Mike Bloomberg on Welfare & Poverty

Mayor of New York City (Independent)


Expand the earned income tax credit to raise real wages

The largest economic challenges we face include a skills crisis that our public schools are not addressing, crumbling infrastructure that imperils our global competitiveness, wage stagnation coupled with growing wealth inequality, and rising deficits that will worsen as more baby boomers retire.

The tax bill [passed by Congressional Republicans and signed by President Trump in December 2017] does nothing to address these challenges. In fact, it makes each of them worse.

INEQUALITY: If Congress wanted to raise real wages and reward work, there is a simple and proven way to do it: expand the earned income tax credit. Instead, it seems to believe that lower corporate tax rates will magically lead to higher wages, which fundamentally misunderstands how labor markets work.

Source: OpEd by Michael Bloomberg in Bloomberg News , Dec 15, 2017

Count poverty based on all costs, minus welfare assistance

The Bloomberg administration, frustrated by the federal government’s method of determining who is poor, is developing its own measure, which city officials say will offer a more modern and accurate picture of poverty. The 42-year-old federal poverty standard, which is pegged to the annual cost of buying basic groceries, is widely viewed as outdated and off-target. The city’s formula would take into account the money families must spend annually on necessities including rent, utilities and child care But it would also factor in the value of financial assistance received, like housing vouchers or food stamps.

NYC’s adoption of a new calculus, which skeptics predict is certain to conclude that there are more poor here than previously counted, could be met with opposition from other areas around the country, if the city uses the new measure to argue that it deserves more federal aid. But city officials say their efforts are driven by Mayor Bloomberg’s second-term pledge to reduce poverty.

Source: Leslie Kaufman, New York Times on 2008 election , Dec 30, 2007

Opportunity NYC: cash transfer to break cycle of poverty

Mayor Michael Bloomberg traveled to Toluca, Mexico today for a site visit in support of his recently-launched Opportunity NYC, the nation’s first-ever conditional cash transfer pilot program designed to help New Yorkers break the cycle of poverty. “New Yorkers recognize the power of a good idea, and Toluca’s Oportunidades program is one idea that works,” said Mayor Bloomberg. Both programs focus on helping families invest in improving the health, education and nutrition of their children.
Source: Press release, “Visit Mexico’s ‘Oportunidades’ Program” , Apr 23, 2007

Instituted $7.5B municipal affordable housing plan

Mayor Bloomberg today announced a major milestone in the New Housing Marketplace Plan: 55,000 units of affordable housing have now been funded, one-third of the 165,000 unit plan. The $7.5 billion plan is the largest municipal affordable housing plan in the nation’s history. “The City is on track to reach our goal of creating enough affordable housing for 500,000 New Yorkers, more than the entire population of Atlanta,” said Bloomberg. “NYC is building much-needed housing for our growing population.”
Source: Press release, “Affordable Housing Plan” , Mar 13, 2007

Other candidates on Welfare & Poverty: Mike Bloomberg on other issues:
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Page last updated: Jun 02, 2019