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These two men might have been happy to see each other, but Governor David Paterson and Mayor Michael Bloomberg aren't so thrilled about the economy.
They were at the State Financial Control Board meeting yesterday, where Bloomberg noted that Wall Street firms "posted $22.8 billion in losses" during the first quarter of 2008. City Comptroller William Thompson also pointed out that, per the Sun, "weak tax revenues and overtime costs will create a $68 million gap in this year's budget," giving the city a budget gap of $2 billion in 2010 and nearly $5.7 billion in 2011. Still Mayor Bloomberg said the city was prepared, "We showed that in the way that we managed the city budgets during the recession that followed 9/11."
And Governor Paterson, who told reporters the economy is "not good" yesterday, will deliver bad news about the state's economy in a televised address later today. He wants to emphasize that cuts need to be made in the state budget, a direct call-out to the Legislature. He said, "People sitting in their homes already know what the pain is. I want to make sure that people in Albany understand as well.”
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Why did Bloomberg sign a bill into law that throws millions of dollars into translating every city document and providing translators for every city agency in existance?
What a waste of money. Somebody needs to investigate Bloomberg.
I applaud Paterson for saying tough times are ahead. Hopefully he'll fire most government workers and cut spending by 50%. It probably ain't gonna happen.
how do billy & mandy feel about the city & state economies?
I appreciate Paterson's straight talk opposed to Bloomberg's finger pointing.
So the Newegg and Amazon tax is not going away then? Bummer.
Patterson may talk the game, but I doubt we will see real cuts coming from him - maybe just some token BS... what I guarantee we will see is even more taxes. It's not like we don't already pay the most taxes in the entire country and get very little for it, but there is no way he is gong to tackle the civil unions and actually reduce the already huge NYC and NYS headcounts or cut the really costly but contentious programs. I really hope I am wrong on this... but don't hold your breath. Meanwhile, people and business will continue to leave the state because the costs are simply too high at this point.
^Bloomie is certainly talking tax hikes. I hope his relationship with Paterson isn't too cozy here. I wish these guys would be less reactive and think counterintuitively: lower the taxes to stimmulate the state's economy and reap the gains down the line. In the meantime, sorry, AFSCME and the NEA, the cuts are coming and your next raise could be your last.
Kissel - I agree with you about the taxes in NYS. Businesses are already looking elsewhere.