Archives of Rudolph W. Giuliani

May 5, 1996

Last Tuesday, I announced a job retention agreement with the Mutual Life Insurance Company of New York.

This agreement will keep 200 jobs in the City and bring 339 new jobs. Most of the new jobs are coming from New Jersey -- and that's something, because I can remember when all the jobs seemed to be flowing the other way.

This agreement also has the potential of generating 220 additional jobs over its 17-year term.

These may not seem like big numbers in a city of nearly 7.5 million people, but every job is important. And this is the 15th retention agreement that we've signed in the last 2 years.

All told, these agreements have kept more than 41,000 jobs in our city, and they are projected to provide an additional 13,555 new jobs in the years to come.

In terms of tax revenue, these companies will generate almost $600 million dollars a year for the City of New York over the next 10 years.

Some people who in my view are rigid anti-business ideologues, call our economic development program "corporate welfare." But actually economic development is what keeps people off welfare. Because a job -- not welfare -- is the very best social program there is.

In the 4 years prior to my Administration, New York City lost staggering numbers of jobs, hundreds of thousands of jobs. And a lot of people felt that New York's best days were behind it, and that our job base would continue to shrink and our welfare rolls would continue to grow.

We didn't believe that. We have shown over and over that the problems of our city are solvable. We have not only stopped the flow of jobs leaving our city, but we have actually grown our private-sector job base with the addition of 70,000 new jobs, since 1993.

We have shown that our welfare rolls don't have to grow ever larger, year after year. Our evaluation program and workfare initiatives have reduced the City's welfare rolls by 120,000 people. Our workfare program is the most successful in the country. 40,000 people have participated in it and 15,000 have already found permanent, full-time jobs.

We've shown that government size and government spending can be reduced. We have reduced the City workforce and City spending by levels the City hasn't seen since the mid - 1970s.

But in striking contrast to the 1970s, we haven't destroyed the City's services. In fact the quality of life in this City has actually improved. Crime has plummeted by more than 27 percent. And our parks and streets are cleaner than they have been in some time.

But most importantly, we've shown the nation and the world that New York City is back -- That we can solve our own problems -- That we are the past, the present and the future "Capital of the World."

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