(WNY) Like the US economy as a whole – and US metro areas in particular, the Buffalo-Niagara Falls, NY metro area is not realizing its full economic potential when compared with its trend prior to the 2008-9 recession. Government statistics show that real (adjusted for inflation) GDP per person in the Buffalo metro area remains below its pre-recessionary trend by over 7% through 2011. While this compares favorably with US metro areas overall, which are off trend by at least 10% in the same period, it means real scarcity, as everyone must make do with less than what the economy can potentially produce.
Unfortunately, for those who are inclined to civic action to address current economic conditions in the area, there is very little that can be done at the local level to improve our economy. The economic problems we are facing – and the whole country faces them, clearly require a federal solution.