rich

Report ranks N.Y. as worst state to be a taxpayer
New York City’s rich get blasted for doing good(NYP Ed) Consider what passes for a scandal in New York City these days: The rich, conservative Koch family funding a wing of a city hospital. Wall Street types financing charter schools for poor kids in the South Bronx and Harlem. Non-union Walmart trying to open a store in a low-income neighborhood, which would deliver both cheaper goods and jobs to the locals.
Public Advocate pushes legislation to fight wage theft(NYDN)

Unemployment Rate Remains Low In Tompkins, High In The Bronx(YNN)

Biggest NYC Employer is the Government

New York City’s biggest employer is the City of New York(nyp) New York city is its own biggest employer. The top five employers in the Metropolitan area belong to the public sector with the City of New York topping the list, according to data released by Crain’s New York Business. In addition to city, state and federal government job, the 2013 list of the 25 largest employers in the city, shows that health system jobs are on the rise helping to round out the top ten employers in the city. City Hall and the city’s Department of Education were the top two employers on the list — with City Hall employing more than 150,000 people and the Department of Education employing more than 119,000. Federal and New York state governments rank 3rd and 4th on the list, with about 89,000 and 69,000 employees respectively. The Metropolitan Transit Authority rounded out the top five with 67,000 employees, an increase of nearly 3 percent since the year before. Also in the top ten of employers were health care systems such as North Shore-LIJ Health System, which recently acquired Lenox Hill Hospital, the New York City Health and Hospitals Corporation — the public system which runs Kings County Hospital, Bellevue Hospital, Elmhurst Hospital and Jacobi Medical Center — as well as the Montefiore Health System and New York Presbyterian Hospital.

New York's tech scene still immature

New York’s tech startup scene grew during the Bloomberg administration, but still hasn’t caught up with Silicon Valley's. Investment capital was up 200% between 2009 and 2013, yet many investors are still waiting for New York’s breakout company. [The New York Times]

Help for breadwinners (NYDN Ed)

A FreshDirect deal that's good for the Bronx will go forward

A Bigger Tale of 2 Cities is Healthy

It is About the City's Economy

Income inequality is higher in thriving cities like New York and San Francisco compared to less dynamic ones like Columbus, Ohio according to a report by the Brookings Institute, the New York Times writes: If you want to live in a more equal community, it might mean living in a more moribund economy. But in some cases, higher income inequality might go hand in hand with economic vibrancy, the study found. “These more equal cities — they’re not home to the sectors driving economic growth, like technology and finance,” said its author, Alan Berube. “These are places that are home to sectors like transportation, logistics, warehousing.”

Retweeted by Cuomo Watch

‏@fud31

As NYC's unemployment rises: Economists: Texas strong, getting stronger http://www.news-journal.com/news/state/economists-texas-strong-getting-stronger/article_51dd558d-78e6-56ff-973a-4f613f05b92a.html#.UzVZYoMEMJg.twitter … via @tweetmeme

NYS's Structural Economic Problems Ignored By Cuomo's Campaign Budget

Tricks of a phony parent advocate(NYP Ed)‘Etc., etc., etc.”: So did noted United Federation of Teachers shill Zakiyah Ansari respond to a question about why her child still attends the UFT’s failing, co-located charter school in Brooklyn. Ansari was on NY1 this week in an effort to prop up Mayor de Blasio’s rescinding of previously approved co-locations for three Success Academy charter schools. Viewers were given the impression that the co-location of the UFT charter school was happily accepted by the JHS 292 school community. It wasn’t. Parents at JHS 292 vehemently opposed that co-location, especially since the SUNY Charter Institute nearly revoked the UFT school’s charter in 2013.* The Senate resolution also included $540 million a year for five years for New York City prekindergarten and after-school programs – exactly the amount NYC Mayor Bill de Blasio sought – but without a tax increase. Assembly Speaker Sheldon Silver, whose one-house resolution gave de Blasio the power to tax the rich, said he’s fine with the Senate’s plan – as long as the money is provided “without conditions, without attachments, without strings.”* De Blasio is declaring victory, even though the budget is far from a done deal and it looks like he might lose some control over charter schools.* The Senate’s charter proposals were a rebuke to de Blasio, but would directly benefit his political nemesis, Success Academy CEO Eva Moskowitz.* In response to a lawsuit filed by Eva Moskowitz, Manhattan Supreme Court Justice Thomas Breslin ruled state Comptroller Tom DiNapoli does not have the authority to audit any New York charter because the schools are not technically “units of the state.”* Now that the smoke has cleared, state lawmakers are asking themselves what happened during the overheated Regents vote.* The state Education Department is standing behind a new portfolio-style exam for prospective teachers, despite pleas from labor unions and some college faculty members to delay the requirement.* The Nation took a critical eye towards Eva Moskowitz and the charter school movement. “Since the Brooklyn Bridge rally I find myself in fundamental opposition to what they’re doing,” said one Success Academy teacher. “It’s never been as political as it been now. If this continues going this way it will be very hard for me to stay,” said another.

NY Most Overpriced City

New York tops most overpriced city list(AMNY) A report by Forbes magazine places New York City in a tie with Honolulu for the nation's most-overpriced city, largely because of expensive housing and a higher cost of living. Experts and city leaders say the problem is only going to get worse, making the city a less enticing place to call home."From ever-soaring rent levels to higher priced foods and goods invading lower-middle income neighborhoods, many lifelong residents are being pushed out of their homes," said City Councilman Ydanis Rodriguez (D-Manhattan).* The federal budget that Obama unveiled today would impose a number of tax hikes on wealthy New Yorkers.

Flordia Move Instant Raise

Florida’s favorite New Yorker(NYP) If Bill de Blasio keeps going the way he’s going, the Sunshine State’s going to put up a statue of him. Not since Ponce de Leon discovered the place has any one man done more to guarantee future inflows of wealth and investment to Florida than our new mayor. According to IRS figures used by Travis Brown in “How Money Walks,” from 1992 to 2010, Florida saw a net inflow of $95.6 billion in wealth (as measured by adjusted growth income). The largest chunk, $18.9 billion, came from . . . guess where? New York. In a ranking of states in terms of how they treat $500,000 earners, Forbes estimated a New Yorker with that income would pay roughly $37,000 a year in state and local income taxes. Wait a minute. Turns the folks in Florida are already making that pitch. As an ad by one South Florida development association puts it, “With no state income tax, relocating to Greater Fort Lauderdale is like getting an instant raise.”
More on NYC Economy Troubles

North Dakota wooing workers

I Want to Split Up, Lack of Trust

Just 41 percent of New Yorkers think their state is the best state to live in. They also have below-average trust in their government, according to Gallup.

Harlem Private Business Development
Rejuvenated Harlem Building Becomes a Business Incubator for Biotechnology(NYT)Harlem Biospace, a business incubator aided by the city, provides start-up lab space for scientists and entrepreneurs and is near both Columbia and City College.

People Leaving NY in Droves

Voting With Their Feet Not At the Polls
From Forbes:
More people are moving out of New Jersey than are moving in. The same is true for Illinois and New York. Those three states top the “outbound” list compiled by United Van Lines, the big St. Louis-based moving company that has put together an annual survey of where Americans are moving for the last 37 years. The company analyzed a total of 125,000 moves across the 48 continental states and the District of Columbia in 2013 and came up with a picture of migration patterns across the U.S.

According to Professor Michael Stoll, chair of the Department of Public Policy at the University of California, Los Angeles, and a consultant to United Van Lines who studies American migration, the moves reflect long-term shifts in the U.S. economy and the hit to employment in many states resulting from the slow recovery.

Of the top nine states where more people moved out than moved in, four are in the Northeast: In addition to New Jersey and New York, Connecticut (No. 5) and Massachusetts (No. 8) make the list. The list also reflects Americans’ desire to leave the frigid states in the north for warmer climes. “Over the last 20-30 years there has been a general shift of the population from the Midwest and Northeast to the South and West, which we think of as a move from the frost belt to the sun belt,” says Stoll.* Small Businesses Question Whether City Is Moving Too Fast on Paid Sick Leave Legislation(NY1)

The Divide Is Growing Between de Blasio Two Cities

2013 ends with weakest job growth in years(CNNMONEY)

Hiring slumped sharply in December, as the economy added only 74,000 jobs, according to the government. This was the weakest month for job growth since January 2011 and came as a huge surprise to economists, who were expecting an addition of 193,000 jobs. Only 62.8% of the adult population is participating in the labor market now -- meaning they either have a job or are looking for one. That matches the lowest level since 1978.

‏@fud31

Even the Russians blame the "Safe Act": Gun maker Remington Arms runs off to Alabama to escape anti-gun New York http://voiceofrussia.com/2014_02_17/Gun-maker-Remington-Arms-runs-off-to-Alabama-to-escape-anti-gun-New-York-1315/ …

@CouncilmanDF NY lost 42% of its manufacturing jobs 1990-2006 while FL lost only 18%.

City Makes Deal to Keep Market at Hunts Point(NYT)

After years of negotiations, the city and the produce market’s owners reached an agreement that keeps the market and its 3,000 jobs in the South Bronx until 2021.

NYC RISES AS A TECH MAGNET – Financial Times, “Rising start-up hubs battle to take a bite out of Silicon Valley” – Tim Bradshaw writes on New York, which had a 20% share of U.S. tech deals in 2013 -- “Big Apple draws on cultural diversity”: “Some Silicon Valley luminaries are already starting to see New York as a better place to build tech start-ups … Sean Parker, the Napster founder and first president of Facebook, railed against Silicon Valley’s ‘echo chamber’ when he hosted the Founders Forum event for entrepreneurs in New York … ‘New York feels more normal … Silicon Valley feels totally in the clouds … In New York engineers go out and get laid and have fun.” http://goo.gl/lZ5426

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Economy and Pushing Out Middle Class

A report prepared last month for the state Tax Reform and Fairness Commission found that New York’s business tax breaks have tripled since 2005, from 33 business tax credits totaling $673 million to 50 credits worth $1.7 billion, Gannett Albany reports:

Median household income in NYC dropped 6%. See the change by neighborhood: http://wny.cc/17vTKqx pic.twitter.com/0dmBdQz5sD
New York State Exposed: Is the SAFE Act driving businesses out of NY?
Moody’s Investors Service downgraded the state Thruway Authority over uncertainty of funding for the new Tappan Zee Bridge, Gannett Albany reports:
New pipeline to NYC "gathers gas from a handful of sources, including the Marcellus Shale in Pennsylvania" * The proposal by Cuomo’s first tax commission to charge sales tax on clothing and footwear under $110 would punish NYC shoppers, critics say, while the tax break to offset it excludes renters. *
.@Partnership4NYC Kathy Wylde says NYC has lost 100K middle-income jobs over last decade. #future2013 * Walcott cites Georgetown study: over next decade 3.3m job openings in NYS, only 8pct will be open to those without HS diploma * * The five New York counties with the lowest unemployment are all upstate, with Tompkins County having the lowest rate at 4.8 percent, the Bronx the highest at 12.2 percent and unemployment in New York City still above 8 percent, State of Politics writes: *Cruel and unusual (NYDN) Extended unemployment benefits should not lapse * Detroit and the impact on pension reform(NYP)

A Tale of Two Retail Strips(WSJ)
As the holiday shopping season launched and economists poured over sales statistics, another gauge of economic health was in full display in two of New York's shopping districts—one for the haves and one for the have-nots.

de Blasio Loves New York

Mr. de Blasio was unimpressed with New Jersey Gov. Chris Christie suggesting New Yorkers should flee to his state. “Governor Christie’s latest political stunt doesn’t merit a serious response,” de Blasio spokeswoman Lis Smith said yesterday. “New York City is the greatest city in the world and will continue to be under Mayor-elect de Blasio.” * While The Epoch Times has more on the de Blasio white truffle story, including the fact that Roger Turgeon, principal of the cooking school he donated it to, “had never cooked with a white truffle before. So he decided to invite chefs from restaurants that serve truffles.”

