The last financial crisis was a good war for New York City. Next time may be different. No one knows when the crisis will come. Global markets seem crazy, with $17 trillion worth of debt, nearly one-third of supposedly high-quality bonds, trading at negative interest rates. Investors, who are paying companies and governments, rather than being paid, to lend money — are expressing something, although they can’t decide what it is. In, the meantime, we can assess whether Gotham has taken advantage of the good times to prepare. The 2008 meltdown didn’t feel lucky. New York saw nearly $3 billion in tax revenue vanish, more than 7 percent of its total annual take. Adjusted for inflation, revenue wouldn’t recover for three years. The city also lost 6 percent of private-sector jobs, more than 200,000. But compared to the country, this was a success. The United States lost nearly 8 percent of jobs — and didn’t recover them until 2014, three years later than New York did. As for state and local tax revenues: As the Pew Trusts note, it took until 2013 for states, on average, to return to pre-recession peaks. So New York didn’t see the service cuts and… Read full this story
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