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In a rare address Monday to a joint session of the legislature, Mr. Paterson underscored the dire straits of the state's economy. "Frankly, we are running out of money," he said. "All of us assembled in this chamber stand at the last defense to our state undergoing a downward economic spiral that threatens to engulf future generations of New Yorkers." Fiscal experts say the state is facing hard choices this fiscal year and next, when the deficit is expected to balloon to $6.8 billion. With an unemployment rate of 9% and sharp job losses on Wall Street, the state has been hit by a steep drop in personal income taxes, garnering $4.4 billion less than last fiscal year. "We're in a period of extraordinary volatility, because New York is so dependent on Wall Street, dependent on variable things like bonuses," said Matt Anderson, a spokesman for the state budget office. In 2007, the last year measured, tax collections from the financial sector represented as much as 20% of state revenues.
Originally posted by TheCoffinman
im from new york... upstate new york, the leech the bad guy is new york city, not new york state... usk any upstater, we get screwed over constantly because of the attention NYC garners from politicians, business, etc...