New Yorkers were told by Mayor Bloomberg today just how hard the crumbling economy would hit NYC residents: he is proposing new taxes (both sales tax increases and a huge income tax hike), layoffs (the city is aiming to cut 3,000 from the workforce), attrition, possibly 1,000 fewer cops hired, a 7 percent property tax hike (kiss that $400 rebate check goodbye), and even more school budget cuts.
Under the Mayor's plan, libraries would cut a half day of service; five fire houses would cut nighttime hours. Protective Specialist slots -- 127 of them -- would not be filled at the Administration for Children's Services. Health and dental care for children would also be cut.
The City faces a cumulative $4 billion budget gap for 2009 and 2010, in spite of fiscally sound planning by the famously prudent Bloomberg. Surplus funds generated in 2007 totaling $4.6 billion were used to help close budget gaps in 2008, 2009 and 2010.
November 2008 NYC Financial Plan
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Wednesday, November 5, 2008
New Yorkers Face New Taxes, Fewer Cops, Layoffs, School Budget Cuts
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2 comments:
Sounds like the future of a democrat run economy and congress. Welcome to h---!! LOL
Umm, this is still Bush's nightmare. Remember, the Republicans are the ones who are still fighting regulations and transparency on Wall Street. It will be up to the new administration to try to clean up the worst economic mess since the Great Depression. Thanks a lot, W!
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