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Rebound

August 31, 2010

The must-read story of the day is the NY Times analysis of the economic recovery. The Times calls it an uneven recovery, with certain sectors in New York City booming and others lagging, but the overall tone of the piece is remarkably upbeat. 

Some perspective here: New York (city and state) is typically “first in” the recession and “last out.” Not so, this time. 

The financial sector, feared to have lost jobs for good, has come back faster than almost anyone expected. There’s hiring now, and bonuses are being paid again. This is true even though the stock market is less than robust. 

The tourism sector is booming with hotel rooms occupied at the highest rate in the nation. 

The housing sector – abysmal in other regions of the nation – held its value. 

Of course, other sectors are still struggling. Construction, for example, is moribund. And part of the problem was that Governor Paterson – channeling Herbert Hoover — froze public construction spending for a while earlier this year.

 Paterson also allowed Power for Jobs to expire, and imposed $9 billion in new taxes over the last two years.    

And yet, the economy is coming back. It’s coming back in spite of our dysfunctional government. 

Think of what we might accomplish if there was a concerted effort to actually promote job growth in New York.

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