New York is by far the hardest hit with the Coronavirus recording 32,682 cases and counting. New York State more than doubles New Jersey which records the second highest amount of cases (16,061), also included in the top 5 is Texas (15,037), California (14,911) and Florida (13,224). NYC and Long Island make up the largest percentage of those cases. NYC leads with over 23,000 cases. The news may be alarming, but for New York City it is a tenfold problem. There is fear of a second wave coming and that fear has continued to delay the reopening of schools, indoor dining, fully opening many locations and still leads to many restrictions.

In July it was predicted that over a third of NYC businesses would not survive the pandemic and yet it feels the later we get the economy back, the more likely the number will reach a much higher percentage. NYC is a global attraction and the biggest threat to the economy is tourism or lack there of. In 2017, Tourist spent $44 billion dollars that led to an economic impact of over $70 billion dollars. This revenue supported almost 400,000 jobs, generated over $26 billion dollars in income and over $12 billion in taxes. It is no secret that the city is in a deficit, we were facing a $6.1 billion deficit In 2019 before Covid19, that was accredited to the rising cost of Medicaid and by April 2020 predictions were Covid19 would bring us between $14-$15 billion dollars. New York not only loss revenue, but had many expenditures to get the numbers down.

In August, Mayor De Blasio pleaded with the New Yorkers in the top 1% to start making their way back to the city for fear that the the city may have to layoff over 22,000 workers. The Mayor even made a decision to a one week furlough for he and his staff to help alleviate the budget somewhat. The unemployment rate was around 15.9% and as of August 2020 has decreased to 12.5%.

Governor Cuomo stated that even with more testing New York States infection rate is still less than 1% (0.89), though we have 984 new cases today and a total of 449,038 cases confirmed to date. The threat of a second wave has many cautious and yet at the same time financially there are many people looking for some relief. The thought of recovery is on everyone’s mind in the United States, but the question is when and how long will it take?

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Sources:

  1. Department of Labor (New York State Economy)
  2. Governor.ny.gov
  3. Baruch College (NYC Data)
  4. Bloomberg (Political Article)
  5. Google Coronavirus Cases and Death Toll

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