Bloomberg's economic record is mediocre

From the Gotham Gazette:

Boom and bust still characterize the local economy, and despite many ways in which Mayor Michael Bloomberg's tenure has been an improvement over Guiliani's record, his economic leadership similarly has fallen short in ensuring that the benefits of growth are more broadly shared. He has refused to advocate for better wages, missed a major opportunity to curtail the use of property tax breaks and hasn't re-oriented the investment of city economic development resources away from real estate toward human capital.

First, a few indicators of how the local economy has changed.

* During the mayor's time in office, the city has seen a net gain of 107,000 private sector jobs. However, all of this net gain occurred in the not-for-profit sector (educational, health and social services).

* The for-profit private sector lost a net of 2,600 jobs from the middle of the previous recession to the middle of the current one.

* There has been a pronounced shift within the for-profit sector, with the city losing middle-wage jobs in information, manufacturing and wholesale trade, and gaining jobs in lower-paying industries such as food service, retail, and arts and entertainment.

* In recent decades, inflation-adjusted family incomes at the peak of the cycle almost always exceeded those at the high point of the previous cycle. Not this time, and not in New York City: Family incomes in 2008 were no higher than in 2000, the peak of the previous cycle.

* The typical worker in New York City saw a 5 percent drop in inflation-adjusted hourly pay from 2002 to 2008. Meanwhile, the bulk of income gains accrued to the wealthiest 5 percent of the city population.