How to alleviate economic woes in New York City? Well, that’s a loaded question. We were presented with two almost contrasting views this week on attempts and theories for correcting some of the economic issues that have resulted from or resulted in the Great Recession this nation and this city have experienced since the fall of the World Trade Center.
I particularly enjoyed the reading on the new New Deal. The author presented us almost with a preliminary survey of the disparities our city has been facing, as well as introducing possible methods for revitalization.
I agree with the general gist of the Wallace’s propositions. I do not think such a heavy influence should be placed on attracting and ameliorating mega corporations and glamorizing our city at the expense of the suffering middle class, especially since such ‘city marketing’ only widens the socioeconomic gap that has resulted in what is, to me, an unstable economic infrastructure. Shelling millions of dollars towards tax breaks for businesses that must stay in New York sounds like a waste of funds. This great city is attractive enough-they should be paying us to do business here. I’ve learned, following the few previous readings, that this city is central to globalization, and that if corporations and international organizations seek to practice efficient business, then they must situate themselves around a network conducive to management, control and international prosperity. Example: New York City. Let’s take the focus off them.
Instead, measures should be taken to revitalize and encourage small scale manufacturing. The made-to-order goods industry is looking up and sounds like a reasonable approach to manufacturing in NYC. Furthermore, major federal influence, not necessarily intervention, is necessary to encourage a growth in small business. Public works projects are also an effective way to reinvigorate the economy, as demonstrated through Wallace’s reference to the WPA. There are certainly the need for jobs in the public sector–with the increase in environmental awareness, boom in technology and the reintroduction of jobs in various industrial and manufacturing sectors back to America, an infusion of federal monies to jumpstart public works projects, which might also galvanize American manufacturing, is seemingly the way to go. I also believe, however, that the private sector should not be ignored, and that a slightly more balanced economy should be encouraged, especially in New York City, where financial services, informations technology and other service industries dominate the playing field. By encouraging public works projects, small scale manufacturing and regional manufacturing, it is possible to level the economic playing field and decrease the socioeconomic gap.
That being said, I believe the Bloomberg approach is slightly outdated. While I respect and admire Bloomberg’s dedication to the city and the image of New York City as the go-to place for those seeking success and prosperity, I believe a more balanced approach is necessary for securing a stable economy for our city. Point being, the business elite certainly have brought glory and prosperity to the image of this city, however, focus must be placed on those supporting them.
It’s a very complicated issue: the level of federal involvement, the direction of future economic focus, the remediating of several socioeconomic problems. I can say, however, that I advocate, based on my experience within the city and my basic knowledge of the economic current, the thoughts expressed by Wallace in his piece about the new New Deal.
