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With the crappy year investment banks have been having, the NY Times reports government officials are freaking out about "what could be the biggest single-year decline in pay on Wall Street in history." It's believed that total bonus pay will drop "by $10 billion or more"--about a 30% drop from previous years--which means $10 billion less in all sectors of business, from real estate to local shop purchases. That, coupled with news that NYC's growth rate has slowed down, is alarming. City Comptroller William Thompson said, "we’re hitting a period where [city growth] would be stagnant," and deputy state comptroller for NYC Kenneth Bleiwas said, "The greatest risk to the city’s budget is the extent and the depth of the slowdown, particularly as it affects Wall Street. Nobody knows how long it will take to get through this mess.”
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How on earth can you budget for Wall St. bonuses to begin with? Anything that ephemeral and non-recurring falls easily into the category of "unanticipated revenue" that should automatically go into a permanent fund, not be allocated in the general budget. This always happens with economic slowdowns and who gets bit the hardest? California and New York. For god's sake, spend the money that you know will always come in and spend no more!
i dont think we'll have to wait too long till these idiots we have running the city and state decide to turn their sites on whats left of the middle class to pickpocket to make up the difference instead of cutting back on the size of gov't itself -- they've already been hard at work increasing income tax, property tax, fees, tickets, fees, etc, etc.
have any of you dealt with these wall st types?.. they are the creepiest bastards you could ever meet... bloomberg and his cronies are idiots to believe that these self absorbed pigs would ever be a recurring source of income for the city...i guess his high paid consultants did not foresee the collapse of the investment banker swine...here comes the great depression all over again