Dinapoli: Toll of Wall St. meltdown is 225,000 jobs and $6.5 b
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- November
- 24
The Wall Street meltdown will cost New York 225,000 jobs and $6.5 billion in tax revenue, Comptroller Thomas Dinapoli estimated in a report to be released later today.
His assessment is the bleakest yet of the collapse of the state’s most important industry. Other observers have noted that what might make this downturn more serious than those in the last several decades is that it’s unclear the financial sector will snap back and climb to even greater heights, which has been the pattern since World War II.
In terms of tax revenues, the collapse is even more damaging to the state than to New York City, since the state depends more on income-tax revenue than the city does.
Gov. David Paterson is slated to spell out his plans to deal with the disaster when he presents his new budget plan to the Legislature on Dec. 16.
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on Monday, November 24th, 2008 at 10:48 am by Jay Gallagher.
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Jay Gallagher has covered Albany for Gannett News Service since 1984 and has been Albany Bureau chief since 1989. He`s a native of the Boston area and likes to point out that in this millennium, the score is Red Sox 1 championship, the Yankees 0. 
Cara Matthews has been a statehouse correspondent in the Albany Bureau since August 2005. Prior to that, she covered Putnam County government and politics at The Journal News for nearly five years. Before that, she worked at newspapers in Connecticut and covered the state Legislature for one of them. 
