Mayor Michael Bloomberg’s depiction of New York City’s economy was a tad too rosy, Bill de Blasio said, even as the mayor was predicting a gloomy future unless his replacement follows his lead.
Shortly after Mr. Bloomberg delivered a speech this morning warning that New York City was at risk of facing the same economic fate as Detroit, Mr. de Blasio, the city’s public advocate and a leading mayoral candidate, released a statement praising the mayor for diversifying the city’s economy while also bashing him for letting income inequality soar.
Earlier today, there was a rare bit of good economic news with the announcement that job creation broke out in February as the United States’ unemployment rate fell from 7.9 percent to 7.7 percent. This morning, however, Mr. Bloomberg urged the public to ignore the widely discussed unemployment number and instead look at the raw job total nationwide–a net increase of 246,000 new jobs last month.
“The unemployment number is relatively meaningless,” Mr. Bloomberg said during his weekly interview with John Gambling. “It is the number of people who have jobs–the number of jobs. I think the national economy is doing a little bit better. Not going down, it is going up a little bit better, [but] nowhere near fast enough to give jobs to a lot of the people who want them. And a lot of the people who have dropped out of the workforce [are] saying, ‘I’m never getting a job, I’m not going to even look.’ Then you don’t get counted. … That’s why the unemployment number is bad–is not really a good indicator.” Continue reading “Mayor Bloomberg Explains Why the Unemployment Rate Is ‘Relatively Meaningless”→
New York State Comptroller Tom DiNapoli estimates the damage from Hurricane Sandy could cost the state at least $18 million. Mr. DiNapoli announced his estimate in a statement this afternoon.
“My office’s preliminary estimate of economic losses due to the storm ranges from $15 billion to $18 billion. Our daily infrastructure of highways, power, sewer and water–the elements of modern life that we take for granted–have all been altered by this storm,” Mr. DiNapoli said. “Though the rebuilding effort may offset some of these losses, we must continue to monitor what the long-term economic impact to New York will be.” Continue reading “State Comptroller Estimates Hurricane Sandy Could Cost New York at Least $18 Billion”→
Tonight’s presidential debate was ostensibly about foreign policy, but on stage in Boca Raton, the candidates spent quite a bit of time discussing the American economy. The discussion first turned homeward when moderator Bob Schieffer asked Mitt Romney and President Barack Obama, “What is America’s role in the world?” Continue reading “Obama And Romney Think Locally at Foreign Policy Debate”→
This morning, Mitt Romney’s campaign policy director Lanhee Chen, his deputy communications director for media affairs Kristy Campbell held a conference call with the press to “discuss the latest in a series of devastating economic news and President Obama’s record of failing to put America back on a path to prosperity.”
However, all three of the questions from reporters on the call were about what Mr. Romney’s position is on President Barack Obama’s newly announced immigration policy. Despite the clear connections between immigration policy and the job market, the Romney campaign staffers repeatedly dismissed the questions as “off topic” before ending the call entirely. Continue reading “Romney Campaign Repeatedly Dodges Immigration Questions”→