Media Failure Campaign 2013

The Media Failed During the Entire 2013 to Get the Candidates to Say How They Would Pay for the Union Contracts and Increase Pension and Health Care Costs

There is still a lot of uncertainty about how de Blasio will negotiate union contracts for police, firefighters and teachers, but labor is optimistic and happy to at least have a mayor who will negotiate, NY1 reports * The Daily News says that throughout the campaign de Blasio left unresolved how he would create economic equality and drive down crime, and the need to get “clarity" on his approach to these issues is "fast-approaching" and "inescapable”:

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Real Voice of the People Heard By Daily News

The Daily News Discovers the City's Dying Middle Class After Quinn's Defeat and de Blasio Tale of Two Cities Victory and True News Report On the City's High Unemployment and Disappearing Middle Class

While the city's unemployment remains higher than before Great Recession, middle-class families continue wage slide(NYDN)
Many families in the city are struggling as solid, middle-class jobs are disappearing. The city gained 250,000 jobs between 2000 and July 2013, but most of the growth came from low-paying service-industry positions and a few spikes in high-paying professions. Last week, the Census Bureau released data showing that New York City’s poverty rate rose for the third straight year, with nearly 74,000 more people falling below the poverty line in 2011. Over the past 13 years, the city shed 48,879 finance jobs — averaging between $250,000 and $300,000 a year — and an additional 23,000 in the trade and information industries, the Fiscal Policy Institute said.

de Blasio Different Economic Reality
Can de Blasio Poor and Middle Class New York Partner Afford His Contract Reality?

De Blasio says new MTA contract won’t affect future negotations(NYP) “We have a very different reality here — we have our fiscal circumstances. We have a separate history in terms of labor relations than that which state and MTA has,” the mayor said Friday at a press conference in Brooklyn. “So we’re going to do things our own way with our partners in municipal labor.”* Stay on track, Bill (NYDN Ed) Cuomo's frugal MTA labor pact sets a pattern for Mayor de Blasio to follow

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True News Real Voice of the People Wags the Daily News

Note to the Daily News the Dying of the Middle Class are Not Caused By the Same Policies Which Has Led to the Great Divide in Pay in NYC

The professional and tech sectors added about 37,000 jobs — but high-wage industries still posted a net loss of 11,040 positions. The same pattern emerged in middle-income wage industries, with salaries between $45,000 and $75,000 a year. That sector dropped 54,717 jobs total — but that figure tells only part of the tale. The biggest losses came in the well-paying blue-collar and public-sector jobs — construction lost 1,554 spots, government shed 24,000, warehousing lost 8,175 and manufacturing, once the lifeblood of the city, dropped 102,992 jobs, the institute found. low-wage jobs grew the fastest at 36%, with about 200,000 new jobs in the four lowest-paying industries where the average yearly pay is under $28,000. That’s half of what a middle-income job pays.”
The city’s unemployment rate remains higher now than before the recession

Where’s The Highest And Lowest Unemployment?(YNN)

City Council Living In A Different Economic World

City Council Ignores the Effects of High Taxes on Job Creation
Paid vacation could become city mandate through new bill(NYDN)
Councilman Proposes Bill to Alert Neighborhoods When Hotel Construction Is Headed Their Way
NY state has highest 2011 tax burden: report(NYDN)
Taxed to the max(NYP Ed) Just days after noting our surprise that Gov. Cuomo was consulting with the same Tax Foundation his aide once dissed as a biased, right-wing think tank, the group has come... * The Post writes that with New York ranked as having the highest local and state taxes, the state needs radical overhaul aimed at making New York competitive with the top and a governor bold enough to do that:* Councilman’s idea to stop NYPD’s ‘minor’ arrests is wrong(NYP)

Last Weeks True News Explained Tale of Two Cities as Increased Unemployment and the Dying Middle Class
NYC Jobless Rate Goes Up And No Candidate for City Office Has Come Up With A Plan to Create More Jobs and Save the City Middle Class in the City

A Issues Never Discussed in Campaign 2013 is Unemployment

City’s Jobless Rate Increased to 8.6% in August Despite Hiring Gains(NYT) The rise in the unemployment rate, from 8.4 percent in July, reflects an increase in the number of people looking for work in the city, biggest increase in a year since 1999. NYC's unemployment rate is 1.3% over the nations. The new jobs in New York City are mostly low-paying and in the service industry. [David Seifman] * State Comptroller Tom DiNapoli's scary report about Wall Street shedding jobs is not surprising. [Nicole Gelinas] * The New York financial industry has replaced only one-third of the jobs it lost during the financial crisis.(Guardian) * Why New York's future is fleeing Nowhere near enough jobs for the younger generation(NYP) * City unemployment rate ticks up to 8.6% (CrainsNY) New York state's unemployment rate also rose slightly in August, to 7.6% from 7.5%. Both city and state trailed the national unemployment rate, which dropped slightly to 7.3% from 7.4%.

NYC's Budget Debt, High Taxes and Changing Population Are Limiting the Number of Jobs

The NYC budget has grown 56 percent above the rate of inflation over the last 11 years.” For the first time in history, the city has more than $100 billion in outstanding debt. The borrowing, which grew by 83 percent in the last decade, according to the Citizens Budget Commission. The borrowing carries debt-service costs of nearly $7 billion a year, a tab that will grow when interest rates rise. Throw in more than $8 billion a year in pension costs, and the combination consumes more than 20 percent of the budget of $70 billion, yet doesn’t hire a cop, a teacher or fill a pothole.

Florida has no state or local income tax, so it can offer immediate savings of 13 percentage points to beleaguered New Yorkers. Bloomberg makes that point repeatedly, noting that about 5,000 wealthy families pay 30 percent of the city’s income tax. ‘Wall ST.’ flees NY for tax-free Fla. (NYP) * Escape from New York A new poll last week showed that more than one of every four New Yorkers is headed for the exits.* Since 1960, 7.3 million people have left New York for other states.* NYers take worst tax hit in nation(NYP) * Poll: 47 Percent Of New Yorkers Are Worse Off Financially Than They Were 4 Years Ago(WCBS) * Study Finds More New Yorkers Leaving State(NYT) * Census Shows New York Exodus(WSJ)* tudy finds NY entrepreneurship lagging nation Just over 15% of people in New York state are involved in some kind of entrepreneurial activity, compared with a national average of 18.8%.* NY ranks 49 in business tax climate * Taxes, regs hobble NY manufacturing recovery(NYP) * Skyrocketing pension, health care costs & local tax hikes drove Detroit to bankruptcy * GREENSPAN: AMERICANS BEING PULLED APART IN WAYS UNRIVALED SINCE 1929...

Erie Canal Became NY's First Economic Engine, Wall Street and Banking Followed Later . . . Will High Tech Be the City's New Economic Engine With All the World Wide Competition?

Governor De Witt Clinton in spite of a lack of public support, funding, untrained engineers, and unforgiving terrain had the vision and leadership skills to build the Erie Canal in the early 1800's. The canal which opened New York’s manufacturing goods to the Midwest markets was responsible for the state overtaking Boston and Philadelphia to become the commerce and jobs capitol of America - increasing the state’s population five fold, in the decade after it was open.

Engineering NYC’s future (NYDN Ed) Carnegie Mellon joins the city's genius rush. Last year, a runner-up, Columbia University, launched a Data Sciences and Engineering Institute uptown. In September, another, NYU, opened a Center for Urban Science & Progress in an old MTA building in downtown Brooklyn. And now, Carnegie Mellon is coming to the party with a brand new Integrative Media Program, to be located at Steiner Studios at the Brooklyn Navy Yard. Students will get training in next-generation film, gaming, social media, interactive computing and more. Where the media and technology intersect, this institution will flourish. * What do you see when you map income changes in NYC by neighborhood? Gentrification, the financial crash, and more:(WNYC)

EXCLUSIVE — In unpublished report, Cuomo tax commission suggest film credit rollback — Capital's Jimmy Vielkind: New York's tax rebates for movie and TV studios are so generous that the state is actually paying them to film here, according to an analysis prepared for — but not published by — one of Gov. Andrew Cuomo's tax commissions. The 137-page addendum to the commission's formal report asserts the Film and Television Tax Credit now accounts for nearly a quarter of all business tax subsidies the state offers. The analysis was funded by Blackstone founder Peter G. Peterson and commission co-chair Peter Solomon, an investment banker and former deputy to New York City Mayor Ed Koch. The panel's decision to commission a critical review of their efficacy and recommend the Cuomo administration move in the opposite direction was not in the original script. *
@cbcny at #future2013 60% of NYC spending is from our own taxes. 25% from state/federal which "used to be a lot more"

The McDonald's City Council Economy
City Council Fights for Higher Minimum Wages Not High Paying Jobs

New York State’s low-pay employment growth soars(NYP) New York is in a slow economic meltdown, analysts say. The city and state face a future of low-wage job growth, killer taxes and regulations — and a hostile business climate forcing firms out. One in 10 workers in New York City — 400,000 in all — are now in low-wage jobs, with 37 percent of all wage earners paid less than $15 an hour, according to the Economic Policy Institute. Eight of the 10 occupations reckoned to add the most net jobs in the Big Apple over the next 10 years have median annual wages of below $30,000, according to another analysis.* NYC Pols Take Minimum Wage Challenge | New York Daily News * Council Members Rally for Higher Minimum Wage NYC | (NYO) * Tax policies hurt hiring in New York(NYP) These hindrances include scheduled increases in the state minimum wage, new city paid sick leave rules for small businesses, high construction costs and burdensome taxes.* The Working Life: Among de Blasio’s Priorities, Minimum Wage Waits Behind Pre-K (NYT)
More about NYC Economic Problems

A Pol Who Got It in 1976 . . . Does Anyone In NY Understand Economics in 2014?

