Tags Posts tagged with "Economy"

Economy

Suffolk County Legislator Bridget Fleming (D-Noyac), left, is the Democratic nominee in the race. Nick LaLota, right, is the Republican Party nominee for NY-1. Photos by Rita J. Egan

The race to fill U.S. Rep. Lee Zeldin’s (R-NY1) congressional seat has highlighted some key issues confronting Suffolk County communities and the nation.

Zeldin announced last year he would vacate his seat to run for governor. Two major party candidates have emerged in his absence, both eager to fill the seat. In a debate with the TBR News Media staff spanning nearly two hours, the candidates covered myriad topics, tackling issues close to home and far away.

Introductions

Suffolk County Legislator Bridget Fleming (D-Noyac) is representing her party for the 1st District. She is a former criminal prosecutor, trying sex crimes and fraud cases. Over the last decade, Fleming has served in elective office, first on the Southampton Town Board and later in the county Legislature, where she is today.

Nick LaLota, of Amityville, carries the Republican Party nomination in this race. He served in the U.S. Navy for 11 years and deployed overseas three times. He worked in congressional and state Senate offices before being appointed as the Republican commissioner on the Suffolk County Board of Elections. Most recently, he was chief of staff for the county Legislature.

Outlining priorities

Through their time canvassing voters, the candidates identified their potential constituency’s core legislative priorities. LaLota said he had observed a mix of voter interest in the economy and public safety.

“A lot of folks with whom I speak are tremendously concerned about those two things,” he said. “People want the government to work for them. They expect to have a fair shot at the ability to earn and not have their money overtaxed … and they expect to go home at night and be safe.”

Fleming agreed that crime and economic concerns have piqued voter interest. However, she held that the overwhelming problem for those she has canvassed is declining faith in American democracy and the “protection of fundamental freedoms.”

“Protecting American democracy, that’s at the front of mind for lots and lots of people,” she said.

Abortion

‘ I would insist that government funds not be used for abortions, and I would also insist that … if a child is contemplating an abortion, that the parents get notified about that.’

—Nick LaLota

LaLota maintains the U.S. Supreme Court’s recent Dobbs decision, which overturned Roe v. Wade and Planned Parenthood v. Casey, returned the matter of abortion to the states. While he does not view abortion as a federal policy concern, he nonetheless stated his position.

“I do not oppose abortion when it comes to rape, incest or the life of the mother, and I do not oppose abortion in the first trimester,” he said. “Conversely, I do oppose abortion in the second and third trimesters. I would insist that government funds not be used for abortions, and I would also insist that … if a child is contemplating an abortion, that the parents get notified about that.”

‘I believe firmly that it is not a state’s rights issue, that as a congressmember, I have to have a position on it, and that my position is that those protections [under Roe] need to be reinstated.’

—Bridget Fleming

Fleming described abortion as a “critical issue that defines a moment in time in American history.”

“It’s the first time in the history of the United States that a federally recognized human right has been reversed,” she said. “I believe firmly that it is not a state’s rights issue, that as a congressmember, I have to have a position on it, and that my position is that those protections [under Roe] need to be reinstated.”

Economic apprehension

Amid rising inflation, higher food and gas prices, and nationwide economic hardship, both candidates were asked about their favored approach to relieving these financial woes.

Fleming acknowledged that voters in the 1st District are further constrained by the high cost of living in the area. “It’s hard to make ends meet on Long Island,” she said. “Those costs are rising. … We need to look for specific ways to attack those costs.”

She added, “Certainly, taxes are one of them. I’ve been fighting against the cap on our state and local tax deductions … I think it’s critically important that a representative of this district fights the SALT tax cap.”

LaLota contributes much of the nation’s economic distress to unsustainable federal spending. “The federal government hasn’t balanced the budget in 20 years,” he said. “I think that can and should be done in the next Congress.”

Concerning petroleum prices, LaLota proposes establishing national energy independence by tapping into domestic oil reserves.

“We have 43.8 billion barrels of proven oil reserves [as of the end of 2018],” he said. “That’s a 20-year supply, so there’s absolutely no reason to beg OPEC, Russia, Venezuela or anybody else to export their oil to this country.”

