It’s been said over an over that Buffalo didn’t have far to fall when the recession hit because we’d already suffered setbacks decades ago. By the time the recession impacted similar and larger cities, we had already begun our upward climb into areas that are more recession-proof than those of our industrial past.
This isn’t simply a case of “when you’ve got nothing, you’ve got nothing to lose,” as our employment backbone consists of a strong banking presence, health care and grocery stores – things everyone needs – along with city and state jobs.
We’ve been running lean and mean for years, with the purse strings pulled tight, so the recession and the resultant stimulus money can have a balm effect rather than digging us out of deep trouble. In addition to enjoying a healthy city bond rating, the national recession may have done more to help level the playing field where Buffalo is concerned. Our status as the 3rd poorest city may change as we ride the cusp of increased employment and innovations in the Buffalo Niagara Medical Campus.
Still, McAllen, Texas, a city on Forbes’ list of 10 most impoverished cities (a list Buffalo wasn’t on), has an AA bond rating according to City Manager, Mike Perez.
Let’s hope that in the very near future the entire nation has a chance to rise together. By then, Buffalo, which has continued moving in a steady direction, could be a whole different animal.