NYC Service Cuts and the Bigger Picture
The Commercial Observer reports: Constrained by sharply lower revenues from income, property, and sales taxes, state and local governments across the country are facing another round of spending cuts.
As Dr. Sam Chandan, Global Chief Economist at RCA explains, New York City is no exception to the nationwide strains on public finances. According to Mayor Michael Bloomberg's preliminary budget proposal, released just last month, the city's fiscal imbalance will foment deficits running into the billions of dollars. And yet, while the city's budgetary challenges will undoubtedly require difficult decisions (including the extension and expansion of various real estate taxes), these choices will be made in the context of a local economy that has shown remarkable resilience. Overall, the city has managed its way through a shallower contraction than most other large markets.
View the full article on The Commercial Observer: NYC Service Cuts and the Bigger Picture
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