Senator
Daniel Moynihan
"New York Does Not Get Its Fair Share of the Federal Budget" (1976)

39 Years Later We Have the 62 Mets As Our Elected Officials
In New York we have an analogous situation in our relationship with the federal government. For every dollar we send to Washington, we get about 75 cents in return. (Newsday)Yet New Yorkers as a whole send a delegation of representatives to Washington every two years, the majority of which philosophically advocates for a larger federal government. The late-Sen. Daniel Patrick Moynihan famously issued a report on this issue a generation ago, when New Yorkers were only losing 15 cents on the dollar. The Moynihan Report raised eyebrows at the time, but it had no lasting impact on many New York voters. We still cheer when a "grant" comes in from Washington, instead of asking how much this latest largesse cost us.It's worse in another way, too, since Moynihan's days. The federal government has now perfected the art of leveraging tax dollars against the very states providing them. In a type of bureaucratic judo, it's learned to get its claws into the mechanics of state and local governments using money provided by their own residents. Daniel Patrick Moynihan - Wikipedia, the free encyclopedia * Republican consultant William O’Reilly writes in amNewYork that New York loses 25 cents for every dollar it sends to the federal government, and logically, New Yorkers should want the smallest federal government possible

The Greed is Good Lists Journalism Generation Forgot the Teachings of Their Predecessors

Breaking Bad New Journalism Culture
Today's news blogs compete with each other to celebrate power and greed. They praise the lobbyists who are the backbone of the corruption culture of New York and give praise to elected officials that have accomplished nothing but gain power. Wayne Barrett wrote in the Village Voice in 2010. that campaign consultant lobbyist "Sheinkopf one of the worse consultant lobbyist, makes kings so he can then make deals with the kings he’s made." It is now clear that cutback in the media is not the worst thing that has happen to journalism in New York, it is the change in their moral that should be worrying everyone.

Welcome to the New ~~York~~ Pottersville

In a short generation were have gone from reporters like Murray Kempton, Jimmy Breslin, Wayne Barrett and Jack Newfield who honored the fighters of the power elite and looked to help the average New Yorker, especially those who have been run over in life like the poor and sick. While nobody was better than the Voice's Barrett and Tom Robbins investigation and exposing government corruption, the late Jack Newfield always gave thanks to those in the city's trenches who have quietly gone about the tough, everyday work of remedying inequality, as well as those who have stood tall against abuses of power. Their deeds ennoble this city more than a trainload of the fatuous celebrities who soak up so much of the media's attentions. The Village Voice reporter began this Thanksgiving tradition in 1976, in the depths of the city's last fiscal crisis, a time when the powerbrokers were again working overtime to remake New York in their own image. Newfield called his honor roll an ode to "heroes and heroines, the sung, and the unsung. Newfield had many of his beloved of lists: "Worst Judges" and "Worst Landlords" were two of his creations. He even offered an end-of-year rundown dubbed "Remember the Greediest." But he started publishing what he called his "Honor Roll" on Thanksgiving week back in 1976. He said it was his favorite task and it's not hard to see why. As much as our chief duty may be to smoke out wrongdoing, the bigger reward is always found in hailing those who do right. Here are just a few of those who richly deserve a Thanksgiving toast.

Morality and Outrage Lost
It a shame that this generation of reporters pays little attention to the morality lessons Murray Kemptom and Pete Hamill wrote about. On how government should treat its citizens and the everyman outrage at the bums who run this city that Jimmy Breslin gave us. City and State's power list, NY Observer power list. True News will reveal what those on the list are doing to our city and the people who live in the horror they have created for the average New Yorkers who the past generation of reporters felt it was their mission to protect.

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Economy

Wall Street Shrinking But Still Raking It In, NYS Controller Thomas DiNapoli Says In New Report | New York Daily News * Report: Wall Street Profits May Slow(YNN) * Cuomo has formally launched START-UP NY.* Former Wall Street titan John Mack has agreed to become an adviser to the state and its economic-development arm, the Empire State Development Corp.* Impasses May Slice Into Profits on Wall Street(NYT)

LEWIS BLACK, the Daily Show comedian who famously defended New York when Texas Gov. Rick Perry tried to poach business here, has cut an ad for Cuomo's START-UP NY program. “It's like having your own Cayman Island, right on the Hudson … Our governor believes no one should have to choose between paying high taxes and living in a God-forsaken dump … That's why we sent this guy to Albany. We said, yo Andrew, lower our taxes across the board, or don't bother coming home.” Black was paid $500 for his efforts, a Cuomo administration spokesman said. It's unclear if he pays taxes here. http://youtu.be/ysn4U-2Be0c * A report released by state Comptroller Tom DiNapoli found that about 25 percent of property values in New York are exempt from paying taxes, with the tax-exempt property value totaling roughly $680 billion, Gannett Albany writes: http://on.rocne.ws/1bhIk6F

A mass transit tax credit that saves hundreds of thousands of New Yorkers $1,000 a year in commuting costs is set to expire on Jan. 1 unless Congress takes action, Crain’s reports:
Computer chips for Apple’s iPhone and iPad will soon be made in an Albany-area chip manufacturing plant run by GlobalFoundries, the Times Union reports: http://bit.ly/1dijNjw
A federal mass transit tax break that saves over hundreds of thousands of New Yorkers $1,000-a-year each in commuting costs is set to expire at the end of the year. * ConEd’s residential electricity prices in 2012 were again the highest charged by any major U.S. electric utility, according to new federal government data.
U.S. Sen. Charles Schumer vowed Monday to make the Commuter Benefits Equity Act, which saved approximately 700,000 New York-area commuters over $330 million last year, a permanent tax break for mass transit riders, the Daily News writes:
The AARP released a report showing that New Yorkers who use natural gas heating could see home heating bills increase by 13 percent this year, while oil heating should drop by 2 percent, and electric bills increase by 2 percent, Gannett Albany reports:
NUCLEAR CLOSURES — How endangered in New York's nuclear industry — Capital's Scott Waldman: Two of the five operating nuclear power plants most likely to close are located in New York, according to a new report. The Fitzpatrick and Ginna nuclear sites, both on the shores of Lake Ontario, are among the plants most at risk, according to a report by Morning Star analysts, the investment research firm. http://goo.gl/afpb1k
Con Ed's 2012 Electricity Prices Were Some of the Nation's Highest (WSJ)
Gov. Andrew Cuomo said hundreds of companies have expressed interest in the state’s new tax-free zones and insisted that the program is bound to work, State of Politics reports: http://bit.ly/17TUN44
TAXING ITUNES — Cuomo's first tax commission suggests extending sales tax base to Netflix, dry cleaning — Capital's Jimmy Vielkind: “Sales tax hasn't been updated for how people live,” co-chair Peter Solomon said. “Most tax expenditures in the state have no basis in fact. They've been put in over a period of time, they've never been adjusted, the basis on which they were put in is anecdotal and if you look at them, they favored one group at one moment and another group at another moment.” http://goo.gl/Ik7CrR
* A Mixed Reaction To Tax Report(YNN) * Developers Get Local Support for Heightened Towers at Domino Site(DNAInfo)
Other states aggressively woo NY gun makers post-SAFE Act. "They could basically move their factories for free." http://fw.to/o8yKtlm
* Overall, 1.7 million people have registered for New York’s School Tax Relief exemptions so far, with the Capital Region leading the way with 75 percent of homeowners registering, though 900,000 people statewide have not registered, the Times Union writes: http://bit.ly/1f6YNR0
* The Times Union advocates for directly taxing sales of digital books, music, and videos downloaded from the Internet, noting that the state Tax Reform and Fairness Commission estimates it would generate $35 million per year: http://bit.ly/1aoIxaj

Why Are Jobs Not Coming to New York?

Despite 110,000 New Jobs In Last Year, State Now Lags Behind Nat'l Rate(NY1)

According to the state comptroller, New York added 110,000 jobs between June of 2012 and 2013, but for the the first time in six years is now lagging behind the national rate in nearly every major sector.

3/3/2013

4. How will the city reduce unemployment that has been high since 2008? The new jobs New York City is expecting to gain are mostly low-paying and in the service industry. [David Seifman] * State Comptroller Tom DiNapoli's scary report about Wall Street shedding jobs is not surprising. [Nicole Gelinas]* * McMahon: NY's still too business-unfriendly(Newsday) Over 400,000 New Yorkers are unemployed

2/27/2013
___________________________________________________________________________________
A NYC Sequester

$equestions for NYC, too(Goodwin, NYP) Still, the arguments about spending, taxing and borrowing offer a useful preview of this year’s mayoral race. The budget has grown 56 percent above the rate of inflation over the last 11 years.” For the first time in history, the city has more than $100 billion in outstanding debt. The borrowing, which grew by 83 percent in the last decade, according to the Citizens Budget Commission. The borrowing carries debt-service costs of nearly $7 billion a year, a tab that will grow when interest rates rise. Throw in more than $8 billion a year in pension costs, and the combination consumes more than 20 percent of the budget of $70 billion, yet doesn’t hire a cop, a teacher or fill a pothole. A Post story reflected how higher federal tax rates also are prodding New Yorkers to leave. Although local tax rates didn’t change, the new federal rate of 39.6 percent led so many private-equity and hedge-fund execs to turn to Florida that Palm Beach County set up an office to help them relocate. Florida has no state or local income tax, so it can offer immediate savings of 13 percentage points to beleaguered New Yorkers. Bloomberg makes that point repeatedly, noting that about 5,000 wealthy families pay 30 percent of the city’s income tax.

2/26/2013
Wall Street Has Only Replaced One-Third of the Jobs It Lost During the Financial Crisis

DiNapoli: Wall Street Gets Richer, But Jobs Decline(YNN) Salaries in the financial industry are higher than they were before the crash of 2008 and bonuses on Wall Street are expected to grow by 8 percent to $23.9 billion, but jobs in the securities sector have declined, according to a report released today by Comptroller Tom DiNapoli. DiNapoli’s report found that employment on Wall Street totaled 169,700 jobs as of December 2012, a decline of 1,000 jobs from a year earlier. The securities industry in New York City lost 28,300 jobs during the financial crisis and has added only 8,500 and there are 10 percent fewer jobs in New York City.* Wall Street Cuts Jobs but Not Pay: Bonuses Up 9%(NYT) * Wall Street’s Bonus Woes Continue, Despite 8 Percent Uptick(NY Mag) * The New York financial industry has replaced only one-third of the jobs it lost during the financial crisis.(Guardian)
1/30/2013
Where Will The Additional Tax Revnue Come From?
City tax revenues have nearly doubled, from over $21 billion a year to more than $42 billion, since Bloomberg took office. How much more in taxes and spending do the candidates think it will take to keep their promises of “affordability?” And who is going to pay those taxes?

