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Federal Fiscal Stimulation Essentials for New York City Recovery: Mayor

New York, November 23 (Xinhua)-The COVID-19 pandemic is seriously undermining New York City’s economy, and federal relief is urgently needed to restore New York City’s vitality. Said Mayor Bill de Blasio. Monday.

“Today’s numbers make it clear that the federal stimulus is working and New York City is soon in need of another stimulus,” the mayor said in a press release.

“From strengthening tests to investing in safe schools to feeding everyone in need, our priorities are clear. Public health will drive our recovery,” he said. It was.

“The federal government must play that role and pass stimuli that ensure that our recovery can continue to move forward at full speed,” he added.

Federal fiscal stimulus was essential to the recovery of both New Yorkers and New York City. According to the release, the expiration date of the stimulus and the rapid spread of the virus threaten recovery.

From April to September, New Yorkers received approximately US $ 40 billion in stimulus benefits, including stimulus checks, unemployment benefits, and payroll protection program loans to employers. However, he added that the benefits of the stimulus have been exhausted and that private sector employment growth has slowed.

According to the announcement, the unemployment rate in New York City in February was a record low of 3.4%, with 4.7 million jobs. In March and April, when the first wave of the pandemic struck and the closure began, the city lost about 900,000 jobs.

From May to October, New York City regained employment for about 300,000 people. That’s one-third of the jobs lost in March and April. He added that the unemployment rate in October was 13.2%, down from 20.3% in June.

In early October, the Democratic-controlled House of Representatives passed a $ 2.2 trillion bailout bill. However, some Senate Republicans insisted on a bailout package of less than $ 1 trillion and failed to push the $ 500 billion bill in late October.

Economists and the Federal Reserve Board have repeatedly argued that more financial relief is needed to sustain the US economic recovery, warning of disastrous consequences if more financial support is not in time.

Federal Fiscal Stimulation Essentials for New York City Recovery: Mayor

Source link Federal Fiscal Stimulation Essentials for New York City Recovery: Mayor

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