Report: N.Y. Recession Beginning, Slow Recovery Expected
ALBANY, N.Y. -- Fiscal analysts for Gov. David Paterson say a recession is beginning in New York and should continue into early 2009 in what will likely be a longer and deeper downturn than a national recession.
New York Budget Director Laura Anglin says that while the national recession should be short and relatively mild, New York historically starts later and lingers longer in these economic slowdowns.
The report served as a warning to the Legislature that state government spending growth -- which has been around 10 percent a year -- must be cut drastically.
Anglin says that unlike past years, eventual increases in revenue will no longer be enough to avoid billions of dollars in deficits because the state is spending so much.
Cut spending, eh? How about we start with these gas guzzlers?