New Yorkers are ‘going to see pain in this new economy,’ Gov. Cuomo warns


Governor of New York Andrew Cuomo leaves after ringing the opening bell at the New York Stock Exchange (NYSE) on May 26, 2020 at Wall Street in New York City.

Johannes Eisele | AFP | Getty Images

New York Gov. Andrew Cuomo warned Tuesday that the economy is not going to “just bounce back” even as the state begins its phased reopening plan in some regions. 

“We’ve lost thousands of small businesses that are just not going to reopen their doors,” Cuomo said during a press conference from the New York Stock Exchange in Manhattan. “You’re going to see pain in this new economy and let’s start to dissipate that and let’s start to deal with that now.”

While Cuomo said he wants to see the economy “come roaring back,” he doesn’t expect it to bounce back like a basketball where it “goes down and it comes straight back up.”

“It’s like dropping a football. You drop a football, depending on how it hits, it goes off on different angles,” he said. “I don’t think it comes straight back up and I think there will be winners and losers in this new economy.”

The coronavirus has spread to more than 362,700 people and killed at least 29,220 across New York state as of Tuesday morning, according to data compiled by Johns Hopkins University. Cuomo said the number of new cases over the last 24 hours reached the lowest level since the outbreak began. The state reported 73 new deaths. 

Cuomo said tracking certain zip codes with a high number of Covid-19 cases will be key to reopening. The rate of positive test results in some communities in the state is at 40%, double the infection rate of New York City, Cuomo said. 

READ ALSO  U.K. to end compulsory quarantine for travelers from France, Germany, Spain and Italy

“When we look at those new Covid cases coming into the hospital, where are they coming from? They are coming from these zip codes,” he said. “We want to attack the virus at the source.” 

The governor also announced that he will travel to Washington D.C. on Wednesday to meet with President Donald Trump to discuss plans on infrastructure and the economy. He said there are infrastructure projects where the state needs federal help and federal approval.

“Let’s put those on the table,” he said. “You have an infrastructure that’s crumbling. You need to jump-start the economy. You need to create jobs. Do it now. Do it now.”

Earlier in the day, Cuomo rang the opening bell at the NYSE as brokers returned after a two-month closure. He said the stock exchange has implemented new precautions, including wearing masks and limiting the number of people. 

“It reopened smarter than before,” he said. 

New York has started to deploy its phased reopening plan in regions of the state that have met seven health criteria. Cuomo said Mid-Hudson reopened Tuesday and Long Island will reopen Wednesday when there contact tracing operation is expected to go online. 

Cuomo warned regions to “watch their numbers,” saying, “when you a cluster of cases, jump on it.”

“That’s what the contact tracing is all about,” he said. “What happened? Where did they come from? Is there a commonality among the people in the cluster?  



Via CNBC