New York State Faces $47 Billion Deficit Over Four Years Amid Job Losses

[Purveyor]

By Michael Quint and Henry Goldman

Oct. 28 (Bloomberg) -- New York state faces budget deficits totaling a record $47 billion over four years as a weakening economy, financial slump and job losses on Wall Street reduce tax collections, the Division of Budget said.

The state is projecting a shortfall of $1.5 billion in the current fiscal year ended in March 2009, $12.5 billion next year, $15.8 billion the following year and $17.2 billion in fiscal 2012, the division said.

Next year's gap is more than double the $5.4 billion deficit projected in August, after lawmakers agreed to reduce spending and Governor David Paterson froze hiring. Paterson earlier this month called a special legislative session on Nov. 18 to approve additional spending cuts.

Twenty percent of New York's tax revenue is typically derived from Wall Street. The state's financial sector job losses are expected to total 45,000, higher than after the Sept. 11, 2001, terrorist attacks, when cuts totaled 30,000, the budget division said.

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BLOOMBERG: http://www.bloomberg.com/apps/news?pid=20601087&sid=a4fsqch_j_Ik&refer=home

[HereSince1628]

1. Bush economic policy has been more destructive than the 911 attacks

financial sector job losses are expected to total 45,000, higher than after the Sept. 11, 2001, terrorist attacks, when cuts totaled 30,000.


Oh, that's just got to hurt a guy's legacy.