Mike Bloomberg on Jobs

Mayor of New York City (Independent)

Assist workers displaced by globalization

The opportunities created by globalisation will raise salaries and living standards for American families, but the transition can be difficult. The way to help workers affected by globalisation is not to prop up uncompetitive industries, but to assist th people who are displaced, so that they do not bear the costs of globalisation alone. This means strengthening our support of displaced workers and increasing investment in them, so that we can help them acquire the skills that the new economy demands. Source: Bloomberg article in Financial Times, “Resist Protectionism” , Dec 11, 2007

Tariffs to protect jobs end up helping foreign competitors

What of the argument that China is taking jobs from America? Those jobs--if they did not go to China--would go somewhere else. The US government cannot keep them here through costly consumer-funded tariffs and taxpayer-funded subsidies. We learnt that lesson the hard way in the 1970s, when congressional protection of the automotive industry only hurt Detroit and helped its foreign competitors.

When politicians suggest that the benefits of globalisation go primarily to low-wage countries, they are playing to people’s fears. In fact, globalisation benefits every country that maximises its strategic advantages--and no country has more strategic advantages than the US.

These strategic advantages are a powerful magnet for the investors, entrepreneurs and innovators who are pioneering new fields and creating good jobs.

Source: Bloomberg article in Financial Times, “Resist Protectionism” , Dec 11, 2007

NYC jobs program caused lowest unemployment rate since 1976

The NYC unemployment rate fell to 4.3% in March, the lowest since comparable data collection began in 1976. Over the past five years, the City’s unemployment rate has fallen steadily from 8.4% in March 2003, 7.7% in March 2004, 5.5% in March 2005, 5.3% in March 2006 and 4.3% in March 2007.

“New York City’s economy continues to grow, and today’s news that our unemployment rate fell yet again to an historic low is the latest sign that everything we’re doing to create and keep jobs in New York is working,“ said Mayor Bloomberg. ”Our ambitious five-borough economic development strategy is designed to make the City more livable, more business-friendly and more economically diverse. Our crime rate is lower and our schools are getting better, so it’s no surprise that people want locate and grow businesses here and create more jobs.“

Source: Press Release, “Lowest Unemployment Rate Ever” , Apr 19, 2007

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