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July 28, 2008
THAT '70S WOE IN RERUN
GOV WARNING OF WORST ECONOMY IN DECADES
NY Post
by Fredric U. Dicker
The Post's political maven claims an exclusive on the news that Governor Paterson is going to toss a bucketful of cold water on New York's already-ailing economic psyche.
Gov. Paterson, convinced the state faces its worst fiscal crisis since the mid-1970s, will deliver the grim news in an unprecedented special address to New Yorkers as soon as tomorrow night, The Post has learned.
The governor's address - which his aides hope will be televised by public and cable news stations - will say that plunging state revenues will force painful cuts in state services, necessitate a reduction in the state work force, possibly through layoffs, and require other difficult economic measures, source said.
Paterson is also expected to announce that he's ordered state agencies to slash spending beyond the relatively modest 3.3 percent cuts he ordered in late spring.
NoLandGrab: So, what'll it be? We need this luxury-suite-filled arena more than ever in these tough economic times? Or, Atlantic Yards, an unsupportable commitment of public funds at a time when we all need to be tightening our belts? You can bet that Forest City Ratner's lobbying machine is going all out to convince the Gov that the Net's net is positive for state coffers.
Posted by eric at July 28, 2008 12:38 PM