Friday, January 30, 2009

Bloomberg's Doomsday Budget UPDATE WITH DETAILS

Here are some additional nuggets from today's presentation...

Job cuts will begin July 1 (which coincides with the start of FY 2010)

Wall St. Losses Could Top $47 Billion in 2008.

The City project 300,000 job losses by 2010.

We all know that the budget situation here in NYC is in deep doo doo. Today at high Noon, Mayor Mike Bloomberg will announce his FY 2010 budget for the City. It's loving being referred to as a 'Doomsday Budget'. Wonderful

NY1 has the gory details.

23,000 job cuts (a large number of teachers)
Raising our sales tax from 8.375% to 8.75%

I'm sure there are service reductions and additional tax increases as well... Just what needs to be done when the economy stinks, raise taxes


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