Great Recession and aftermath

Oversight: New York City Poverty 2010 – A Look at the Impact of the Recession on Communities, People, and the Administration’s Poverty Reduction Plan

October 28, 2010. Testimony presented by James Parrott before the New York City Council Committee on Community Development.… (read more)

Stiglitz calls for a second stimulus at FPI event

October 8, 2010. FPI presented its Frances Perkins Working People’s award to Nobel economist Joseph Stiglitz at an event in Manhattan on October 7. In his acceptance remarks, Stiglitz made a strong case for additional economic stimulus to put the country firmly on the road to recovery. A good summary of Stiglitz’s remarks by Kathy Brady of the New York City Employment and Training Coalition is available in the October 8 edition of NYCETC’s newsletter, the NYC Workforce Weekly. Article (read more)

Statement from James Parrott on the National Bureau of Economic Research Announcement on the Business Cycle

September 20, 2010. Most New York workers remain mired in a high unemployment, unacceptably slow recovery, despite today’s announcement by the NBER that the national recession bottomed out in June 2009, 15 months ago. By the most optimistic projections, three to four years of faster job growth are required to bring the unemployment rate back down to the pre-recession. More forceful economic stimulus measures must be applied to prevent this Great Recession from turning into another Great Depression. Statement >>(read more)

Poverty on the Rise in New York and Nation in 2009: Federal Assistance Lessened Recession’s Impact

September 16, 2010. The Census Bureau today released state-level data showing that the poverty rate in New York State rose dramatically from 14.2 percent in 2008 to 15.8 percent in 2009. The number of New Yorkers in poverty jumped by 284,000 to a little over three million. Only once since 1980 – from 1989 to 1990 – has the poverty rate risen more than it did in 2009. The new data also show that 2009 brought a large increase in … (read more)

The Great Recession Lingers in New York City and its Neighborhoods

September 15, 2010. Economic overview and outlook for New York City – a presentation by FPI’s deputy director and chief economist, James Parrott. Presentation >>(read more)

State of Working New York 2010: New York starting to see job growth but not yet recovery

September 5, 2010. While New York and the nation have begun to see some modest job growth, unemployment rates remain unacceptably high and recovery is not yet helping most New York workers. New York is hardly unique; from December 2007 through December 2009, the state lost 250,000 jobs, a 2.8 percent job decline. Forty states had even worse job performance over that period. Those with managerial/professional occupations are earning more in New York City, while those in non-managerial/non-professional occupations are … (read more)

Looking to a National Recovery

August 30, 2010. An op ed by James Parrott, New York Times. Part of “Room for Debate” – How Healthy Is New York City’s Economy?(read more)

New York City Immigrants in the Great Recession

August 2, 2010. How are immigrants faring in the economic downturn? Data released by FPI shows that immigrants, who make up nearly half of the New York City labor force, have an unemployment rate that is slightly lower than for U.S.-born workers. First, immigration is sensitive to labor market demand, so when there are fewer jobs, immigration slows. Second, lacking a safety net, immigrants are more likely to work at whatever jobs they can get. U.S.-born workers may have the … (read more)

Strike a Fairer Balance In Balancing City Budget: Trim Hedge Funds, Not Services

June 18, 2010. An op ed by James A. Parrott, The Chief.… (read more)

New York City: Economic and Budget Challenges

May 20, 2010. While Wall Street may have recovered, the average New York worker is still mired in the Great Recession. New York like most states has severe budget problems and not enough Federal aid; moreover, state and local government budget cuts will harm the local economy and slow the national recovery. In this context, the Mayor’s NYC budget proposal punishes workers and the poor but does not ask the well-off or Wall Street to share the burden. This presentation … (read more)