REMARKS
Council Member Julie Menin presents resolution on the Good Jobs Guarantee Act
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Council Member Julie Menin introduces and advocates for Resolution 522, which calls for the passage of the Good Jobs Guarantee Act. She emphasizes the importance of providing good jobs to create a stable future and overcome barriers, especially in light of rising wage inequality in New York City.
- The Good Jobs Guarantee Act would establish a $100 million fund to attract an estimated $1 billion in social impact investments over 10 years for workforce development programs.
- The act includes protections for participants, such as capped repayment periods and hardship exceptions, ensuring they are not burdened with debt.
- Menin argues that high-paying jobs can be transformative and are needed for New Yorkers struggling with high living costs.
Julie Menin
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I'm very excited to talk about my resolution resolution 522.
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The calls on the New York State legislature to pass and the governor to sign legislation supported by Senator Generis, an assembly member, Rosek, known as the Good Jobs Guarantee Act, which would establish certain workforce training programs and increase employment opportunities for New Yorkers It's absolutely critical to provide good jobs as it helps obviously to create a stable future and to overcome barriers.
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Just this month, the new school center for New York City Affairs reported that 2019 to 2023 was a period of rising wage inequality eroding the gains that were made in the 2010s.
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Yet low wage workers are increasingly falling behind.
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In fact, act as a result of high inflation, the value of New York City's minimum wage, the report found, had declined.
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That is why the Good Jobs Guarantee Act is so necessary.
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It will provide a $100,000,000 guarantee or a fund to unlock private funding for proven workforce development programs that guarantee good jobs in emerging industries and align to the consumer protection and financing requirements.
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A program administrator selected and overseen by the state would utilize the guarantor fund to attract an estimated $1,000,000,000 in social impact investments over 10 years according to an hRNA study.
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Instead of upfront costs or loans, those who participate, contribute a small percentage of their future income once a good paying job is secured.
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These funds are then used to help provide career training seekers.
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There are clear protections such as cap repayment periods and hardship at exceptions.
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Additionally, the model ensures participants are never saddled with debt burdens unlike traditional tuition based models because a risk is assigned to the bond issuing entity, workforce development institutions, and investors.
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Good high paying jobs can be transformative.
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THE CITY CAN SEND A CLEAR MESSAGE ALBONY THAT THESE JOBS ARE NEEDED FOR OUR CITY TO CONTINUE HELPING NEW WORKERS, ESPECIALLY THOSE THAT ARE CONSTANTLY STRUGGLING TO LIVE HERE BECAUSE OF COSTS FROM HOUSING TO CHILD CARE.
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I WANT TO THANK THE CHAIR FOR ALLYING TO SPEAK AND I WANT TO THANK THE RESOLUTION SUPPORTERS including council member Williams and draft or William Congaik Congaik.
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I also wanna thank my team, Jonathan Schupp, Brandon, Jordan, and Mercedes Anderson.
0:21:16
Thank you so much, Chair.
