This story, “Keeping Wary Eye on Crime as Economy Sinks,” is from Thursday’s New York Times. New York is being hit really hard by the turmoil and layoffs in the financial services sector–which in turn hurts other businesses… which in turn leads to loss of more jobs in the city beyond those on Wall Street. How will the recession (and it looks like we will soon “officially” be in a recession) affect Washington… our Borderstan neighborhood?
Traditionally, the Washington Metro area has been less likely to suffer from recessions due to the region’s strong government job base. What will happen this time? It’s a question worth asking… in terms of economics, job losses and crime rates.
It is the question on the minds of New Yorkers, once they stop pondering the fate of their 401(k)’s: If the city’s economy sinks to depths not seen in decades, will crime return with a vengeance?
Expert opinions differ, but the question is hardly illogical. The last time stocks on Wall Street fell hard, in 1987, crime was exploding, and the city saw historic highs in murders in the following years.