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.”