Not Wall Street NY's Dying $$$ Goose

NY's Wall Street Over
In 2008, Wall Street covered about $4.5 billion of the city’s tax payments — 12 percent of the total. Last year, it was $2.8 billion — 7 percent. The state, meanwhile, got $8.7 billion from the securities industry last year, or 14 percent of its tax dollars. That was down from $12 billion — or 20 percent — in 2008.
Losing NY’s golden goose(NYP)

Hidden Taxes Cause $115 Tickets and High Con Edision Bills
Why does a parking ticket in central Manhattan cost $115? Because the city must pay that $8 billion in pensions. Why are electricity costs so high? Partly because your Con Ed bill is hiding the enormous property taxes and fees the city adds to the cost of electricity.

2013 Mayoral Candidates Act More Like Fake Medicine Men

The leading mayoral candidates won’t tell you any of this because they are competing for the support of the people who benefit most from the high cost structure. The union bosses are powerful puppeteers. So instead of going after the source of rising prices, the pols sell “affordability” as a magic antidote to the fact that the middle class is being squeezed out of New York.the pols are promising additional subsidies for more people. From housing to child care to transit, they’re saying that, as mayor, they would make life cheaper for nearly everybody else by taking more money from a few wealthy taxpayers.

Missing from the promises is the action that would make New York more affordable: reducing the sky-high cost of government. No one singing in the affordable chorus is ready to admit that or, more importantly, do anything about it.

1/28/2013

The Daily News Misses That the Council Past Unemployment Discrimination Because It Cannot Solve the City's High Jobless Number 8.8%

Hire truths (NYDN Ed) City Council pursues a foolish ban on discrimination against the unemployed

NYP Dumps Wall Street High Rollers Move to Flordia In Response to de Blasio Entering the Race
Bloomberg says you better believe that people will ditch a high-tax state for a low-tax one (like Florida).* Bloomberg: 5,000 NYC residents pay 50% of its income taxes.Mayor Bloomberg said he is leaving his successor with a pension system that is going to cost "more and more each year." * Bloomberg says NYC negotiates salaries it can afford for employees, "then they go to Albany, and Albany pays them again" with pensions.

Will New York's Millionares Move to Flordia?
Hedge-fund firms can easily pick up and move out of the New York region because technology allows them to do their work anywhere

‘Wall ST.’ flees NY for tax-free Fla. (NYP) The city’s hedge-fund executives are flying south — and it’s not for vacation. An increasing number of financial firms, especially private equity and hedge funds, are fed up with New York’s sky-high city and state tax rates and are relocating to he business-friendly climate in Florida’s Palm Beach County. There’s no need to drag people down here. It’s a zero-income-tax jurisdiction.”* Uniting for Food Aid(WSJ)

1/25/2013

Everyone Knows Federal Budget Cuts Are Coming Except the Budget Makers

Health care officials in Washington and New York are negotiating a plan that would remove between $800 million and $1.1 billion from federal Medicaid spending, and http://www.blogger.com/blogger.g?blogID=495268678289935103#editor/target=post;postID=4349828271866702092potentially blow a new hole in Cuomo’s proposed budget, The Wall Street Journal reports: * The Cuomo administration is drawing up plans for a shortfall almost twice as large as the $1.35 billion gap described by the governor in this week’s budget address, as the federal government seeks to reduce how much it pays for health care to some of the state’s most severely disabled people.

1/22/2013

We All Know What Happen to Detroit When the Auto Industry Ran Out of that City . . . NYers Are Already Leaving Due to the High Costs

Escape from New York A new poll last week showed that more than one of every four New Yorkers is headed for the exits. Detroit lost a quarter of its population between 2000 and 2011; absolutely, it could happen here. (NYP). Over 1.5 million more people moved out of the state than moved in from other states, making the aughts the second straight decade in which New York led the nation in out migration. Some attribute the loss to the state's high cost of living and tax rate. The report also found a slowing of immigration from other countries during the 10 years. Since 1960, 7.3 million people have left New York for other states.

What Happens to the Forgotten New Yorkers After Wall Street NY Golden Goose Dies

The Sale of NYSE and the Cuts in the Exchange Due to the Takeover of Machine Trading is NY the Next Detroit?

NY's Dying $$$ Goose

Lower Wall Street pay means less revenue for the state(CrainsNY)The amount of money Wall Street sends to Albany (in personal and business income taxes and capital gains) declined from more than $12 billion in 2008 to less than $9 billion last year, and is almost certain to fall again, given last week's bonuses. In percentage terms, the Street used to account for 21% of all state revenue; today, the number is 13% and sliding. It is the same story for the city, which collected almost $5 billion in 2008 (from personal income, general incorporation and unincorporated business taxes) and now gets less than $3 billion a year. The great unknown is where we are headed. If Wall Street shrinks to the size and profitability of 1996, just before the Internet boom really took off, the state revenue it provides will fall by more than half, to $4 billion annually. The city's take will fall by two-thirds.State Comptroller Tom DiNapoli's scary report about Wall Street shedding jobs is not surprising. [Nicole Gelinas] * Poverty In Brooklyn: Block by Block Analysis http://shar.es/CgfMy pic.twitter.com/GvkEotS3

Also Lost is the Mayor's Race Is the City's Steady High Unemployment 8.8%

City Jobs Lost in Storm Are Returning, but Unemployment Rate Is Flat(NYT)The State Labor Department reported that more than half of the jobs lost in November were added back in New York City, and unemployment remained at 8.8 percent.

Whole lot of Queens foreclosures(Queens Crap)

From The Real Deal: U.S. foreclosure filings — including default notices, scheduled auctions and bank repossessions — are down 3 percent year-over-year, according to a year-end foreclosure market report issued by RealtyTrac. The nationwide average of housing units that had at least one foreclosure filing in 2012 came in at 1.39 percent — or one in every 72 units — which is down from the 1.45 percent tallied in 2011. But despite the positive news on the national front, foreclosure activity increased in 25 states in 2012, including New York, New Jersey and Connecticut. Queens, RealtyTrac found, was particularly hard-hit.

More Campaign Consultant PR Spin: Unemployment
If the press allows spinning about serious issues like unemployment then the 2013 Mayoral campaign will be about nothing

If Quinn and the rest of the councilmembers supporting a bill to end discrimination against the NYC unemployed really wanted to help them should have created and economic climate that reduced the 8.8% unemployed in the city
Quinn: Council To Pass Legislation Aimed At Ending Discrimination Against Unemployed(NY1) * #NYC Council passes bill protecting unemployed jobseekers. http://bit.ly/SDzA5v

Hunts Point produce merchants open to consider all options — including Jersey . . . Mayoral Candidates Silent

Free market(NY World) The future of New York City’s fruits and veggies is still hanging. After nearly a year and a half locked in exclusive lease negotiations with the city that went nowhere, the Hunts Point Terminal Produce Market vendors are now largely free agents, willing and able to consider any other offers that might come their way.

Erie Canal Became NY's First Economic Engine Because It Lowered Costs of Transporting NY Manufactured Good to the Rest of the Nation

The canal which opened New York’s manufacturing goods to the Midwest markets was responsible for the state overtaking Boston and Philadelphia to become the commerce and jobs capitol of America - increasing the state’s population five fold, in the decade after it was open.

Today NY Suffers From High Unemployment Because We Have the Highest Tax Rate . . . And Today's Generation of NY Leaders Have No Clue How NY Became the Empire State

NYers take worst tax hit in nation(NYP) The Empire State is tops again — for having the highest tax burden of any state in the nation. New Yorkers were socked with an average tax burden calculated at 12.8 percent of their income in 2010, according to the conservative think tank, which has been tracking state-by-state tax burdens since 1977. And in every survey, New York has been tops. In 2010, that distinction amounted to a whopping $6,375 average tax burden for every man, woman and child. EJ McMahon from the Manhattan institute said New York would have to cut its total tax burden by $3 billion just to match second-place New Jersey — and by about $37 billion to match the national average of 9.9 percent of income paid to taxes

Jobless Rates Drop in All Five Boroughs Unemployment rates in each of the five boroughs declined in September from levels a year ago, according to data released Tuesday by the state Labor Department. New Yorkers led the nation with the largest combined state and local tax burden in the country - 12.8 percent of their income - according to a Tax Foundation report, the Syracuse Post-Standard reports * City eyeing $500 charge to Staten Island businesses(SI Advance) * Cuomo spent four hours yesterday touring several sites that have benefited from or are seeking state funds through the Capital Region Economic Development Council.* #NYC wants to charge building owners hundreds of $$ for mandatory fire inspections (ST Advance) * Cuomo said he'll put the promotion of New York State beer, wine and liquor "on steroids." [AP]* New Yorkers Get More And Pay More, Residents Transit, Sanitation, And City Lifestyle Make Tax Rates Worth It (WCBS)

NYP Says Tax the Rich Will Damage the City's Economy

Silver: more pain, please(NYP Ed) Assembly Speaker Sheldon Silver, fresh from conspiring with Gov. Cuomo to raise state taxes on “the rich,” now proposes to do the same for high-earning city residents. Never mind that the top-earning 10% already pay 71% of city income taxes, as the Manhattan Institute’s E.J. McMahon noted on these pages last week. The speaker’s rendition of his golden oldie followed close on the heels of mayoral wannabe Bill de Blasio’s call last week to sock the $500,000-plus crowd. Meanwhile, as we noted Monday, all of next year’s top five likely mayoral candidates have backed soak-the-rich tax hikes.

Poll New Yorkers Say They Are Worse Off

Poll: 47 Percent Of New Yorkers Are Worse Off Financially Than They Were 4 Years Ago(WCBS)

Screw the Middle Class

The new jobs New York City is expecting to gain are mostly low-paying and in the service industry. [David Seifman] * State Comptroller Tom DiNapoli's scary report about Wall Street shedding jobs is not surprising. [Nicole Gelinas]

To keep profits high, Wall Street has slashed its biggest expense: jobs, and pay for those who still have jobs

NY's Dying $$$ Goose
In 2008, Wall Street covered about $4.5 billion of the city’s tax payments — 12 percent of the total. Last year, it was $2.8 billion — 7 percent.
The state, meanwhile, got $8.7 billion from the securities industry last year, or 14 percent of its tax dollars. That was down from $12 billion — or 20 percent — in 2008. (The state numbers are bigger because Albany relies so heavily on income taxes.)
Losing NY’s golden goose(NYP)

What Will the Mayoral Candidates Do About the Falling Taxes Generated From Wall Street? No Comment?
‘Five years after the beginning of the financial crisis,” Wall Street “remains in transition,” state comptroller Tom DiNapoli reported Tuesday. The industry is “still working through the fallout from the financial crisis.” No kidding. Wall Street Employment is still down 20,200 jobs since the crash, to 172,000. Bonuses are falling, too, for the second year in a row — even though last year’s $20 billion was about 43 percent below the pre-crisis payout. But the state and city haven’t cut spending accordingly. The state will spend $59.2 billion from its general fund this year — up 11 percent from $53.3 billion in 2008, when the crisis was setting in. The city has goosed spending 17.4 percent, to $52.7 billion from $44.9 billion in 2008.

