Is New York's economy on the rise?

[Composed Thinker]

W'S GIFT TO N.Y.C.

By NICOLE GELINAS


August 1, 2003 -- NEW York City's fiscal outlook is less bleak than it was six months ago. But don't thank your local and state politicians. Thank President Bush.
In a shrewd move ahead of next year's Republican National Convention in the Big Apple, Bush has already designed and implemented a federal cash aid package targeted to New York City: the Jobs and Growth Tax Relief and Reconciliation Act of 2003, otherwise known (around here) as the hated Bush tax cuts.

If you've noticed that New York's restaurants and bars are busier than they were three months ago, it's because the securities industry, after three years of drought, is starting to drip a bit of money into the parched mouths of bankers, stockbrokers and their assistants. Profits at investment houses are finally creeping up from 2002 troughs, and the results are quietly becoming evident.

Securities firms have ceased their jobs bloodletting and are awarding modest raises to workers for the first time since 2000. While local unemployment is still high, rising equity prices and renewed underwriting activity on Wall Street should mean more jobs for New Yorkers, according to data released this week by the Securities Industry Association (SIA). The SIA predicts that Wall Street gains will push New York City out of its three-year-old recession within the next five months.

Dragging Gotham from its fiscal quicksand is an unwelcome rescuer: the federal tax cuts that President Bush signed into law two months ago. It's too early to assess the long-term effects of Bush's dividend and capital gains tax cuts (although not too early for Dems to say that the cuts aren't working). But the short-term effects on the stock market are clear — and "more than met expectations," the SIA said.

EDITED BY ADMIN: COPYRIGHT
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Is this editorial full of shit?

[lcordero]

1. The market has gotten slightly better but that is despite the taxcut

not because of it.

The repuke politicians are working really hard to enronize NYC so don't believe what they say.
Next time, please limit the copy and pasting to 4 paragraphs and post a link in order to comply with the DMCA.

[jumptheshadow]

2. The outlook here

First, where did that story come from? The Post? The Sun?

The securities industry may be on the upswing, and it's probably because of two factors: 1) NY is getting some distance from 9/11, and, 2) To a large extent, the economic uncertainty that surrounded the Iraq war has abated.

The tax cuts may actually hurt New York by putting more pressure on our local governments to pony up for necessary services and unfunded federal mandates.

At work I deal with many small business owners. It's striking how many of the usually closed mouth types have confessed that they're having problems meeting their payroll. New York is on its way back, however, and it's probably due to many individuals all across the city burning the midnight oil during dangerous and uncertain times. I know I have!

We could have rebounded much more quickly from 9/11 if we didn't have months of the crushing weight of the Iraq war bearing down upon us. Our isolation from the rest of the world has had a dampering impact on us, as well. Many Americans don't directly see the impact of Shrub's arrogance toward the rest of the world, but internationally connected New York experiences the hard feelings and lost business much more directly than the rest of the country.

[newyawker99]

3. Composed Thinker

Per DU copyright rules
please post only 4
paragraphs from the
news source and please
provide a link to the
news source.

Thank you.


NYer99
DU Moderator

[sangha]

4. IMO, both the article AND the poster are full of something

My family is in the restaurant business and it's way down. The financial industry is still shedding jobs, and the tax cuts have nothing to do with latest bump on Wall Street.