Energy and the environment

LaLota views the 20-year supply of domestic oil reserves as both a blessing and a curse. While it offers the U.S. flexibility in the near term, it provides no long-term guarantee for energy independence. 

In the meantime, he supports an aggressive push toward renewable energy sources. “It is right for the private and public sectors to make investments in renewable, alternative energies — wind and solar, specifically — to ensure we are on a trajectory to be energy independent,” he said.

Establishing a clear point of difference, Fleming expressed vehement disagreement with LaLota’s position on drilling, calling it a “completely wrong direction to go.”

The county Legislator held up recent developments in the offshore wind industry, specifically at Smith Point Park, as a prototype for future energy development. She argued Long Island has an opportunity to be a leader in the cause for green energy.

“Not only will we be helping Long Island taxpayers, ratepayers and our natural environment, we’re also serving as a model for the region and for the United States on how we transition,” she said.

On the issue of nuclear energy, both nominees expressed a desire to keep nuclear power away from Long Island communities.

“I don’t think that the community would support it,” Fleming said. Referring to the decommissioned Shoreham Nuclear Power Plant, she added, “It’s been a huge detriment to any kind of progress.”

When questioned on nuclear energy, LaLota responded tersely, “Not on my Island.” For him, nuclear power is a matter of safety for Long Island residents. 

“For safety reasons, putting a power plant on Long Island just doesn’t make any sense,” he said. “It didn’t make any sense decades ago and doesn’t make sense now.”

LIRR electrification

‘If you could bring in funding for the electrification of the rail once and for all, assisting the Long Island Rail Road to get that accomplished, I think you’d do an awful lot for the community.’

—Bridget Fleming

Fleming and LaLota both supported electrifying the Port Jefferson Branch line of the Long Island Rail Road. For both, electrifying the rail is a matter of directing public funds into Long Island communities but working in close coordination with local officials.

“We definitely need to electrify the rest of the line,” Fleming said. “If you could bring in funding for the electrification of the rail once and for all, assisting the Long Island Rail Road to get that accomplished, I think you’d do an awful lot for the community.”

‘When these infrastructure dollars are received from Washington, given back to the district, it should absolutely be done in conjunction with what local stakeholders want and need.’

—Nick LaLota

LaLota concurred with this assessment while decrying the imbalance between the taxes New Yorkers give to the federal government and the infrastructure funds they get in return.

“We need to do a better job, working across party lines, to ensure that we get better infrastructure dollars back for projects like that,” he said, adding, “When these infrastructure dollars are received from Washington, given back to the district, it should absolutely be done in conjunction with what local stakeholders want and need.”

Foreign policy

On top of these domestic pressures, the congressional candidates identified critical instances of geopolitical turbulence in places around the globe.

Most notably, Russian president, Vladimir Putin, launched an invasion of Ukraine earlier this year, widely considered in violation of international human rights law. Fleming stressed her commitment to the Ukrainian war effort in response to Russian belligerence.

“I think it’s critically important for the rule of order and the international rule of law that the United States takes a strong stand, as we have, in conjunction with a united NATO, to condemn this unprovoked aggression, to offer military aid and to offer humanitarian aid,” she said.

On the whole, LaLota agreed with Fleming. He defined U.S. strategic interests in defending Ukraine. “We are the only superpower. We should promote stability throughout the world. We should protect American interests — we have many interests in Europe — and having stability in Europe … is good for America.”

‘I think we have lived in a moment in time for the last 10 years when China depends heavily upon U.S. dollars.’

—Nick LaLota

Along with the war in Ukraine, they also discussed the dangers of a rising China, a regime exerting greater influence politically and economically around the world.

LaLota advocates loosening the economic links that bind the two nations, something he said is unnecessary and counterproductive. 

“I think we have lived in a moment in time for the last 10 years when China depends heavily upon U.S. dollars,” he said. “We buy a lot of stuff — a lot of crappy, plastic stuff — that we shouldn’t have to buy from them.”

He added that American foreign policymakers must “ensure that [China] does not become a greater strategic enemy of ours.”

‘I think we have to keep a very close eye [on Xi].’

—Bridget Fleming

Fleming’s concerns regarding China relate primarily to Chinese president, Xi Jinping, whose unpredictable administration and questionable political associates cause her concern.

