Unemployment has returned to near pre-pandemic levels in much of the country, hitting about 3.8% in January. But in New York City it’s 7.6%, double the national rateamong the worst of any major US city and almost double its pre-COVID levels.
It’s mostly low-income New Yorkers and minorities who have been left unemployed. But much of the blame for the city’s job woes lies with misguided policies – on crime, taxes, business regulations, transit and, of course, COVID mandates – imposed by the very Poles who claim to represent them.
Yes, economists cite workers’ reluctance to return to their offices and the still-ailing tourism sector as key factors to explain Gotham’s jobs woes.
“With employees not returning to the office, all office-based employers are slow to recover,” notes Mark Vitner, senior economist at Wells Fargo. “They need to get people back in the office so people can reopen restaurants or re-staff restaurants.”
For sure, Some prefer to stay to their snug COVID work routine—working from home in sweatpants—than lugging back into town. But the fact that crime is up 45% from last year and shootings are up 66% from 2020 doesn’t make going back any more appealing.
Also the fact that commuting, especially on the subway, carries the risk of encountering maniacs who occasionally push passengers in front of the trains.
Some workers may also save money by working in lower-tax states. Also, the Unvaxxed still aren’t permitted back to their offices, according to Mayors Bill de Blasio and Eric Adams — although COVID is no longer a real threat and Adams has asked for workers to come back.
Meanwhile, New York’s labor rules (minimum wage, paid sick leave, etc.) make it difficult for businesses — especially small mom-and-pop shops — to hire workers even when the economy is booming, let alone when demand is weak.
Let’s face it: It’s New York City politicians at City Hall and Albany who set the rules of work, set taxes, and even affect crime rates through lax or strict law enforcement policies. If they really want office workers back and unemployment rates down to the levels that most of America is enjoying, they need to review this policy.
https://nypost.com/2022/03/22/blame-new-york-pols-for-the-citys-high-jobless-rate/ Blame New York politicians for the city’s high unemployment rate