A terror attack—and now a recession. New York State is down. But not out.
We can emerge from this stronger than ever before. For the truth is, New York is stronger than ever before. Before 9/11 our state's economy was entering the current recession in far better shape than in the last recession, in 1990.
What do we need to do in 2002? Keep rolling. Keep working to rebuild. And keep working to forge a strong economy that will provide jobs and prosperity for New Yorkers in the years to come.
For The Business Council, our highest priority in 2002 is to support New York City's effort to recover and rebuild. New York and the nation must put lower Manhattan back in business, with a 21st Century infrastructure, a strong financial services community, and vibrant small businesses.
Keep rolling also means New York must preserve the public policy changes—the tax cuts and regulatory reform—that have turned our economy around. And it means two more things:
- Keep working on the basics. Keep cutting back at New York's competitive disadvantages. For example:
- More state tax reforms. Single-sales factor, and repeal of the alternative minimum tax, for example, can position us for growth when the recovery begins.
- Site a reliable surplus of electric generating capacity.
- Reduce state mandates, to help drive down property taxes.
- And help employers reduce the cost of providing jobs. Restrain the cost of workers' compensation insurance and health insurance, for example, and reform the liability system.
- Keep thinking about the future. New York's future is going to be built on a knowledge-based, high-tech economy. We need to get ready for it:
- Educate all our children to world-class levels. Support high standards.
- Encourage innovation and research, and make the most of our superb system of higher education.
Click here for the full report, Keep Rolling: An Agenda for New York State, 2002.