"Better Off Than 4 Years Ago?" In NYS, 47% = NO, 35% = YES. * More than 10 months after first announcing he would name a panel to tackle the state’s often-criticized tax structure, Cuomo’s office signaled its members will be announced later in October. * DiNapoli Details State Spending(YNN) * Bloomberg warned (not for the first time) that his rich friends will leave NYC if their taxes are raised.* Financial future’s not bright(NYDN)

To keep profits high, Wall Street has slashed its biggest expense: jobs, and pay for those who still have jobs

"About as dumb a policy as I can think of." Bloomberg

Bloomberg: I never heard 1 say theyr leaving cuz of taxes(WNYC) * Bloomberg Suddenly Thinks Raising Taxes on NYC’s Rich Is ‘Dumb’(NY Mag)

Public Advocate Bill de Blasio, a potential mayoral candidate, last week kicked off the latest round of political chatter on the subject when he recommended raising city taxes on those making more than $500,000 to pay for education initiatives. Earlier this year, Manhattan Borough President Scott Stringer and Comptroller John Liu, both of whom are exploring mayoral bids, proposed cutting taxes for nearly all New Yorkers but increasing them for those earning more than $1 million. * ChrisCQuinn on not wanting to soak the rich after all * Council Speaker Christine Quinn isn’t so interested in taxing the rich after all. She cited Mr. Cuomo’s tax changes earlier this year, as well as the ongoing economic troubles of the country, for her rationale. * Quinn Wobbles On Tax Stance On The Same Day(NY1)

Reality Bites

According to the comptroller's office, the most affluent 15,000 New York City households, or the top 0.5% of filers, accounted for 26.7% of the city's total income. The top 2,000 households, or 0.05% of filers, represented 18.9% of all income reported in the city. According to a report from the Independent Budget Office, the top 1% of New Yorkers pay 43% of city income tax, a statistic based on 2009 tax data. * Bloomberg said raising taxes on the rich was "as dumb a policy as I can think of" yesterday, but defended raising taxes on the rich when Governor Paterson proposed it in 2008. [Joe Coscarelli]

Media Covers Up NYC Unemployment Raisers to 9.3%

NYT Says the City's Economy is Improving Rosey

2 Spins Offered by Latest City Jobs Data(NYT) The economic picture in New York City seems to be improving, even though the unemployment rate rose in January.* Jobs Report 'Exceeded All Expectations'(WSJ) * Officials: NY Recovered More Jobs Than Thought(NBC) * New York City's Recovery Ever So Slightly Stronger Than Predicted(NY MaG) * National unemployment rate unchanged at 8.3% in February even as payroll employment rose by 227,000.

Weak Economic Recovery Causes State Tax Shortfall
NY short $436M in taxes(NYP) Tax collections were $436 million short of initial projections in the first half of New York’s fiscal year and would need to grow 6.4 percent in the second to make up for the shortfall, state Comptroller Tom DiNapoli warned yesterday.

The City's Unemployment Rate is Now 2.1% Higher Than the National Rate. Silence On What is Causing This?

Weak Office Market More Space to Get Weaker

Space Influx Will Challenge Office Market(WSJ) The New York office market is about to face its toughest test since the downturn, as developers prepare to deliver more new space in 2013 than in any single year since the late 1980s.

NY Pols Answer to Higher Employment

Jobless rate in NYC rose to 9% in December, now half a point above US average City's Jobless Rate Rises as Nation's Falls(NYT)

The Council Has Failed to Reduce the City's Unemployment Rate Which Now Exceeds the Federal Rate

NYC Lawmakers Compromise On Living Wage Bill (WCBS) * =City Jobless Rate Rises 8.7* (Over 400,000), Exceeding the Nation’s(NYT)

Wake Up NY

Blame the Pols For Loss of Jobs

Not One Comment of Concern Of the City's Rising Unemployment Rate From Any Pol City's Jobless Rate Rises as Nation's Falls(NYT) * City Jobless Rate Rises to 9% as Economy Shows Weakness(WSJ) The city's unemployment rate went from 8.9 percent to 9 percent, as the nation's dropped from 8.7 percent to 8.5 percent. In 2011, NYC added 389,000 private-sector jobs.

NY's Bad Economic Signs

New Construction Slid 31% in 2011(WSJ) * In Studios and Grand Halls, Feeling a Pinch From Italy(NYT) As Italy reins in its spending, institutions in New York City dependent on the European nation’s money are being affected.

Construction Down 40%

Middle Class Being Pushed Out of the City

Tenants furious over proposed gas surcharge (WABC)

More meat is going packing from the Meatpacking District

Meat Co. to Leave for N.J.(WSJ)

Is New York's Economy Stalled?
DiNapoli: “New York’s recovery appears to be losing momentum, which raises concerns about the pace of the economic recovery in 2012.”State Recovers 46% Of Jobs Lost During Recession(YNN)
* DiNapoli: State recovery lost big mo in 2011(TU) * DiNapoli says NYC regained 52 percent of jobs lost in recession, better than suburbs and statewide total of 46 percent* McMahon: NY's still too business-unfriendly(Newsday) * Tom DiNapoli says New York’s economic rebound is geographically uneven.

Wall Street Shrinking? Moving Jobs Out

NYSE MAY SHRINK FOOTPRINT IN LOWER MANHATTAN -- So digitized ‘physical proximity is no longer necessary’ -- WSJ’s Bradley Hope and Keiko Morris: “The NYSE still employs hundreds of workers…at 11 Wall St. and …20 Broad St. …the parent company, known as ICE, is trying to decide whether to keep the office space in 20 Broad when that lease expires in 2016 … Another option ….reduce the amount of space it leases there. The NYSE has a lease for 381,000 square feet at 20 Broad … ICE has no plans to reduce the NYSE’s presence at 11 Wall St. … Today, only a fraction of stock trades are excited on the floor. The business has become so digitized that ‘physical proximity is no longer necessary,’ said John Wheeler, managing director at Jones Lang SaSalle Incoming., who oversees the firm’s Lower Manhattan operations.” http://goo.gl/OJxkwJ * The New York Stock Exchange, an institution that has long been at the heart of downtown Manhattan’s identity, is considering a reduction of its presence there as its new parent company cuts jobs and moves positions out of the city.* Boston's mayor wants to woo Wall Street firms away from De Blasio's New York. (Globe)

NYC the Next Detroit? Will Bad Government and Leaders Drain the State of the Next Generation

It Not Only Upstate

Escape from New York A new poll last week showed that more than one of every four New Yorkers is headed for the exits. Detroit lost a quarter of its population between 2000 and 2011; absolutely, it could happen here. (NYP) * Dozens Camp Out In Queens For Shot At Mechanic Apprenticeship (WCBS) * Hundreds Camp Out For Job Applications: There were only 150 applications for 12 jobs at a hiring fair in Long Is... *Empire State manufacturing index falls sharply to 11.9 in May, shows slower growth (NYP)

Fewer Skyscrapers on the Horizon The office tower is one of the New York City's defining features. But developers aren't churning them out the way they used to. The recent production figures are anemic considering the volume of office space that has been eliminated. (WSJ) * Real-estate tycoons at war (NYP) * Despite the deep cuts in the 2011-12 state budget, the Business Council lobby group pointed to a survey from a manufacturing group that ranks New York 49th for its business climate.

While All the Pols Demand Services the Mayor is the Only One Trying to Grow NYC's Economy With Tech

Attracting High Tech Business Very Important

Bloomberg aide outlines plans for More Twitter, more Facebook, more free wifi Bloomberg Wants to Make New York 'No. 1 Digital City'(NYT) * NYC Adds Services on Twitter, Facebook(WSJ) * Bloomberg’s Tech Team Looks For Savings In Guts, Not Glory (CHN)

Cuts to Affordable Housing Threatens Goal of 165,000 Units by 2014

Budget Threatens 'Affordable' Goal The Bloomberg administration is proposing to cut $285 million from its housing department's capital budget, raising questions over whether the city will be able to meet the goals of a signature program to create or preserve 165,000 "affordable" units by 2014. (WSJ)

Big Blow to City's Economy. Jobs and Tax Base If Bronx Produce Market Moves to NJ

New Jersey woos huge Bronx produce market (NYDN)

New York's Lost Under 30 Generation

Fred Siegel thinks a property tax cap isn’t going to stop the migration of young talent out of New York

“We can expect New York to lead the country in outmigration for the near future.”

Why New York's future is fleeing Nowhere near enough jobs for the younger generation(NYP)

For A Healthy City We Need Leader Who Can Do More Than Cut Budget Deals and Demand More Funds

We need to know how our city's leaders will grow businesses and increase Jobs. Right now we hear demands by pols unions and interests groups to find $$$ to keep their favored service alive without looking at what must be cut to fund what they want. 44 City Council Members Share Their Objections To Child Care Cuts 40 Council Members marched In front of City Hall today demanding that no fire house be cuts. Budget cuts from Washington and Albany means the city will have to cut some services.

Is Anyone Responsible for Growing the NYC Economy?

Pols who demand services not be cut should be required to present ways to increase revenue. The press must play its role by demanding that anyone who is trying to save jobs or services tell us what they will cut. Taxing millionaires and cutting outsourced contracts is good for the short term but even if it happens will not fund the long term needs of the city. The press must start asking pols what they are doing to grow New Yorkers job market and businesses. Solving the state’s problems will require lawmakers to do things that “may not get them re-elected,” says ex-LG Richard Ravitch.

Cuomo Studies Robert Moses

Robert Moses

A Voice From the Past Advises Cuomo on the Future

“Report of Reconstruction Commission to Gov. Alfred E. Smith on Retrenchment and Reorganization in the State Government” — the 1919 report is peppered with the caustic wit and wisdom of the commission’s chief of staff, Robert Moses.

Erie Canal Became NY's First Economic Engine

Governor De Witt Clinton in spite of a lack of public support, funding, untrained engineers, and unforgiving terrain had the vision and leadership skills to build the Erie Canal in the early 1800's. The canal which opened New York’s manufacturing goods to the Midwest markets was responsible for the state overtaking Boston and Philadelphia to become the commerce and jobs capitol of America - increasing the state’s population five fold, in the decade after it was open.
As the City's modern economic engines of Wall Street and Construction fail, have some of New York's office holders destroyed the only possibility for creating thousand of jobs with a backup Safety-Net Economic Engine?