“I think we have to keep a very close eye [on Xi],” the county Legislator said. “I agree that we need to put ourselves in an economic position where we’re not beholden to the Chinese regime.”

Closer to home, the United States is observing heightened instability within its own hemisphere, with volatile regimes in Venezuela and Cuba, and growing concerns surrounding the U.S.-Mexico border. 

Both candidates were asked whether the United States must redefine its policy for Latin America.

For Fleming, much of the nation’s immigration crisis is attributed to government mismanagement of asylum seekers. “A lot of these folks are fleeing really dangerous circumstances,” she said. “One of the things we have to fix is a way to handle these asylum applications. We have huge backlogs in the court system, and a lot of it has to do with an unwillingness on the part of government to take seriously the granular issues involved in immigration.”

To remediate geopolitical unrest in the Western hemisphere, LaLota favors strengthening the military, diplomatic and economic bonds between the United States and its Latin American neighbors. 

“In Congress, I would support ensuring that Americans are involved in South America,” he said. “I think the benefit is less illegal folks coming across our border, and less dependence upon the U.S. in decades to come.”

Congressional reform

We have moved away from encouraging thoughtful approaches to government.’

—Bridget Fleming

We suggested the Founding Fathers envisioned Congress as the most powerful and important branch of the federal government. Over time, however, the national legislature has delegated much of its authority to the executive branch, particularly the hundreds of agencies comprising the federal bureaucracy.

At the same time, recent Gallup polling indicates that three in four Americans disapprove of how Congress is handling its job. The two nominees delivered varied responses when asked how they would restore the central role of Congress in U.S. policymaking.

‘If there’s going to be a tax, a fee, a rule or anything in between, it should come from the legislature.’

—Nick LaLota

“I think that this quasi-rulemaking by executive branch agencies has gone too far,” LaLota said. “If there’s going to be a tax, a fee, a rule or anything in between, it should come from the legislature.”

Expanding upon this stance, he criticized the existing culture of pork barreling and logrolling in Washington. He also advocated shorter, more straightforward, germane legislation narrowly tailored to the issues at hand.

“We shouldn’t be sticking all of this pork and these other ideas into [a bill] that has a different title,” he said, adding, “If we got back to that norm, I think we give power back to the people.”

Fleming’s frustrations with Congress stem from the breakdown of informed discourse and norms of civility. To reform the institution, she proposed the reinstatement of these practices.

“We have moved away from encouraging thoughtful approaches to government and are instead so prone to responding to, almost, performance art on the part of politicians and legislators,” she said.

To get the national legislature back on track, the county Legislator emphasized constituent services and a community-centric method of policymaking.

Referring to the Constitutional Convention of 1787, she said: 

“I think of Philadelphia when representatives came on horseback from their various places and asked that the government be shaped in a way that would respond to the concerns of folks in their communities,” adding, “That’s the model of government that I’ve always undertaken and that I think works best.”

The people of the 1st District will get the final say on these candidates on Tuesday, Nov. 8.

Businessman Greg Fischer (D) is challenging Sen. Ken LaValle (R) for his seat in New York State’s 1st District. Photos by Kyle Barr

It’s déjà vu in New York State’s 1st Senate District.

State Sen. Ken LaValle (R-Port Jefferson) finds himself once again being challenged by Democrat Greg Fischer to retain his seat representing the district. The two squared off in 2016 when LaValle won with more than 67 percent of the vote.

“We’ve created literally a generation of homeless people.”

— Greg Fischer

Fischer, a Calverton resident and businessman who specializes in strategizing and consulting, said during a debate featuring the candidates at the TBR News Media office in Setauket he is concerned that no one on either side of the political aisle is doing anything to increase personal incomes in the state. He said this lack of progress is leading to a brain drain on Long Island where residents pay the overhead to educate the youth but get none of the benefits when they move on for better opportunities.

“We’ve created literally a generation of homeless people,” Fischer said. “Those are people that can’t leave their houses and have their own homes. But they’re not necessarily on the streets — they’re on the couches or they’re still in their childhood bedrooms.”

