Comptroller Bill Thompson Talks About Job Loss and NYC's Economy
Comptroller Bill Thompson stopped by our studios to talk about the job losses in New York City. His office estimated that over the next two years 165,000 jobs would be loss. This number is up from their July estimate of 85,000 jobs loss over the same period of time because of the economic crisis on Wall Street and the credit crunch.
Thompson said that New York City has seen severe job loss before. In the 1990s, 35,000 jobs were loss and in the early 2000s, when the dot-com bubble burst, between 20,000 to 25,000 jobs were loss as well.
The way for New York City to bounce back from this economic down turn, Thompson said, is for the federal government's bailout package to kick in and for confidence to be restored.
Thompson is also a candidate for the 2009 mayoral race. On the topic of extending term limits, he believes that it is wrong for 51 members of the City Council to vote on changing the law instead of city voters. Thompson continued that the the City Council is taking away the voice of New York City voters, who in 1993 and 1996 voted against changing the term limit law. He said that he would not hesitate to run if Mayor Michael Bloomberg ran for a third term.
WATCH THE INTERVIEW AFTER THE JUMP...
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Comments: 4
I wanted to share with your readers more details about New York City Comptroller Bill Thompson's economic analysis and forecast. In his office's column, "The C-Note" - at www.comptroller.nyc.gov - we asked: "The question remains: how bad will it be for New York City? Forecasting the course of unpredictable events with a false certainty would be highly misleading—it is like trying to assess the damage from a hurricane when the eye of the storm is still overhead. We, are, however, continually revising our calculations in light of unfolding events. Our current forecast anticipates that as many as 165,000 private-sector jobs will be lost throughout the city’s economy over the next 24 months, which compares to a forecast of 85,000 jobs lost in the Comptroller’s most recent budget report, issued in July. We now believe that as many as 35,000 of those job losses may come in the financial services industry; our previous forecast was that the industry would contract by 25,000 jobs. The differences reflect the spreading of the economic troubles to other industry sectors as the nation slips into a general recession."
Where do you heard social sec is going to increase $60? I access their home page SSA.gov does not have this information...
Where do you heard social sec is going to increase $60? I access their home page SSA.gov does not have this information...
Despite the layoff news, I see thousands of high paying NYC jobs posted on employment sites -
http://www.linkedin.com (networking for professionals)
http://www.simplyhired.com (aggregated listings)
http://www.realmatch.com (jobs matched to your skills)
Good luck to those that need jobs!