London who won the 2012 Olympics over New York is already spending over $140 million a month on construction. Over $13 billion will be spent on thousands of London workers before the games begin *** In addition to great sports facilities the people of London will have 3000 units of new affordable housing after the athletes are finished with the Olympic Village.

NY'S Higher Bridge Toll Resulted In Less Users

MTA Loses $6.4 Million In 1st Quarter Thanks To Cheap Drivers

MTA hike drives off motorists Motorists are steering clear of MTA bridges and tunnels following a series of massive toll hikes.

After Coming Wall Street Job Cuts Next Year the City's Budget Will Be in More Red Ink

Don't Celebrate New Budget Rainy Day Fund Gone For Next Year

Wall Street Wielding the Ax The trading slump on Wall Street has battered profits and is about to cost some people their jobs.(WSJ)

NY'S Pension Funds A Bank for Developers

The state pension fund is investing more than $1 billion in real estate.

Fair and Toll Hikes is Just One Way NY Punished the Poor and Pushes the Middle Class, Business and Jobs Out of the City

The Forgotten New Yorkers
As Albany does nothing to come up with addition funding to pay for rising pension and health care costs of workers the MTA is forced to raise fares and tolls Those hikes will hit harderst on the poor and middle class who have become the forgotten class in New York. Save That MetroCard! A New One Will Now Cost $1(NYT) The Metropolitan Transportation Authority is adding a surcharge for the purchase of a new card, a move that transit officials predict will lead riders to refill their existing passes.*
Verrazano-Narrows Bridge cash toll jumps to $15 Sunday;(SI Advance) * How to Save $8 on Your Next MetroCard(NY Mag)
Cost Of Public Transportation Going Up, MTA Bus And Subway(WCBS)
MTA Fare, Toll Hikes Take Effect Sunday(NY1)
Staten Island Activist To Protest New MTA Toll Hike With Pennies

As In Each Fare Raise MTA Spins Distraction
MTA: Birth control to fight subway rat infestation
New York City Rats Won't Eat Just Anything(NY Mag)

_______________________________________________________________

Escape From New York
Report: NY lost 1.6 million people to other states from 2000 – 2010 (Gannett Albany)

While the NYT Speculates on New York's Loss of Wall Street

It is Time to See How This Generation of the City's Leaders is No Match to the One That Built the Worlds Financial Capital Right Here

Bye-Bye to the Big Board?(NYT Ed) Regulators must answer whether the proposed sale of the New York Stock Exchange can be regulated in a way that protects the public interest. The question that the Times is has not asked is the current generation of New York financal leaders smart enought to keep NY as the financial capital. We know the NY pols and media are clueless about how modern capitalism works. The fact that the city's is losing it financial tax base will not even be an issue in the 2013 mayor's race.* Wall Street This Week Is Basically a Bunch of Robots (NY Mag)

Banking and Politics
As Old As the Republic

Banking and politics have always been joined a the hip. The proposed 50 billion bailout fund will strengthen that connection. Wall Street likes that part of the reform package, because the government grantee will make it easier for them to borrow money and make deals. Congress like it because the more control it has will no doubt lead to more senators like Dodd getting special treatment from banks like countrywide.

It is important to understand that the intimate relationship between politics and banking policy is not new, nor is its economic influence now unique. Since the nation's beginnings banking regulations have been intimately connected to politics, and the politics of banking is a high stakes game not well understood by the public. It is clearly not understood by today's New York elected officials who sat like pawns watching Obama propose changes which will result in less financial jobs and taxes for local government.

A review of New York's economic history and banking policy from 1784 to the Civil War clearly shows that banks and banking policy were central to the state's economic development (and closely entwined with politics). It also shows that strong armed politics by elected officials and Tammany Hall in the early days of American resulted in New York becoming the banking capital of the world.
Banking and Politics Continues

Sick Pay and Small Business
Small businesses: Paid-sick-leave law hurts(NYP)

Why Are 1.6M Fleeing NYS: Bad Government, Impossible for Business to Pay High Taxes and No Jobs

Leaving New York

In the first decade of the new century, New York state saw more of its residents leave for other parts of the country than any other state in the country. Despite this, an analysis of census data by the Manhattan Institute found, the state population rose by half a million people, largely because of births. Over 1.5 million more people moved out of the state than moved in from other states, making the aughts the second straight decade in which New York led the nation in out migration. Some attribute the loss to the state's high cost of living and tax rate. The report also found a slowing of immigration from other countries during the 10 years. Since 1960, 7.3 million people have left New York for other states. NY turns into flee market 1.6M bolt high-tax state in last decade(NYP) * Study Finds More New Yorkers Leaving State(NYT) * Census Shows New York Exodus(WSJ) * See ya, wouldn't wanna be ya: New Yorkers leave state at record rate(NYDN) * About 7.3 million residents have left NY for other states since 1960.* New NYS Population Report Reinforces Need for Change * Budget Division: Expect Weaker Tax Receipts(YNN) * Budget update: We’ve got cash but deficits are ahead(TU)

New York Budget Sinking, Where the Real Fix?

New York's Economic Melt Down, No Clown Affair

Is New York Losing it Glitz and Glamor? UPDATED SUNDAY

Newspapers Coverage of the Budget Crisis: A Tail of Two Standards of Coverage 12/17/2008

Going Broke: New York Failing Health Care System

Here Comes the Big Guns: Why Politics Might Undo the New York Economy

City's Economic Crisis

True News Understood the City's Economic Condition Before the Election City's Economic Melt Down: You Read It in True News First ** Election Year Budget Cover Up ** Sea of red ink facing the city and state budgets The 2009 Campaign Boycott of Real Issues July 8, 2009 * New York's Economic Melt Down, No Clown Affair July 1, 2009 * Jobless Recovery? Labor Day as Crisis Grows * Sept 6, 2009 New York Budget Sinking, Where the Real Fix? * Sept 24, 2009 * Going Broke: New York Failing Health Care System October 5, 2009 *** Can't Anyone Here Play This Game Anymore?

Where was the Times with these stories BEFORE THE ELECTION? Welfare Rolls in New York City Begin to Rise, Belatedly - NYTimes.com *** Bloomberg wins elections and then cuts back on everything he promised 4 Schoolyards Cut From Bloomberg’s PlaNYC Goal of 290 Parks - NYTimes.com *** City nixes 3,000 Section 8 vouchers

City's Economic Melt Down: You Read It in True News First, MONDAY UPDATE

of red ink facing the city and state budgets The 2009 Campaign Boycott of Real Issues July 8, 2009 * New York's Economic Melt Down, No Clown Affair July 1, 2009 * Jobless Recovery? Labor Day as Crisis Grows * Sept 6, 2009 New York Budget Sinking, Where the Real Fix? * Sept 24, 2009 * Going Broke: New York Failing Health Care System October 5, 2009 * Election Year Budget Cover Up

New York's Economic Melt Down, No Clown Affair

Does NYC Mean Business? NYC might be the world's financial capital but not when it comes to it people involved in business. Study finds NY entrepreneurship lagging nation Just over 15% of people in New York state are involved in some kind of entrepreneurial activity, compared with a national average of 18.8%. Does it have anything to do with high taxes and rents imposed on small business in the city. As the new comptroller prepares to raise taxes, the state just imposed and MTA tax on freelancers and the council works to put additional burdens on small business like paying for sick pay, the number of entrepreneurial workers in the city will shrink even more Flat Holiday Hiring as Jobless Rate Holds at 10.3% , Worst month of job losses since last December (crains)

Can't Anyone Here Play This Game Anymore?

Papers and Editorial Board Ignore NYC Record High Unemployment

NYS Leaders Irresponsible
What is Next Bathroom Tax?
New York's self absorbed leaders are always seen congrualting themselves every time they come up with another way to put the finger in the dam to prevent the state from running our of money. It not about glue and bandages is about running the state which grows economy, a concept no even on the table and the people who have faith in their leaders ability. No wonder why the public is so unhappy. What they do not understand is the public and business who watches the clown show and reads the coming doom editorials are voing with their feet and moving out of the city Money moving Fleeing NYers richer than newcomers * City faces middle-class exodus - Crain's New York Business *** Economists Discover Source of New Yorkers' Misery (Gawker) * Could you count more than one or two Albany reporters who have uncovered any corruption beyond covering inditements and trials. The New York Observer blog says "They explain the doings of this crazy Capitol, and find as much 'fun' in the dysfunction as possible." Did the reporters in Rome have fun as it burned? I LOL every time I see the long line in the Emergency Rooms and think of Tony Seminario looting two million from a queens hospitalThe Reporters of the State Capitol * Queens Assemblyman Pleads Guilty in Corruption Case - City Room

City's Economic Melt Down: You Read It in True News First, MONDAY UPDATE

Here Comes the Big Guns: Why Politics Might Undo the New York Economy

Escape From NY

Escape from NY Pensioners fleeing city - 31 percent of NY's pensions, went to addresses outside New York state. (NYP)

Jobless New York Teflon' Pols We just gone through a mayoral campaign with almost no talk of what to do about New Yorkers losing their jobs. We now have the highest unemployment in the city in 25 years without a single pol coming up with a solution to the growing problem. Now the city is cutting jobs out of media and public sight City Hall Budget Maneuver Quietly Encourages Job Cuts

