Recently, Mike Lomas was featured in an interview with Spectrum News involving the state’s economic situation. Mike discussed that the economic hit in New York was due to the response to COVID-19. Here are some of the things Mike mentions in the interview.
“Because of the way the government reacted in the state of Florida, they didn’t do that,” Lomas said. “They didn’t sneak into restaurants. In fact, the governor in the state of Florida said that you can’t do that. If they’re doing something wrong with their food. If they’re doing something wrong and selling liquor on the side, you can fine them. But you can’t go in and shut them down.”
He explains that when it comes to economic activity, we’re looking for people to take risks, however, residents are shying away from doing that in New York state. According to Lomas, almost 2.3 million people out of 18 million in the state are on permanent welfare, with another 900,000 on unemployment.
“We have massive welfare benefits and unemployment benefits in this state,” Lomas said. “We have a labor shortage. When I drive into my office in Buffalo, New York every day, I see ‘Help Wanted’ signs everywhere. The problem is we cannot get the labor. Even if I did want to take a risk to open a restaurant, I now can’t find people to work.”
Listen to the full interview by clicking the link below.
Buffalo financial advisor weighs in on state’s economic recovery from the pandemic
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