NY mayor orders more than 6,000 layoffs over 18 months

[Elmore Furth]

Source: Reuters

New York City Mayor Michael Bloomberg announced $1.5 billion in budget cuts and layoffs on Thursday, saying the actions will narrow the city's budget shortfall for the upcoming fiscal year to $2.4 billion.

The mayor's November Financial Plan update includes 889 layoffs this fiscal year, which ends June 30, and an additional 5,312 layoffs in the next fiscal year. In addition, the city will leave vacant 1,213 positions this year and almost 3,000 vacant positions next year.

"We face a significant challenge for next year, as federal stimulus dollars run dry and the city still suffers from the impacts of the national economic downturn," Bloomberg said in a statement.

Bloomberg said the plan reflects an expected $1 billion increase in pension expenses beyond what was projected in July's budget, as well as a $180 million increase in the cost of the city's Medicaid obligations.



Read more: http://www.reuters.com/article/idUSTRE6AH50820101118

[hack89]

1. When you depend on taxing Wall Street incomes

bad things happen in recessions.

[DesertFlower]

2. i don't know what to say except i feel sad.

[DissedByBush]

3. That's 1.5% of employees

NYC has over 400,000 public employees.