Banking and Politics
As Old As the Republic

Many economists are now blaming the deregulation of the banking industry by congress as the cause of the nation’s economic crisis. It is important to understand that the intimate relationship between politics and banking policy is not new, nor is its economic influence now unique. Since the nation's beginnings banking regulations have been intimately connected to politics, and the politics of banking is a high stakes game not well understood by the public. It is clearly not understood by today's elected officials who have destroyed Wall Street and the economy of New York City. A review of New York's economic history and banking policy from 1784 to the Civil War clearly shows that banks and banking policy were central to the state's economic development (and closely entwined with politics). It also shows that intelligent banking policy can further economic development while bad policy inevitably causes economic havoc.
In New York City, the intimate relationship between banks and politics began when the Bank of New York was chartered in 1784. Founded by Alexander Hamilton, the bank was the only one in the City until 1799. Hamilton used the bank for his political ambitions as it furthered his Federalist Party and the conservative economic polices it espoused. Merchants who disagreed with Hamilton's political point of view ran the risk of having their loans called in at election time.The Federalist chartering of the First Bank of the United States in 1791 had a profound effect on the economy. It also increased the influence of the wealthy in the politics of the 1790's. Just as important to NY was the chartering in 1799 of the Bank of Manhattan by Aaron Burr. It was the City's second major bank and a direct rival to the Bank of New York and its Federalist policies. The bank was chartered to bring water to the City, in an effort to reduce the perils of the Yellow Fever epidemics.
The Bank of Manhattan ultimately became instrumental in the rise of Tammany Hall as a political force and was also an important factor in the election of Thomas Jefferson in 1800. In fact, Jefferson's election had the effect of breaking the Federalist's control of New York's commercial, financial and political institutions. The number of banks rose from 28 in 1800 to 89 in 1811. By 1816 it was up to 250. Since the only currency other than gold and silver was bank notes, a banking charter literally meant having a license to print money. The circulation of more notes from newly chartered banks enlarged the monetary supply, creating capital for an expanding economy - all of which was important to the City's economic growth. The capital for building the Erie Canal came from New York City's banks. In fact, the largest initial purchaser of Erie Bonds was the Bank for Saving of New York institutions. The state completion of the canal in 1825 was the watershed event in New York's rise as the world's premier financial center.
Nationally, banking policy had an even more profound effect on politics and the country than it did at the state level. Hamilton's First National Bank was rechartered as the Second Bank of the U.S. in 1816 by President Madison on the grounds that it was the only hope for restoring U.S. currency after the War of 1812. Both the First and Second Banks of the U.S. were private banks, privately owned and had exclusive rights to federal deposits, and thusly functioned like the Federal Reserve - controlling the money supply and the flow of credit. The Second Bank continued to push both conservative policy and politics.
President Andrew Jackson like all traditional Jeffersonian Democrats, opposed large, centrally controlled financial institutions. Thus Jackson and his supporters charged that the Second Bank was a tool of the moneyed aristocracy and was intent on oppressing working people. Jackson's veto of the Second Bank's recharter became a major issue in the 1832 election. Support from the working classes including Tammany Hall helped lead Jackson to re-election. Jackson's veto of the recharter and the subsequent withdrawal of federal deposits had broad repercussions. One effect was to shift the financial center of the country from Philadelphia to New York, where it remains to this day. A second and more far-reaching effect was to cause the Bank of the United States to contract the nation's money supply, causing widespread economic panic and a depression.
In contrast to federal banking policy, New York's policy was much more far-sighted and intelligent. The Erie Canal was financially successful beyond its most enthusiastic bankers' wildest expectations. The $7 million borrowed to build the canal was quickly repaid and shrewdly deposited, unlocking banks with a view to furthering economic development across the state. Additionally, in 1839, New York set up the Safety Deposit Fund which all state banks were forced to join. The fund insured depositors against bank failures and fund officials had the right to review the solvency of New York's Banks. This was the forerunner of the Federal Deposit Insurance Corporation, and generally of state and federal banking regulations and legislation - the subject of today's controversy. These state regulations played a prominent role in the state's rise as the nation's financial center and in the prosperity this city has enjoyed until now.The history has broad implications for the current debate over banking regulations and debate over nationalizing the nation's banking system. The large amounts of money at stake, combined with the high cost of modern political campaigns, must also raise questions about the potential influence of bank money in politics. Banking policy is much too important to be left in the hands of bankers and politicians - it must be understood and debated by the community as a whole.

After 91 Years No More Coney Island Bialys

Coney Island Bialys and Bagels closing

How Come Nobody is Report That the City Is Committed to Move Many of Its Offices into the WTC in 2015 at Very High Prices?
Brooklyn Municipal Building To Be Developed Into Retail Destination. (NYDN) * City To Rent Office Space at WTC 4 in 2014 Despite Excess Space ... * WTC developer will force city to rent space - New York Post

Comptroller: NYS Tax Receipts Going Down

All Funds receipts were $351.5 million below Financial Plan First Quarterly Update projections, which largely evaporates the positive balance seen in tax collections through the first quarter. * Bad News In July Cash Report(YNN)

The state budget could run into the red because of the ongoing US economic crisis, Comptroller Tom DiNapoli warned yesterday. DiNapoli fussbudget(NYP)

Escape From New York
Report: NY lost 1.6 million people to other states from 2000 – 2010 (Gannett Albany)

Report: 7.3M New Yorkers have left since 1960

Escape from NY Pensioners fleeing city - 31 percent of NY's pensions, went to addresses outside New York state. (NYP)

No Pol Wants to Deliver the Bad News On How Wall Street Fall Will Hurt NY

During the 2008 Melt Down 30,000 Jobs Lost on Wall Street and the City and States Pension Costs Climbed Thu the Roof

The specific impact of the federal fiscal troubles on New York and its municipalities remain unclear, but higher interest rates could be in the offing for the state and local governments.*State employees on the cusp of retirement have a longer life expectancy than originally projected, but it’s unclear what that will do to insurance costs.* How will the S&P downgrade affect New York and its municipalities? They are concerned (Gannett Albany) A Pol or Comptroller? DiNapoli optimistic in Wall Street crisis(NP)

citylimitsorg City Limits Magazine

New York City lost 13,000 private sector jobs in August, September; Bronx unemployment at 12% soc.li/EaIx7ak

Mayor correctly pointing out the challenges we have with our pension obligations. $8 billion/year from city budget, and growing 12% of Cities budget

City Jobless Rate Rises, Exceeding the Nation's 8/9% (NYT) * Wall Street, Europe Weigh on City Budget(WSJ) * The Bloomberg administration may have to deal with larger-than-expected budget gaps due to ongoing economic uncertainty and Wall Street’s anemic performance, state Comptroller Tom DiNapoli warned. "[nyc] unemployment rate is now higher than the nation’s for the first time since March 2010 * Sooner or Later, the Cuomo Fare Hike Is Coming(Street blog)

Economy and Taxes Suck

City ZIPs zapped by taxes Metro area leads nation in fed payouts (NYP) Nine of the 10 most heavily taxed neighborhoods in the United States are in the New York metro area — including six in Manhattan, according to IRS data. *The state pension fund lost 8.9 percent of its value over the past three months. State Comptroller Tom DiNapoli blamed the “sluggish economy.”

Senator Moynihan Was the First To Point Out That Government Always Shortfalls NYC

Albany shorting city $6B in taxes(NYP)

The late Democratic Sen. Daniel Patrick Moynihan of New York used to obsess over the flow of funds between the federal government and the states. He even launched an annual report, nicknamed “The Fisc,” that highlighted New York’s “balance of payments deficit” with Washington. * City $lams 2 OT kings(NYP)

NYC Never Get Its Fair Share

Rockefeller Institute study: NYC pays 45% of NYS taxes, gets 40% of spending. Suburbs: 24%/18%. Capital Region: 4%/7%. Upstate: 24%/35%.

Pat Moynihan's Tax Lessons for the States(WSJ)

NY ranks 49 in business tax climate

City Council Ducks

How will the city council make up the continuing lost tax revenue from Wall Street? In 2008 20% of the city's taxes come from the financial community. Today it is down to 15% according to the comptroller. The Bloomberg administration may have to deal with larger-than-expected budget gaps due to ongoing economic uncertainty and Wall Street’s anemic performance, state Comptroller Tom DiNapoli warned. * Wall St. Pay Is Expected to Fall 20% to 30%(NYT)* New York is one of only four states facing a mid-year budget gap.

* How will the city council turn around the 40% decline in new construction in 2011? The City Council has done nothing to control the city's growing pension costs. $8 billion ayear from city budget, and growing 12% of Cities budget. Manhattan contains six of the top ten highest taxed zip codes. How will the council make sure that NYC gets it fair share from Albany. Albany shorting city $6B in taxes(NYP) * NYC Lawmakers Compromise On Living Wage Bill

NYC taxes vs. other states(Crains NY)

Wall Street's New York Economic Crash

In 2012 Wall Street according to the state comptroller will lost 10,000 jobs and other economist expect bonuses to go down 20-30%. That means much less revenue for the city and state. Before the 2008 crash the state received 20% of it revenue from Wall Street. Today that is down to 15%. The City in 2008 got 13% of it revenue from the street. Today that is down to 9%. The new regulations which crack down on priority lending coming from Washington will cut down those earning even more. NY1 Online: Debating NYC’s

No Fault Politics: Pols Telflon Promises, Result Public Left Without Jobs

The City's Forgotten Unemployed 10.6% Highest Level in 17 Years

Albany Nothing About Unemployment
We hear about Albany's budget circus and gay rights showdown over and over again with nothing every resolved. The gov and legislators inaction is cased by the lobbyist for the unions, health care and education interests demanding that their budgets not be cut. Get ready to bleed (NYP). The gov is very concerned about himself Delusional Dave says prez will stump for him
The unions are fighting for increases for their members 11% for TWU, 4% teachers and other unions

Bloomberg Nothing About Unemployment
We read about Bloomberg worried about the Muslim community Bloomberg regrets greeting controversial Muslim cleric and solving a political problem he had with some of his supporters in Coney Island by paying a developer $95.6 million Sitt's Thor Equities to revive Coney Island amusements * Bloomberg endosed in the senate election to replace Kenney Khazei.

City Council Nothing About Unemployment
The City Council Speaker delayed a vote on parking fines to help the mayor's reelection
Quinn a parking 'valet' for Mike* An emotional City Council Speaker Christine Quinn urges state senate to pass
The Media Covers Nothing About Unemployment
The media covers all of the above issue except unemployment and Inside Apple's new New York City new store, the New LiLo tape and Levi Johnston has big screen dreams for as-yet unfinished memoir. There have been no unemployment editiorial by the papers asking for something to be done to help the out of work NYS Election Crisis Continues The vote count in the 23rd Congressional race tightens. The election is not yet certified. (AP/ WP) * Could the Newest Member of the House Be Kicked Out of Congress? FOXNews

No Fault Politics: Pols Telflon Promises, Result Public Left Without Jobs

The City's Forgotten Unemployed 10.6% Highest Level in 17 Years

The City's Forgotten Unemployed
10.6% Highest Level in 17 Years

Not one pol speaks up for the jobless.
Not one reporter asks a pol what they going to do to help the homeles as they cover the pols monkeying around.

Where is the mayor, governor or any pol for that matter trying to find solutions or help for the city's rising unemployment rate? City’s Jobless Rate Rises to 10.6%, Exceeding Nation’sThe mayor is bailing out developers N.Y.C. Tries Saving Housing Imperiled by Investors trying to protect Wall StreetBloomberg Hammers Obama, Congress Over Bank Plan and blaming Layoffs on the governor Mike: Budget means layoffs The governor calls the mayor a baby Paterson tells Bloomberg: Quit whining over budget woes and responded "Just remember these are the times we're in." Gov. David Paterson is concerned about his job, but not others "I am running for governor, and someone is going to have to beat me." The same for his wife First Lady Michelle Paige Paterson said her husband's enemies are using "ridiculous" and "untrue" scandals to try to damage his reputation and force him out of the race. The first lady also thinks others are trying to fire her husband Michelle Paterson said there's "definitely" an orchestrated effort to damage her husband.