When it comes to strengthening the economy, LaValle said he sees potential in places like the Research and Development Park at Stony Brook University and Cold Spring Harbor Laboratory as economic centers on Long Island. He said he supports more high-tech parks being constructed along the expressway to connect to these centers.

“We cannot afford one system for all.”

— Ken LaValle

The two had differing opinions on how to improve transportation for Long Islanders. While LaValle is looking locally, Fisher is thinking more statewide.

Fischer is proposing a bond-funded transportation system which would produce jobs statewide to connect New York City and Long Island to places like Quebec in Canada and Buffalo, and everywhere in between. He said the system would use subterranean vehicles able to go 150 mph on tracks that curve and 600 mph on straight tracks.

“It creates tens of thousands of jobs,” Fischer said, adding the use of bonds to fund such a project would see immediate payback.

The incumbent said he has led the charge in getting a state investment of $150,000 to conduct a feasibility study of electrifying the northern Long Island Rail Road line between Huntington and Port Jefferson, something he said people have talked about since before he took office 42 years ago.

“I believe, especially considering the economics of our day, that health care becomes a right.”

— Greg Fischer

“It’s something that I think that we’re finally, with money that I put in, that we’re going to get some attention,” the incumbent said.

Fischer criticized the idea of committing funds to invest in what he called “outdated technology.”

“No matter how much money we spend on horses and buggies it’s not going to help us,” Fischer said.

Both candidates said they believe better health care should be accessible to all.

“I believe, especially considering the economics of our day, that health care becomes a right,” Fischer said.

LaValle said the goal of the senate is to ensure access to health care for all. However, there are obstacles.

“We cannot afford one system for all,” LaValle said. “We tried. We looked at Obamacare and other types of things. I think we need to tweak what we have and make sure that no person goes without health care.”

“Waste, fraud and abuse cannot be tolerated at any time.”

— Ken LaValle

When it comes to education, Fischer said he believes there should be an inspector general assigned to NYS Education Department to investigate departmental waste, as its expenses are more than 50 percent of the state budget. He said currently any waste and mismanagement falls to the attorney general while other departments have inspector generals. Fischer, who has done audits of school districts, said he has found a lot of waste including not using best-value contracting.

LaValle said he has no problem looking into an inspector general for education.

“Waste, fraud and abuse cannot be tolerated at any time,” LaValle said.

Both candidates agreed more could be done for those suffering from drug addiction, especially in schools and colleges, including organizing public forums.

“Young people growing up today have lots of pressures, and it’s starting to show in so many ways, opioids being one of them,” LaValle said.

Fischer said he believes addiction comes from helplessness many young people feel from not being able to make a decent living and afford their own homes.

“As you become less and less of a stakeholder in the future, you destroy yourself,” Fischer said.

 

July is truly upon us, and that means half the year is gone. Those who deal with numbers are busily tallying up all sorts of statistics for the first two quarters. Business people with large and small companies alike are checking to see how the numbers compare with last year, and what they can do to improve the depressed
bottom line — or maintain the improved bottom line for the next six months. And for those of us in the stock market with pension plans or investments, there will be half-year statements coming to let us know how we stand.

As we are taking stock of our stocks, there is this interesting bit of news to consider. According to a recent article by Matt Phillips in The New York Times, we are getting an important signal from the bond market. Now there are all sorts of predictors about which way stocks will move, from who wins ballgames to the length of hemlines, and they are often as wrong as the Farmers’ Almanac about the coming winter weather. But there is one telltale that is surprisingly accurate: the bond-yield curve. And that yield curve is “flashing yellow.”

Here is what the yield curve means. The yield curve is the difference between interest rates on short-term government bonds like those maturing in two years compared with those maturing further out, like 10 years. Remember that a bond is a promissory note to repay a debt that the government has incurred, along with interest on the debt, for a set period of time.

So, if the government borrows $10,000 from you and pays it back in two years, you will also get interest on that sum in return for lending the government the money. Normally the longer you agree to lend the money, the higher the interest rate you get in return for taking additional risk concerning the health of the economy. A healthy economy usually encourages inflation, which is countered by higher interest rates — hence an increased long-term rate, including the built-in risk compensation.

