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Mike Bloomberg on Jobs
Mayor of New York City (Independent)
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Transition retail & coal workers to other jobs
Q: For coal workers, what happens, if you succeed in your plan of closing coal-fired power plants?BLOOMBERG: I'm a believer that we have to find training programs for people who get displaced by technology and changing patterns and changing tastes.
And so it's not just coal miners. The number of coal miners in the country is dramatically less than it used to be. In 1980, there were 200,000 or 300,000 coal miners. In the '20s, there were a million coal miners.
Today, it's about 50,000 people work in the industry. It is difficult, because you're not going to get somebody in West Virginia to move to California, instead of working in a coal mine, to make solar panels. That's not realistic. You're going to have
to find jobs in West Virginia, where they live, because it's very difficult to move, and a lot of these families have been there for generations. And I think we have a societal obligation.
Source: CNN S. C. Town Hall for 2020 Presidential primary
, Feb 26, 2020
Raise minimum wage; pay Earned Income Tax Credit monthly
Mike's plan will enhance the Earned Income Tax Credit, pay it monthly and pay more where it's most needed. Mike will also increase the federal minimum wage to $15 an hour, linked to growth in earnings, and ensure affordable child care,
paid family leave and the right to sue employers for harassment and discrimination. And his plan will grant all workers--including gig, contract and franchise employees--the right to organize and bargain collectively.
Source: 2020 Presidential campaign website MikeBloomberg.com
, Jan 20, 2020
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
Women's groups cite Bloomberg as model place to be employed
[At Bloomberg's company] the social contracts work two ways. The bible says you reap what you sow. Yes, we expect you to put in the long hours. You absolutely must show up for work even on those days when a lay-about seems more attractive.
[Ourcompany recognizes]
everyone's worth. Our company creates opportunities: Management that's promoted from within, and transfers to other offices around the world, make us different.
Do our employment policies work? Compare us to our competitors or even to any
We have phenomenally low turnover, and we attract a pretty diverse labor force. Women's groups always cite us as a model place to be employed. Our assistance to young graduating students beginning careers is legendary.
Source: Bloomberg by Bloomberg, by Mike Bloomberg, p.166
, Aug 27, 2001
I'd like every company to be 50% male and 50% female
Maintaining gender equality as one grows in the international workplace is a real challenge. I'd like the company to be 50 percent male and 50 percent female at every level, in every function, in every one of our offices. (Remember, I have two
daughters--and I want them to have the same opportunities as your two sons!) But many of our customers don't have the same policy. They don't care that the world's population is roughly half women and half men. Frequently, we go to high-level meetings
where everyone not serving tea is male. Often, our clients will ignore our female manager and address all conversation to our male representative sitting in the meeting right next to her. (Even in our company, we have a manager in Asia whose wife walks
a step behind her husband when they go out together. She considers it her rightful place. You can imagine the indignation when a young western woman visits them.) We do what we think right--and let others discriminate or not as they wish.
Source: Bloomberg by Bloomberg, by Mike Bloomberg, p.172
, Aug 27, 2001
Page last updated: Mar 20, 2021