Feeling the Recession’s Impact (City Limits)

My first article for the relaunched City Limits, about the doomsday budgets proposed for New York city and state, is up. (It’s actually the second article I wrote for them, but is running first — I blame the suits at Fox.)

Economists say the nation’s recession is technically over, but whether or not the economy is actually on the mend, the recession’s impact on New York City and state budgets is only just beginning. Over the last three months, Gov. Paterson and Mayor Bloomberg have mapped out a set of austerity budgets that would slash billions in spending – with many of the reductions coming from education and social services.

This year marks a watershed for both City Hall and Albany, but for different reasons, says James Parrott, chief economist at the left-leaning Fiscal Policy Institute, which earlier this month issued extensive briefings on both the state and city budgets… [read more]