Dear New Yorkers,
I hope you’re settling into autumn and enjoying your favorite part of the season – whether it’s cooler weather, colorful leaves, planning your kids’ (or your own Halloween costume, or the Mets’, Yankees’, or Liberty’s drives for a championship for NYC. Hopefully we’ll get a long-overdue ticker-tape parade)!
For many, though, I know this fall also brings sources of anxiety. The federal election next month provides real cause for concern about the future of our democracy, given efforts to deny election results and threaten established norms for the federal workforce, regulatory practices, and civil rights that provide the grounding for our economy and shared thriving.
This month’s national economic news provide evidence that the economic practices of the Biden/Harris Administration have helped to tame inflation and support economic growth, with the Federal Reserve lowering interest rates last month, with the goal of keeping the economic expansion going.
Closer to home, one big source of anxiety is the chaos and instability at City Hall, with the Mayor being indicted for alleged violations of bribery, wire fraud, conspiracy and soliciting campaign contributions from foreign nationals. Despite this news, I want to make clear that investors can be confident that New York City’s credit is strong. The management of the City’s finances is in the hands of professional staff that operate independently of political winds. Policies established 50 years ago ensure strong discipline and governance, including the payment of debt service on the City’s bonds, and have carried us through numerous challenges.
We can and should learn from experience and continue to strengthen the City’s governance, of course. That’s why my office has proposed reforms that would provide A Stronger Fiscal Framework for New York City and Prevent Corruption in Procurement.
Finally, if you need some relief to this fall’s anxieties, New York City’s creative industries – our theaters, museums, concert venues, fashion shows, creative media, and more – are a great place to find it. This month’s Spotlight finds the sector has emerged strongly from the pandemic and continues to be a critical part of our city’s economy, wellbeing, and thriving future.
