Joan's Feed
Feb 2, 2011

NYC mayor proposes less generous pension plan

NEW YORK (Reuters) – New York City’s newly hired public workers would get less generous pension benefits, have to pay more for them and work longer to get them, under a plan Mayor Michael Bloomberg proposed on Wednesday.

Like many mayors and governors around the nation, Bloomberg has been painting a dire picture of the skyrocketing costs of public pensions. Last month he estimated that it would cost $7.05 to ride the subway — instead of the current $2.25 — if the fares had risen at the same pace as pensions since 2001.

Feb 1, 2011

NY’s Cuomo slashes spending, freezes taxes in budget

NEW YORK (Reuters) – New York Governor Andrew Cuomo proposed laying off nearly 10,000 state workers and cutting billions from education and Medicaid as he laid out his first budget on Tuesday, designed to close a $10 billion deficit.

The Democratic governor proposed no new or increased taxes in the $132.9 billion budget plan, which would shrink the current budget ending March 31 by 2.7 percent. If the budget plan holds, it would mark the first spending decrease since 1997.

Feb 1, 2011

Snap Analysis: Cuomo pleases credit-watchers with NY budget

NEW YORK (Reuters) – New York Governor Andrew Cuomo pleased credit experts with his deficit-eliminating budget plan on Tuesday that could reduce state spending for the first time in 14 years, though some warned much could change in negotiations with the legislature.

If the Republican-led Senate and Democratic-controlled Assembly enact the Democratic governor’s plan, the state’s budget would shrink 2.7 percent to $132.9 billion.

Feb 1, 2011

Governor Cuomo’s budget seeks to reverse past “shams”

NEW YORK (Reuters) – New York Governor Andrew Cuomo unveils his first budget plan on Tuesday, giving him the opportunity to alter a process he labeled as a “sham” that leads to runaway spending and deception similar to what he uncovered on Wall Street.

The Democratic governor, who has vowed to not raised taxes, faces the challenge of closing a $10 billion budget gap via spending cuts, primarily in education and healthcare. The current budget, which extends to the March 31 end of the fiscal year, totaled $136 billion.

Feb 1, 2011

NY’s Cuomo’s budget seeks to reverse past “shams”

NEW YORK, Feb 1 (Reuters) – New York Governor Andrew Cuomo
unveils his first budget plan on Tuesday, giving him the
opportunity to alter a process he labeled as a “sham” that
leads to runaway spending and deception similar to what he
uncovered on Wall Street.

The Democratic governor, who has vowed to not raised taxes,
faces the challenge of closing a $10 billion budget gap via
spending cuts, primarily in education and healthcare. The
current budget, which extends to the March 31 end of the fiscal
year, totaled $136 billion.

Jan 31, 2011

Cuomo calls New York budget process a “sham”

NEW YORK, Jan 31 (Reuters) – New York Governor Andrew Cuomo
called the state’s budget process a “sham” that leads to
runaway spending, saying it resembles some of the deceptive
practices he uncovered on Wall Street.

The governor criticized rules that automatically increase
spending for expensive items such as education and the
healthcare entitlement Medicaid, saying reasonable limits could
eliminate most of the state’s $10 billion deficit on a $136
billion budget.

Jan 19, 2011

Bloomberg threatens veto of city workers’ wage hikes

NEW YORK (Reuters) – New York City’s public workers will not get wage hikes unless they accept less generous pension and health benefits, Mayor Michael Bloomberg said on Wednesday.

The independent, criticized in his first two terms for agreeing to generous pay increases for public workers, made the comments in his annual State of the City address.

Jan 19, 2011

NYC mayor threatens veto of city workers’ wage hikes

NEW YORK, Jan 19 (Reuters) – New York City’s public workers
will not get wage hikes unless they accept less generous
pension and health benefits, Mayor Michael Bloomberg said on
Wednesday.

The independent, criticized in his first two terms for
agreeing to generous pay increases for public workers, made the
comments in his annual State of the City address.

Dec 16, 2010

NYC adds 14,000 private jobs vs 9,300 in New Jersey

NEW YORK (Reuters) – New York City private employers hired 14,000 workers in November, outpacing New Jersey, whose governor just one day ago took credit for the addition of 9,300 employees.

However, New York’s Norman Steele, deputy director of research and statistics, in a statement on Thursday said that New York on the whole has recently had a saw-tooth pattern of gains, which he said mirrored the national experience.

Dec 16, 2010

NYC faces $17 billion of budget gaps from 2011 through 2014

NEW YORK (Reuters) – New York City might have to close $17 billion of budget gaps from fiscal 2011 through 2014, the city comptroller said in a report on Wednesday, despite a series of spending reductions and service cuts.

Though last month Bloomberg announced 6,000 layoffs over 18 months and $1.5 billion of budget cuts, Comptroller John Liu said the biggest danger with the city’s forecasts was its reliance on teachers and school administrators agreeing to no wage increases for the first two years of the next contract.