Saturday, May 3, 2008

Long, hard road

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?


Anonymous said...

Now is time to strike at those development projects.

With these guys time is money and everything is timing.

Where is the preservation community - taking advantage of this window?

Naw ... they are still thinking everything will change with a new commissioner in LPC.


Anonymous said...

things are only getting started in nyc area in terms of a recession

better have some cash for the ever increasing cost of food,fuel and every other necesity

the shit os going to hit the fan eventually for the working poor