Will the American Jobs Act create or preserve jobs in New York City? Photo courtesy of Marsmet48
In his address to Congress on September 8th, President Barack Obama touted the ability of his proposed American Jobs Act to create new jobs and put unemployed Americans back to work. The bill’s potential effect on New York City’s job market is part of a larger local debate among experts, politicians and columnists over how best to tackle the city’s struggling economy.
- New York City Comptroller Sees Benefits to Jobs Act: The Office of New York City Comptroller John C. Liu released a preliminary analysis of the President’s jobs bill that estimates significant benefits for the city’s economy. Based on their calculations, this would include tax cuts and the preservation or creation of 25,000 jobs in 2012.
- City Might Not See Long Term Benefits: The Daily News quotes experts who doubt that President Obama’s American Jobs Act will ultimately benefit the New York City’s economy long-term. Among the issues: tax cuts won’t spur small businesses to hire new employees and the plan lacks a focus on improving the city’s infrastructure.
- Mayor Tackles Job Creation: New York City Mayor Michael Bloomberg announced grants to small businesses to fund employee training programs. According to the Epoch Times, the Mayor believes the grants will lead directly to new jobs and spur economic growth.
- Packed Cities Lead to More Jobs: Ryan Avent, the economics correspondent for The Economist, argues in a New York Times editorial that denser cities breed more jobs and stronger growth. His view? The more tightly packed the city, the better.
- Fashion Insiders Want to Preserve Garment Center Jobs: ABC News reports on how designers like Nanette Lepore are joining forces with trade associations and other members of New York City’s Garment Center to keep the local manufacturing industry going strong.