In an attempt to address a $4 billion budget gap for 2009 and 2010, Bloomberg
announced his plans to trim the fat out of the New York City's budget
through measures that include reversing a 7% property tax reduction
previously implemented and cutting more than 4,000 city jobs, including
NYPD officers.
"We will not let our city return to the dark days
of the 1970s when the fiscal crisis all but destroyed our quality of
life," Bloomberg said, referring to the fiscal crisis that New York
City suffered under Mayor Abraham D. Beame that inspired the
once-controversial New York Daily News headline, "Ford to City: Drop
Dead," when his pleas for federal help went unfulfilled.
As a city whose tax revenues
rely heavily upon the revenue generated by Wall Street firms,
the cuts may be one of the limited options that Bloomberg has in his
attempts to avert a municipal meltdown. Still, one is left to wonder
what the costs of these measures will be for New York City in the long
run. Preventing a financial crisis certainly requires swift action from
any leader put to the challenge, but only time will tell if the end
will justify the means. -
Carolyn Okomo
Comments
Immediately following his controversial push to eliminate term-limit laws
that would allow for his possible third administration, New York City
Mayor Michael R. Bloomberg is now poised to make another big scale
move: cutting the Big Apple's ballooning $60 billion budget to avert
bankruptcy.
The sad thing is, all 50 states and all of our companies are going to be facing this same decision if we don't quit spending more then we make.
Virgil
http://www.KeepAmericaAtWork.com