Posted on 07/31/2009 7:36:19 AM PDT by FromLori
New York's economic slump continues, with the state's 100 wealthiest taxpayers so far reporting half the earnings of a year ago and sales tax revenues dropping by a historic amount, a state budget report released Thursday shows.
The new report from the Division of Budget shows trends combining to create a $2.1 billion deficit just three months after the budget was adopted for the current fiscal year. It also projects a four-year shortfall of $13 billion more than previously forecast.
"Although the budget enacted in April took substantial action to close a combined $20.1 billion budget gap, the fact remains that revenues have continued to fall, and this will force us to make further difficult choices," Gov. David Paterson said. Paterson plans to present a revised budget to the Legislature in September, and said he wants to focus on spending cuts.
State Budget Director Robert Megna said the recovery would be slow and would lag behind the national recovery by months.
The report indicates the state recession will end sometime in the second half of 2010, a bit later than previously believed.
Job losses in the state are expected to continue into next year and the unemployment rate to peak at 9.1 percent in the spring of 2010. Since August, New York has lost 236,000 jobs. The state unemployment rate last month stood at 8.7 percent.
(Excerpt) Read more at news.yahoo.com ...
This is what happens when Liberals, Socialist and Communist get in charge.
Time to raise taxes on all non-ObamaBots. Right, Patterson?
How’s that millionaires tax working out?
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