A breakfast forum on “The Impact of Wall Street and Hurricane Sandy on the New York City and State Economy,” featuring New York State Comptroller Thomas DiNapoli and New York City Comptroller John Liu, was a rousing success in every sense of the word stated Lou Gordan of BALCONY. Approximately 150 guests including reporters from news organizations such as NY1, The Daily News, Reuters, City & State and WNYC packed the ballroom at BALCONY’s headquarters to hear the two Comptrollers and other prominent speakers discuss Hurricane Sandy’s impact, the impact of Wall Street, and the impact of the Fiscal Cliff on New York’s economy.
BALCONY Co-Chair Alan Lubin kicked off the forum by introducing DiNapoli, who presented his annual Wall Street report, along with a report on “Impact of the ‘Fiscal Cliff’ on New York State” which he estimated could cost $43 billion. He stated that unless Congress acts, the impact of going over the fiscal cliff will have disastrous results for New Yorkers; including the loss of $609 million in aid to education, housing and health and human services.“The middle class and small businesses, especially in New York, would be hurt tremendously if Congress does not act on the fiscal cliff,” the state comptroller concluded. He also provided an analysis of the impact of Superstorm Sandy on New York stating that the total cost of rebuilding after Hurricane Sandy could reach $42 billion.
City Comptroller Liu added that the looming fiscal cliff is already “leading to slowdowns in investment and slowdowns in hiring”. He has estimated that Hurricane Sandy has been costing New York some $200 million a day in economic damage, and that while the total rebuilding cost has yet to be determined. Liu stated that the impact on small businesses would be disproportionately worse than the effect on large corporations.
Other panelists included Mark Jaffe, President of the Greater New York Chamber of Commerce and Cynthia DiBartolo, CEO of Tigress Financial and Chair of the Chamber. Jaffe agreed with Liu that small businesses would be hurt more by the SANDY disaster than larger corporations. He indicated that those affected by the storm would probably not get all their losses back; further complicating their recovery from the 2008 economic crisis.