Thread: Bloomberg again praises immigrants' role in economy

Newsday.com
Bloomberg again praises (illegal) immigrants' role in economy
BY KARLA SCHUSTER.karla.schuster@newsday.com

January 23, 2008

The stock market's volatility is "very problematic" for the city and is being stoked by shortsighted immigration policies that ignore the relationship between the United States and world economies, Mayor Michael Bloomberg said yesterday.

On a day when the Federal Reserve slashed interest rates and the Dow Jones Industrial Average plunged, then recovered slightly, Bloomberg reiterated a theme he has hit on regularly in recent weeks as speculation about a possible presidential bid grows: Immigration is the key to economic growth.

"All these economies are linked together and our country has tried to look inward at the very time we should be looking outward," the mayor said at a news conference at an East Elmhurst self-service laundry yesterday morning.

"We should be encouraging the best and brightest from around the world to move here, bring their knowledge, bring the capital, bring their spirit, to expand the economy.

"And sadly," he said, "I think we're going in the other direction."

The mayor has denied he is running for higher office, but his aides have been conducting national polls to gauge his chances and he has been speaking more often on national issues.

In his State of the City address last week, Bloomberg accused the declared presidential candidates of promoting a "xenophobic" policy on immigration.

Tonight, Bloomberg is scheduled to deliver a speech on the national economy to the U.S. Conference of Mayors in Washington, D.C.

It will be his third out-of-state trip this month.

He said yesterday that while an interest-rate cut will provide a temporary stimulus, he is not convinced it is a long-term solution to the nation's economic troubles.

"It is very worrisome for this city," the mayor said of the economic turmoil. "We are dependent on Wall Street revenues and profits and that's clearly going to be lower. We are dependent on people's confidence in the future and that is less than it was. But I don't think it's cataclysmic."

Bloomberg tomorrow is expected to propose a budget for next year that holds the line on property taxes, based on 5 percent, across-the-board budget cuts.

"New Yorkers have reason to be worried," he said, but, "if there's any hand I'd like to play, it's New York City's hand."
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