Lately, long-term interest rates on government bonds have been slow to rise, predicting a less healthy economy on the horizon. The short-term interest rates on government notes, as these instruments are called, have been rising, however, because inflation seems to have started. So the difference between the interest rates, short-term and long-term — the yield curve — has been decreasing or “flattening.” The difference between the two-year and 10-year interest rates is now about 0.34 percentage points, and the last time it was so little was just before the 2008 recession.

Does that mean a recession is coming?

If the trend continues, and the long-term interest rate dips below the short-term rate, this is called an “inversion.” An inversion is, according to the way John Williams — the new president of the Federal Reserve Bank of New York — told it earlier this year, “a powerful signal of recessions.” The Times article indicated that every recession in the last 60 years has been preceded by an inverted yield curve, when short-term interest is higher than that for the longer term. Only once was there a false positive, in the mid-1960s, when there was only a slowdown in the economy. That is why economists and those on Wall Street are watching the yield curve so closely these days.

This concern does seem to fly in the face of the present economic conditions. Unemployment is at a low, consumers seem to be happily spending and corporations are reinvesting in their companies. However accurate the yield-curve predictor may be, it cannot precisely tell us when a recession will occur. In the past, the falloff of the economy could happen in six months or two years after the inversion.

There is always another side to every story. Because central banks own massive amounts of government bonds, which they bought not so long ago to try and stimulate the economy by providing liquidity, that may be keeping long-term rates low. And the Federal Reserve has been tightening monetary policy lately to keep
inflation in check, hence higher short-term rates. So, who knows?

Cutting costs, growing local economy, combatting climate change, modernizing transportation among Romaine’s goals for ‘18

Brookhaven Supervisor Ed Romaine at his state of the town address April 3. Photo by Alex Petroski

By Alex Petroski

Supervisor Ed Romaine (R) is nothing if not confident about the future of the town he oversees.

Brookhaven Town’s leader delivered his annual state of the town address at Town Hall April 3 in which he touted its financial footing while also looking toward the future.

“The state of Brookhaven Town is good and getting better,” Romaine said. “Brookhaven Town, though not perfect, is still a town full of promise and hope. It is up to all of us who live here to help realize that promise.”

“Brookhaven Town, though not perfect, is still a town full of promise and hope. It is up to all of us who live here to help realize that promise.”

—Ed Romaine

Brookhaven has a structurally balanced budget for the current fiscal year that stays within the state mandated tax levy increase cap, in addition to maintaining its AAA bond rating from Standard & Poor’s financial services company. Romaine detailed a few cost-saving measures he said he’d like to accomplish going forward, including more sharing of services amongst other municipalities as a way to streamline government and save taxpayer money.

“Sharing resources and services to reduce the size, scope and cost of government is one of the best ways to control and reduce expenses,” he said, adding the town remains in the running for a shared services grant from New York state that, if selected, would add $20 million to Brookhaven’s effort. “We must continue to closely monitor our capital and operating expenses. Our residents cannot pay more in taxes. Too many Long Islanders are leaving.”

He said growing the local economy through additional jobs was another priority for him and the town going forward. Romaine said he still hopes Brookhaven will be selected as the second national headquarters for Amazon, which he said could bring in about 50,000 jobs to the town. He also praised the work of the Brookhaven Industrial Development Agency, an arm of municipalities dedicated to funding projects that will stimulate job creation and economic growth.

“The IDA closed on 20 projects that will result in $435 million of private investment and the creation of 4,050 permanent or construction jobs,” the supervisor said. “In addition, the IDA has 13 approved projects that have or are about to close in 2018, with the potential for another $440 million of private investment into our town, creating or retaining another 1,000 jobs.”

Romaine detailed several “green” initiatives already underway or on the horizon in 2018, noting the real threat to Brookhaven posed by climate change and sea level rise.

“With the largest coastline of any town in New York state, the Town of Brookhaven knows full well that global climate change and sea level rise is real and poses significant challenges in the decades ahead.”

— Ed Romaine

“With the largest coastline of any town in New York state, the Town of Brookhaven knows full well that global climate change and sea level rise is real and poses significant challenges in the decades ahead,” he said.

