Economist warns big blue cities are seeing 'really distressing' declines
foxbusiness.comEconomist Stephen Moore discusses negative economic trends in Democrat-run cities and Moody's lowering its outlook on the U.S. credit rating.
Foot traffic – and therefore economic activity – is plummeting most in Democrat-led cities, one economist and University of Toronto study concludes.
«It's almost all of these big blue cities. It's San Francisco, it's Oakland, it's Minneapolis. It's my home city of Chicago,» economist Stephen Moore said on «Varney & Co.» Monday. «These numbers are really distressing.»
Cities run by Democratic mayors, including Cincinnati, Ohio; Houston, Texas; Raleigh, North Carolina; Chicago, Illinois; Portland, Oregon; Columbus, Ohio; Seattle, Washington; Minneapolis, Minnesota; Louisville, Kentucky; and St. Louis, Missouri, all rank in the bottom 10 of 66 metropolitan areas that have seen the least amount of foot traffic recovery since 2019, according to data from the University of Toronto.
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The university’s "Downtown Recovery Rankings" measures the number of unique visitors via mobile device use from March to mid-June 2023, compared with the same time frame in 2019. Any number less than 100% indicates the city has not recovered to pre-COVID pandemic levels.
Economist Stephen Moore said Democrat-led cities are on a decline due to «the carjackings, the crime, the fact that you have these high taxes in these areas,» on «Varney & Co.» Monday. (Getty Images/FOX Business/Photo illustration / Fox News)
Other major players, like New York City, have only seen 66% of foot traffic recovery. Philadelphia ranks 49th at 67% recovery; San Francisco 48th at 67%; and St. Louis saw the lowest foot traffic
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