New York City's Private Sector Has Another Stellar Year
by Mayor Rudolph W. Giuliani
This week, the New York State Department of Labor released a report indicating that last year, New York City had its strongest private sector job growth on record-surpassing the previous record, which was set just in 1998. In fact, in the last two years combined the City created over 158,000 new private sector jobs. And more importantly, we've now regained more than all of the jobs that we lost during the record job losses of the early 1990s.
The City's economy has in fact turned around completely since that time-and it's not just a reflection of the strong national economy. In 1999, we grew at a rate which was substantially greater than the rest of the state and even surpassed the rate of growth in the nation. Those jobs were created in a wide range of industries, including thousands and thousands of entry-level jobs.
How has this remarkable growth happened? The dramatic reductions in crime have played a very critical role. When you go from being one of the more dangerous cities in the country to being the safest large city in America and when you go from being a city that ignored people's quality-of-life concerns to one that works hard to remove graffiti, to stop street-level drug dealing, and to clean up the streets, and take on other supposedly "small" crimes, you send the message to businesses that creating jobs in your city is a good and a sound investment.
And equally important has been New York City's transformation from an anti-business city into a city that values the contributions of the private sector and understands that being pro-business is being pro-jobs. The fact that people want their businesses to grow and become successful, and want to make more and more profit every year, is nothing to be embarrassed by or ashamed of. The spirit of free enterprise has been at the heart of America's success as a nation since the beginning. Unfortunately, for years New York City was fundamentally uneasy with the contributions of businesses.
We've worked hard to change the climate so that small, medium and large businesses come here rather than fleeing under the pressure of excessive government burdens. New York City was chronically overtaxed. Over the past six years, we've cut taxes by $2.2 billion annually. That's far, far more than any other administration in the history of the city.
And that's why we've been creating jobs at a much greater rate than any administration in the last 50 years. To add to that, this week in the City's financial plan that I will be proposing we will be suggesting another $2 billion in tax cuts. Again, to try to stimulate more job growth for the citizens of the city. Reducing taxes and putting money back in the hands of private enterprise creates more jobs. It spurs economic development. The reduction of the hotel occupancy tax has proven that; the large package of new tax reductions is intended as a job creation plan, to build on the records that we're now creating for job creation.
Our challenge over the next few years is to build an even stronger city that, fueled by the creativity and hard work of its private sector, is creating more and more opportunities for everyone, particularly those who are unemployed, or on public assistance, or have difficulty supporting themselves or their families. If we do that, we'll be a stronger and more independent city with an even more optimistic spirit. This is Rudy Giuliani.
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