What Are the Mayoral Candidates Going to Do About This?
"in last 12 months, NY has been the only state w/ a statistically significant increase in its unemployment rate"
Where Mayor Sees Clear Fiscal Skies, Clouds Gather (NYT)To take just one example: The teachers’ contract expired some years back. The Citizens Budget Commission, a business-backed fiscal watchdog, estimates that if the union achieves merely the same 4 percent raise given to other unions, the next mayor will face a $4 billion hit in the first year. And the near-death experiences of 2008 brought few titans closer to God. Revenues on the Street rose in 2009, but have contracted since then, in part because the barons are cannibalizing their profits to push up salaries that are already 5.3 times as much as other private-sector salaries in New York. * Manhattan Borough President Seeks Bonds to Expand Head Start(NYT)
Lawsuit Up 28% In NYC Over the Last 5 Years
Lawsuits against the NYPD rose to a record 2,004 cases, a 28 percent increase in the past fiscal year, and the NYPD has budgeted $180 million to settle claims in 2013, the New York World learns:
Bloomberg Said: "That By Tweeking Mayoral Control of School to Give Other Power, Is Like Saying I Am Pro Choice, But Not For Women"
What Will NYC Next Mayor Do to Replace the Lost Wall Street Tax Revenue?
BlackRock's Bond Shortcut(WSJ) BlackRock plans to launch a trading platform this year that would let the world's largest money manager and its peers bypass Wall Street and trade bonds directly with one another.* Senate Majority Leader Dean Skelos plans to push for another tax cut for small businesses that he believes could save companies $185 million a year, the Post
DiNapoli Forecasts Sharp Decline In Wall Street Bonuses(NYO) * DiNapoli: Wall Street Bonuses Fell 14 Percent in 2011(Albany Watch) * State comptroller Tom DiNapoli reports this morning that financial industry profits fell by a staggering 50 percent in 2011, cash bonuses dropped by 14 percent, and that the city shed 4,300 Wall Street jobs between April and the end of last year. * As Profits Plunge, Wall St. Bonuses Fall Modestly(NYT) * Report Finds Wall Street Bonuses Likely To Drop 14 Percent
2013 Mayoral Candidate Reaction to Coming Cuts in Wall Street Tax Revenue
Wall Street Prepares for Sharp Pay Cut (WSJ) Wall Street pay for 2011 is likely to be the lowest since the financial crisis, amid lackluster bank earnings and weak stock prices. * Wasting time: Garment makers' expo - Greg David on New York | Crain's New York Business
Media Never Asks 2013 Mayoral Candidates How They Will Create Jobs In NY
|NYC has nothing in cupboard if another recession hits ... :|
Fears of a double dip recession; "If we were to back into recession this quickly…we wouldn't have some of the benefits we had last time," said IBO's Lowenstein.
Divining New York’s Fate Should a Double-Dip Recession Hit Renewed Recession Talk of Wall Street layoffs has prompted concerns of a new economic plunge, and this time the city wouldn’t have the benefit of piled-up surpluses.(NYT) * Another round of bank layoffs has prompted new concerns about the stability of NY’s already-fragile financial industry. * NY’s double-dip risk No Padding this time(EJ MaMahon Empire Center) * Double dipper New York City weathered one downturn surprisingly well. How will we fare this time? (Crains NY)
Subway Cops Down Crime Up
Subway cops harder to find as crime jumps (NYDN) The MTA has reduced the number cops patrolling subway stations by 10 percent as crime in those locations has increased 18 percen
The Media Should Be Asking the 2013 Mayoral Candidates What It Takes to Fire A Teacher