He said the town has adopted a practice of “strategic retreat” from commercial and residential development in low lying areas to allow nature to reclaim wetlands. He called land use and zoning among the most important powers a town government possesses. He also pointed to the imminent closure of Brookhaven’s landfill as a wakeup call in need of attention in the coming years. He said the town is ready to work with the New York State Department of Environmental Conservation and other towns to formulate a regional plan for solid waste disposal.

The supervisor also made an impassioned call for updates to the Long Island Rail Road, including electrification of the Port Jefferson line east beyond the Huntington station, adding he co-authored a letter to the Metropolitan Transportation Authority asking for just that with Huntington Supervisor Chad Lupinacci (R) and Smithtown Supervisor Ed Wehrheim (R).

“It is time for a better transportation system, one based on 21st century innovation, not 19th century technology,” Romaine said.

by -
0 1033

National Hispanic Heritage Month, a time when the country pays tribute to the generations of Hispanic-Americans who have influenced our society, ended on Oct. 15. But that doesn’t mean Long Island’s North Shore should stop thinking about this growing demographic.

There’s more we can do as a region to better accommodate and embrace Hispanic-Americans who help diversify our neighborhoods and are a huge economic driver on the Island. According to a 2007 research report, prepared for the Long Island social activism nonprofit, Hagedorn Foundation, Hispanic residents add nearly $5.7 billion to total Long Island output as a result of their consumer spending, and Hispanic employment continues to grow rapidly. Those numbers can only have grown in the last several years since the report was published — and community tensions have grown along with them.

Tensions between Hispanic residents and police officers have been well documented.

Earlier this year, a class action lawsuit by a group of Latinos alleged the Suffolk County Police Department targeted them. The group claimed several officers robbed them or issued them traffic citations in unfounded, race-based stops. There has also been an outcry from Huntington Station residents, many of them Hispanic, who say they don’t feel safe in their own neighborhoods or protected by police.

And there have been instances of Hispanic people being made to feel marginalized by their own neighbors.

Police should continue to cultivate a stronger relationship with the Island’s Hispanic communities by involving youth and hosting local programs, like forums, where residents can discuss local issues or share concerns. Non-Hispanic residents should also do their part to call out prejudice when they see it, and encourage more Hispanic neighbors to join their various community groups.

We should strive to include Hispanics as we steer Long Island toward its future, and we should do it because it’s necessary, not just because of some national holiday prompt.

A public hearing will be held May 21 to discuss the possibility of apartments in Long Island Innovation Park at Hauppauge. File photo

By Larry Vetter

What does a vibrant industrial park bring to a town? The answer is simple: jobs and an increased tax base, to ease the burdens on everyone.

There are essentially two types of economic centers within the town of Smithtown. One type is visible. This is the downtown areas. The second is the industrial parks, equally important, but more hidden. When we think of industrial parks, Hauppauge immediately comes to mind; however, Nesconset, St. James and Kings Park also contain industrial zones.

Larry Vetter
Larry Vetter

Recently, I had the opportunity to drive through the various zones. The Hauppauge, Nesconset and St. James zones consist primarily of warehouse-type structures, while Kings Park consists mostly of yard-type commercial businesses. Many of the buildings in the Nesconset and St. James zones are empty or significantly underutilized. The Hauppauge Industrial Park was once vibrant with a mix of light industry, manufacturing and warehousing. Today, there is also a malaise in this industrial park.

Suffolk County and several of the townships within the county have developed industrial development associations. They recognize the “Long Island Brain Drain,” where many of our well-educated young people cannot find the type of employment commensurate with their education. The primary purpose of these associations is to entice business into the county and more specifically to our towns. Today, Smithtown contains no such association. It seems to be a rather significant oversight to have, within our borders, one of the largest industrial parks, and yet not have any plans for developing it.

So what do we do? What seems to happen is that we sit back and hope. Our only initiative was to allow building owners to extend the roof heights in hopes of attracting business. So far, neither idea appears effective.

We need to once again think outside of the box. My solutions to this crucial problem are as follows:

1. Develop an industrial development association. This can be done with resources we already have within the town. It is not necessary to spend additional tax revenue on this process. We can piggyback with the existing Suffolk County program.

2. Actively entice businesses to Long Island. Who is to say that Hauppauge cannot become the next “silicone valley”? Technology companies often need minimal raw materials and shipping is often parcel post; something we are situated very well for.

