Faculty Book: Howard Chernick
Resilient City: The Economic Impact of 9/11
(Russell Sage, 2005; 352 pp.)
Economic experts examine the City's economic recovery since 9/11. They provide authoritative assessments showing that New York's dynamic, flexible economy has absorbed the hardships inflicted by the attacks. Among the findings are that the value of New York-based companies did not fall relative to other firms, and that the decline in earnings and employment for low-income New York workers in 2002 was due more to the recession than to the effects of 9/11. Still, troubles remain: the attack cost the city about $3 billion in the first two years alone, a sum that the City must make up through large tax increases, spending cuts, and substantial additional borrowing, which will inevitably be a burden on future budgets. Howard Chernick is a professor of economics at Hunter College and The Graduate Center.
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Submitted on: AUG 30, 2005