Ford is warning some people could get fired. He wants to fire Gillibrand, "Anybody who believes that they are safe this morning as an incumbent is probably kidding themselves," said Harold Ford Jr. The PA is attacking the mayor on the homeless Sound and fury: De Blasio slams mayor on homeless but charges have no foundation * The mayor may be phoning in his third term from the Caribbean No miracles followed Bloomberg's ninth State of the State speech, notes Clyde Haberman * Quinn fired a councilman from his job and the DN agrees Council Speaker Christine Quinn "did the right thing" by stripping Barron of his post. Video of Barron protesting the lost of his job * At least our Senator puts out a press release on jobs. Sen. Chuck Schumer said Brown’s election teaches Democrats to focus on jobs. (Elmira Star-Gazette) Geithner whose policies have caused million to lose their jobs might lose his job also Geithner on the Outs? * The Daily News is writing about how it is collecting food for the poor Broadway hopefuls arrive at 'Hair' open casting call with food for Daily News-City Harvest drive As Brooklyn Borough President Marty Markowitz's plans his annual Valentine's party his beloved Brooklyn has seen the biggest jump in its unemployment rate compared to last year of any borough in the city

Hopes for overhauling the federal tax system are fading in Washington, but in some state capitals, tax reform experiments - some far-reaching - are fast taking shape.

Senator Moynihan Was the First To Point Out That Government Always Shortfalls NYC

Albany shorting city $6B in taxes(NYP)

Erie Canal Became NY's First Economic Engine

The Erie Canal grew New York State from 300,000 to 3,000,000 and made us the business capital of America. Today's NYT asks. Governor De Witt Clinton in spite of a lack of public support, funding, untrained engineers, and unforgiving terrain had the vision and leadership skills to build the Erie Canal in the early 1800's. The canal which opened New York’s manufacturing goods to the Midwest markets was responsible for the state overtaking Boston and Philadelphia to become the commerce and jobs capitol of America - increasing the state’s population five fold, in the decade after it was open.

Will High Tech Be New York's Erie Canal?

In Silicon Valley, the Ripe Scent of New Money(NYT) The start-up boom means there are more freshly minted millionaires looking to manage their wealth. And Wall Street firms are happy to help, for a fee.

As manufacturing jobs have started to return to the US after a decades-long exodus, NYC and the rest of the state have been big losers

While Jobs Leave NY 335,000 manufacturing jobs have been created across the country in the last two years

Taxes, regs hobble NY manufacturing recovery(NYP) The manufacturing base in the Big Apple over the past 24 months shrank by 10,000 jobs, or 12 percent, while the rest of the US saw an uptick in employment. The state has lost 45,000 state manufacturing jobs disappear since 2000. Manufacturing insiders here blame ham-fisted federal, state and local regulations, high taxes and poor infrastructure as the villains keeping the jobs from coming back. A new report by The Boston Consulting Group sees US insourcing picking up steam as transportation and labor costs rise in China. That’s where many of the American jobs have gone. But the same report says that the US states likely to gain the most from insourced jobs are not places like New York — but Alabama, South Carolina and Tennesse because of their low-cost business structures.How the U.S. Lost Out on iPhone Work(NYT) Report: Social programs create jobs(NYDN) The City shed 8,400 jobs according to a Department of Labor study. Most of the losses came from the restaurant industry which lost 2,400 jobs and the securities indusrty which lost around 2,000 jobs. About 300 public sector jobs were also lost.

Bad Economic: 9% Unemployment, Job Loses Expected on Wall Street and Commercial Real Estate Slow Down

New York Hotels Close to Foreclosure(WSJ) * Red Hook Facing Loss of Customs Inspection Station(NYT) An end to inspections could saddle companies and consumers with added costs, and officials are concerned it could deal a blow to Brooklyn’s already vulnerable port system * Anxiety Mounts Over Maturing Real Estate Loans(NYT) In New York City alone, nearly $70 billion worth of commercial mortgages that were issued as collateral for bonds in 2007 are maturing this year.

Pols in China Train Students to Do High Tech Jobs . . . As High Tech Jobs in Brooklyn Beg for Qualified Workers Our Pols Sit on Their Brains

Tech wreck (NYP) DUMBO jobs go begging amid biz boom Despite 9 percent of New Yorkers’ being unemployed, according to the state Labor Department, the growing tech industry in DUMBO, the small, affluent waterfront corridor between the Brooklyn and Manhattan bridges, can’t find enough qualified workers.

Are New Yorkers Confusing Order for A Fixed Economy

NY1 Exclusive: Poll Finds Majority Of New Yorkers Are Optimistic For Future, Back Their Governor

New Yorkers are Ignoring Very Bad Economic Trends

9% Unemployment -State Comptroller Tom DiNapoli warned. "[nyc] unemployment rate is now higher than the nation’s for the first time since March 2010 * NYC pension obligations. $8 billion/year from city budget, and growing 12% of Cities budget * Wall Street Wielding the Ax * City ZIPs zapped by taxes Metro area leads nation in fed payouts * NY ranks 49 in business tax climate * Escape from New York A new poll last week showed that more than one of every four New Yorkers is headed for the exits. * Escape from NY II Pensioners fleeing city - 31 percent of NY's pensions, went to addresses outside New York state. (NYP) * New building starts in the first half of 2011 are down almost 40 percent from the previous year * Fed Signals That a Full Recovery Is Years Away(NYT)

When the WTC Comes Online the City Commercial Real Estate Slump Will Become A Recession - Unemployment 9.6%

Office Leasing's Big Drop(WSJ) Commercial real-estate brokerages on Monday begin releasing their reports on first-quarter office-leasing activity, and the numbers don't bode well for the firms' New York profits * Funny Floor Math Fuels 1WTC's 'Growth'(WSJ) Floors 94 through 99 simply don't exist at One World Trade Center, allowing the tower to reach it's 100th floor at a seemingly impossible speed this week. More Bad Economic News Riskier investments in private equity, real estate and hedge funds aren’t paying off for public pension plans.

Happy Economic News From NY1 But Is It True

NY1 Online: IBO Head Ronnie Lowenstein Is Upbeat On City's Fiscal Health

NY1 never talked about the 1% increase in the unemployment rate in the last three months to 9.6%. City's Jobless Rate Rises as Nation's Falls(NYT) * What about the weak office market? Space Influx Will Challenge Office Market(WSJ). Or the fact that New Construction Slid 31% in 2011(WSJ).

Why is the Media Cheerleading About NY Failing Economy?

New building starts in the first half of 2011 are down almost 40 percent from the previous year, a new report says, dashing some hopes of an economic rebound in the city's construction industry (NYP) * Escape from New York A new poll last week showed that more than one of every four New Yorkers is headed for the exits. Detroit lost a quarter of its population between 2000 and 2011; absolutely, it could happen here. (NYP) * Wall Street Wielding the Ax The trading slump on Wall Street has battered profits and is about to cost some people their jobs.(WSJ). Report: NY lost 1.6 million people to other states from 2000 – 2010 (Gannett Albany)

Just Like the 2009 Mayoral Campaign Unemployment is Not Being Discussed in the 2013 Race

Correct to Picture 9.6% Unemployment Rate
Here Comes the Big Guns: Why Politics Might Undo the New York Economy * Papers and Editorial Board Ignore NYC Record High Unemployment * City ZIPs zapped by taxes Metro area leads nation in fed payouts (NYP) Nine of the 10 most heavily taxed neighborhoods in the United States are in the New York metro area — including six in Manhattan, according to IRS data. * NY ranks 49 in business tax climate * McMahon: NY's still too business-unfriendly(Newsday) * Why New York's future is fleeing Nowhere near enough jobs for the younger generation(NYP) * Wall St. Pay Is Expected to Fall 20% to 30%(NYT)* Albany shorting city $6B in taxes(NYP)

NY1 Online: Economist Examines New York City’s Fiscal History(NY1)

Property Tax Evasion in City Is Widespread, Report Suggests(NYT) A grand jury report suggests property tax evasion in the city is widespread after an investigation by Manhattan District Attorney Cy Vance, and recommends stiffer penalties for landlords who evade payment* Grand Jury Cites Tax-Rule Flaws(WSJ)

The Danger of NY's Economy

The NYT says the unemployment rate’s growth has confounded economists and elected officials. Simple answer new jobs and businesses are moving to low tax and low salary states. That why the NJ governor has cut state taxes by 10% Rise in City’s Jobless Rate Continues to Outpace Hiring(NYT) 9.6% A timely Albany budget is not all that is needed to fixed New York's economy. * Fears Rise That Economic Recovery May Falter in Spring(NYT)* NYP Says Silver is Slamming NY’s poor The Post knocks Assembly Speaker Sheldon Silver for attempting to raise the minimum wage, faults Senate Majority Leader Dean Skelos and Gov. Andrew Cuomo for being open to the idea, and insists the measure would hurt the poor the most. calls on Cuomo to “avert disaster” by blocking the Legislature from passing it. * NYC Unemployment Rising Despite Hiring(NY Mag)

$20 Tolls Coming
NYC bridge toll to hit $20 by 2018 (WPIX)

E.J McMahon: Robin Hood For Mayor

E.J. McMAHON: Tax-hike fantasies As McMahon notes, all of the five likely candidates have backed squeeze-the-rich schemes. And it doesn’t end there: * Manhattan Borough President Scott Stringer recently made a big stink about NYU’s vital expansion., * City Council Speaker Chris Quinn threw labor a bone by backing not one but two job-killing minimum-wage bills. * City Comptroller John Liu, a serial union stooge, sought to inflame racial tensions by calling the NYPD’s stop-frisk program, a key crime-fighting tool, “profiling.” These, alas, are the sorry choices from which voters will have to pick their next mayor, once Bloomberg leaves next year. * 2012 Bloomberg: Raising taxes on rich will drive em out. 2008 Bloomberg: I never heard 1 say theyr leaving cuz of taxes(WNYC)
* Bloomberg Suddenly Thinks Raising Taxes on NYC’s Rich Is ‘Dumb’(NY Mag)

Low Wage Workers
A new report that concludes the low wages of many fast-food employees are being subsidized by taxpayers through programs for the working poor sparked an outcry amongst progressive advocates and state Democratic lawmakers, the Times Union reports A new report claims low wages in fast food are subsidized by taxpayer programs like food stamps.

Tech Boom
How Old Media Helped Spur New York's Tech Boom(Atlantic)

Another upstate business death: Yankee One Dollar stores to close, owner blames rising expenses http://blog.timesunion.com/business/yankee-one-dollar-stores-to-close-owner-blames-rising-expenses/59616/ …

Fiscal Policy Institute Warns Of NY’s ‘Lost Decade’: New York has gone through what amounts to a “lost decade”... http://bit.ly/1chul2b

Skelos To Cuomo: We’re With You On The Tax Cut(YNN)

3 comments:

UnknownApril 9, 2014 at 1:55 AM
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UnknownSeptember 18, 2015 at 7:49 AM
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UnknownSeptember 18, 2015 at 8:23 AM
This is the beginning stages of a fiscal policy that could become credit negative,” one UBS official told the News.
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