3. Open discussions with Suffolk in an attempt to develop sewer system plans in Smithtown. As important as this topic is to homeowners, it is equally as important to businesses.

4. Suffolk County has a number of transportation initiatives. Why not work with the county to develop alternative transportation from our nearby rail hubs to enable easier movement into and out of the industrial park?

Smithtown is a great place. We have many hardworking families that take the education of their children seriously. As a result, there are well qualified individuals to staff modern technology enterprises. We have great public schools and nearby higher education facilities, as well as world-renowned research facilities. We have wonderful beaches and golf courses, and several nearby townships are undergoing a revival in eateries and entertainment. Finally, we are located very near one of the most vibrant cities in the world. It seems to me that it would not at all be a difficult sell, but like everything else, it must be worked for.

This November, take the opportunity to vote for individuals that will work toward solutions and not accept excuses for why things cannot happen. Let’s reverse the “Brain Drain” and give us all a chance to keep families together on Long Island.

The author is a Smithtown resident running for the Town Board on the Democratic line in November’s election.

A view of the Demerec Laboratory, slated to house a proposed Center for Therapeutics Research. The laboratory, completed in 1953, needs an upgrade. Photo from CSHL

Cold Spring Harbor Laboratory, a research center that has produced eight Nobel Prize winners and is stocked with first-class scientists generating reams of data every year, shared some numbers earlier this week on its economic impact on Long Island.

The facility brought in about $140 million in revenue in 2013 to Long Island from federal grants, private philanthropy, numerous scientific educational programs and the commercialization of technology its scientists have developed, according to a report, “Shaping Long Island’s Bioeconomy: The Economic Impact of Cold Spring Harbor Laboratory,” compiled by Appleseed, a private consulting firm.

At the same time the lab tackles diseases like cancer, autism and Parkinson’s, and employs 1,106 people with 90 percent working full time and 987 living on Long Island.

“We are recognized as being one of the top research institutions throughout the world,” Bruce Stillman, the president and CEO of CSHL said in an interview. The economic impact may help Long Islanders become “aware that such a prestigious institution exists in their backyard.”

Stillman highlighted programs that benefit the community, including public lectures, concerts and the school of education, which includes the DNA Learning Center, a tool to build a greater understanding of genetics.
The financial benefit to the economy extends well beyond Long Island, too.

“The research we do has an enormous impact on the development by others of therapeutics and plant science in agriculture,” Stillman said.

Indeed, Pfizer recently received U.S. Food and Drug Administration approval for a breast cancer drug called Ibrance that is expected to produce $5 billion in annual sales by 2020. The research that helped lead to that drug was conducted at CSHL in 1994.

In its 125-year history, this is the first time the laboratory has provided a breakdown of its financial benefit.
The impetus for this report occurred a few years ago, when Stillman met with Stony Brook University President Dr. Samuel Stanley Jr. and Sam Aronson, who was then the CEO of Brookhaven National Laboratory.

“We were talking about promoting further interactions and seeking state support,” Stillman said.

This year, CSHL will bring online a preclinical experimental therapeutics facility that will build out the nonprofit group’s research capabilities.

At the same time, CSHL is awaiting word on a $25 million grant it is seeking from New York State to support a proposed Center for Therapeutics Research.

The center would cost about $75 million in total, with CSHL raising money through philanthropic donations, partnerships with industry and federal aid. The center would “fit in well with our affiliation with North Shore-LIJ [Health System],” Stillman said.

CSHL plans to create the center in the Demerec Laboratory, which was completed in 1953 and needs an upgrade. Named after Milislav Demerec, a previous director at CSHL who mass-produced penicillin that was shipped overseas to American troops during World War II, the building has been home to four Nobel Prize-winning scientists: Barbara McClintock, Alfred Hershey, Rich Roberts and Carol Greider.

The renovated lab would house a broad range of research strengths, with candidates including a number of cancer drugs that are in the early stages of clinical trials; a therapeutic effort for spinal muscular atrophy, which is the leading genetic cause of death among infants; diabetes; and obesity.

The revenue from CSHL, as well as that from BNL, SBU and North Shore-LIJ, Stillman said, all have a “huge economic benefit to the Long Island community.”