Not A Good Time To Be A New Yorker
New York City Mayor Michael Bloomberg announced last week that as much as 7,000 city jobs could be slashed. These jobs cuts are already on top of a 1,300 workforce reduction the Mayor has already ordered. The reason behind such drastic measures is the fact that the Big Apple has seen tax revenues decline, leaving city coffers short.
The NYPD and FDNY face a 5 percent cut while city schools face a 1.4 percent cut. Other agencies are expected to have higher numbers.
Bloomberg says layoffs can be avoided if he can raise the sales tax (already the highest in the nation, I believe), work with the unions to create less generous pensions, and believes that city employers should pay 10% of their health insurance premiums.