NYC's Elected Officials Have Not Created Jobs

NYC Elected Officials Have Done Nothing to Reduce the City's High Unemployment Rate

What about NYC? City still holds high unemployment rates(NYP) As many regions nationwide post gains in jobs and economic performance, NYC still can’t shake off its malaise and high unemployment rate — officially 8.1 percent, compared with the nation’s 6.6 percent. And the Empire State’s unemployment rate of 7.1 percent isn’t pretty either. Many see more deep-seated factors undermining New York’s so-called recovery. Rising taxes, increased regulation and red tape, tough access to credit and high business costs foremost among them. Many of New York’s high-paid jobs have been replaced by lower-paid and part-time jobs, many with scant or no benefits. And New York has failed to lure jobs on the same epic scale that other states have, studies show. In this month’s ADP Regional Employment Report of private-sector employment growth, New York state has the lowest growth rate of all 29 states tracked. New York generated 3,950 private-sector jobs in January, a monthly change of 0.05 percent. Texas, by contrast, produced 22,120, a 0.23 percent change.* * Gov. Andrew Cuomo announced that IBM will bring 500 jobs to a new state-owned technology center in Buffalo while also joining a $100 million New York Genomic Medicine Center in Manhattan, the Buffalo News writes:

City Council Ignores New Yorkers Out of Work

The Forgotten Jobless
NYC's unemployed do not have the labor movement, activists, lobbyists who can put pressure on the elected officials and media who can make creating jobs a top priority. City Council weighs ban on pet stores buying from unlicensed breeders(NYP) Pet stores would be required under the bill to show customers where the pooches they’re purchasing are from and provide a medical history of the animals. And it would ban puppy mills that breed more than 50 animals a year from selling to city pet purveyors.


NY lost 42% of its manufacturing jobs 1990-2006 while FL lost only 18%. * While the city's unemployment remains higher than before Great Recession, middle-class families continue wage slide(NYDN) * 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)  * ‘Wall ST.’ flees NY for tax-free Fla. (NYP) * 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) * NY ranks 49 in business tax climate * Taxes, regs hobble NY manufacturing recovery(NYP) *New York advertises its desperation

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 * DiNapoli: Wall Street Gets Richer, But Jobs Decline(YNN) * The New York financial industry has replaced only one-third of the jobs it lost during the financial crisis.(Guardian)  *‘Wall ST.’ flees NY for tax-free Fla. (NYP)  * NYers take worst tax hit in nation(NYP) * 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)  * McMahon: NY's still too business-unfriendly(Newsday) * Why New York's future is fleeing Nowhere near enough jobs for the younger generation(NYP) * Report: NY lost 1.6 million people to other states from 2000 – 2010 (Gannett Albany) * Study Finds More New Yorkers Leaving State(NYT) *  City faces middle-class exodus - Crain's New York Business * Economists Discover Source of New Yorkers' Misery (Gawker)* Albany shorting city $6B in taxes(NYP)

Moynihan Intelligence and Lessons Gone From Today's Generation of Political Leaders
  Pat Moynihan's Tax Lessons for the States(WSJ) * NY ranks 49 in business tax climate * NYC taxes vs. other states(Crains NY) * Papers and Editorial Board Ignore NYC Record High Unemployment* NYers take worst tax hit in nation(NYP) * 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)  * McMahon: NY's still too business-unfriendly(Newsday) * Why New York's future is fleeing Nowhere near enough jobs for the younger generation(NYP) * Report: NY lost 1.6 million people to other states from 2000 – 2010 (Gannett Albany) * Study Finds More New Yorkers Leaving State(NYT) *  City faces middle-class exodus - Crain's New York Business * Economists Discover Source of New Yorkers' Misery (Gawker)* Albany shorting city $6B in taxes(NYP)    




Wall Street NY's Dying Goose of Jobs Taxes 

 
Wall Street Shrinking 
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)* Lower Wall Street pay means less revenue for the state(CrainsNY) * 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)

We All Know What Happen to Detroit When the Auto Industry Ran Out of that City  . . . NYers 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.
 

Erie Canal Became NY's First Economic Engine, Wall Street and Banking Followed Later

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.


2013 Mayoral Candidates Acted 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, creating jobs.