Monday, January 5, 2009

Cutting The Apple To The Core

The city’s budget gap has grown from $2.3 billion to $4 billion for fiscal years 2009 and 2010. That means significant budget cuts and layoffs loom. It means fewer government jobs, which is generally a good thing. It means fewer services for residents, which is generally a bad thing. Mayor Bloomberg said, “We just don’t know what the future is going to hold.” A New York City political insider believes he knows. He said that the recently term-limit-extended mayor is up for re-election in November 2009. He thinks we can expect to see reasonable cuts up to early 2010. However, in fiscal year 2011 (beginning on July 1, 2010) a “huge disaster” is coming because of a projected $5 billion dollar deficit. Nobody can know the city’s financial future for sure or how it will impact all of us. Maybe a memorable quote in 1982’s Rocky III will ring true for New Yorkers in the years to come. In the movie, Mr. T’s character, “Clubber Lang” was asked to make a fight prediction. His quote? “PAIN.”

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