From the NY Post:New Yorkers are hurtling toward a very steep fall off the fiscal cliff. Depression-level job losses and record taxes on personal income are on the horizon, according to a bruising new economic report.
With the city’s huge concentration of high earners and major government spending, the drop could devastate the local economy, according to the nonprofit American Action Forum, a DC-based conservative policy institute.
New York region could lead the nation with:
* Up to 1 million-plus direct job losses in New York, New Jersey and Connecticut — 614,000 alone in New York state.
* Marginal tax rates crossing 50 percent in New York and New Jersey.
* Sharply higher taxes on small business.
Other experts also warn of imminent danger. “If we can’t resolve this, it pushes us into a recession,” said Jim Diffley, chief regional economist at IHS Global Insight. “It’s a massive contraction all at once. And it negatively affects New York and the northeastern states more than others.”
8 comments:
Let's vote more dems into office!
And what has our "financial wizard" of a mayor
done to improve things in his stolen 3rd term?
Not a damn that I can see!
Well, you all voted him in again--I didn't--so enjoy.
"according to the nonprofit American Action Forum, a DC-based conservative policy institute."
These groups climb out of their holes ever so-often and say the same old crap.
Their solution:
Lower taxes on the wealthy.
Kill business regulation.
One of the realities here is that these right wing pol's conspired with Real Estate interests (landlords etc) to weaken rent regulations thus forcing the cost of both residential and commercial space ever-higher.
This in-turn forces a shift to the highest paid fields such as banking and finance.
You right wingers built this house of cards now we all must live with the results.
Funny how you guys can't have it both ways-- isn't the hated Bloomberg too pro-business for you? Yet now you say he's done nothing to create jobs? Y'all should make up your minds.
#3...would you please name these POWERFUL NYC RIGHT WINGERS ? most the real estate moguls are democrats. all pals of the rino mayor and D.I.N.O 49 city council members.
Oh, please save the crap Gramps.
You know as well as I do that Pataki/Bruno took tens of thousands of dollars from landlord and R.E. interests to try an kill rent regulations in 1997.
They didn't totally get their sick wish but did weaken the reg's to the point that hundreds of thousands of formerly -truly- affordable apts are now expensive.
This just more right wing payback to the money interests and we all are living with the fallout.
We now live, or die as a City at the whims of one industry.
is that one industry the "PUBLIC UNION INDUSTRY"?#4..
will you prove your allegations, with an indictment or conviction document ?
it appears that only nys and nyc DINO pols are in jail now and on their way soon.
did anything happen in 1967 that you can divert us to ?
No Gramps, the machinations of your type have driven us into the "tender mercies" of the Financial and Real Estate industries.
Why do you think we have the likes of a Mayor Bloomberg -for 12 years.
Those two industries dominate the City now, the rest of us exist on the periphery.
I'd stay away from calls of "diversions" and lies if I were you.
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