Tag Archives: Mayor Bloomberg

New York City Faces Tough Task In Creating New Jobs

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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.

New York Teens Face Uncertain Employment Future

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As New York’s economy struggles to recover from the nationwide recession, unemployment and poor job prospects continue to affect not just adult workers, but younger generations as well. However, the causes of the problems teens face trying to enter the workforce are not limited to the country’s financial woes. Furthermore, the long-term effects go beyond the loss of extra spending money.

Reuters cited a report from Northeastern University’s Center for Labor Market Studies to illustrate that the summer job outlook is worse than ever for teens. Even more alarming, their struggles now may make it harder for for teens to find full-time work later in life.

Mae Anderson of the Associated Press points out that the combination of unemployed teens and parents facing lower or non-existent wages is making retailers nervous, especially during the critical back-to-school shopping season.

According to the Wall Street Journal, children who are part of the city’s foster care system are facing a much greater struggle to find employment than their peers. The WSJ article takes its cue from a report entitled, “Fostering Careers” published by the Center for an Urban Future.

New York City Mayor Michael Bloomberg announced a plan to combat the disparities between young black and Latino men and their peers, including in the job market. Part of the initiative is aimed at creating better ways to guide them toward employment.

The New York Times reports that Bloomberg also cited the initiative as a potential remedy for the rash of shootings that occurred over Labor Day weekend.