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City in Big Budget Hole, Major Job Cuts Projected

Mayor Bill deBlasio

May 6, 2020 By Christian Murray

Mayor Bill de Blasio said that he may be forced to cut frontline workers and other municipal employees if the federal government does not provide funding.

He said that New York City is in a big financial hole and may lack the funds to pay people such as health care workers, first responders and educators. The city is projected to lose $7.4 billion in tax revenue through June 30, 2021, according to the mayor’s executive budget released last month.

“How are we gong to support these people who we need if we don’t have any money,” the Mayor told CNN this morning. “I’ve lost $7.4 billion already and my economy can’t come back until I get that stimulus and get back to normal and provide those basic services,” he told CNN.

His cry for federal help comes just a day after Governor Andrew Cuomo also called on Washington to provide funding for hard hit regions. Cuomo, upset by Republican reticence to provide funding for state and local governments, pointed out that New York State had always provided the federal government with a lot more revenue than what was spent here.

De Blasio’s comments also follow the dark outlook presented by City Comptroller Scott Stringer Tuesday.

Stringer said that the city faces a budget gap totaling $8.7 billion over the remainder of this fiscal year and the next—which ends June 30, 2021.

Stringer also noted that one of in five working New Yorkers will be out of a job by the end of June—and that the unemployment rate will reach 22 percent by the end of the quarter, the highest in the city’s postwar history. He said that the rate will be at about 12 percent at the end of the year.

“There’s going to be a lot of pain and heartache,” Stringer said yesterday.

Stringer said that New York City will lose 900,000 jobs by June 30, 2020 and a number of industries will be hit hard.

He said the hotel accommodation and food services industry will lose 184,300 jobs, followed by 178,000 in retail industry.

He said that the industries that require public interaction are being hardest hit.

The workers in these sectors are already among the most vulnerable and economically insecure,” Stringer said.

Stringer questioned de Blasio’s handling of the $8.7 billion budget hole. He said the mayor was drawing on reserves and making short term, superficial cuts.

He said that the cuts need to be deeper, suggesting each city agency needs to cut back its budget by 4 percent.

“It’s time to get serious,” Stringer said, noting that his office is cutting its budget back by 4 percent.

“We need to do this now to protect our social safety net,” he said, point to the need for sustainable cuts. “We’ve got to do this now to protect programs that serve the most vulnerable New Yorkers.”

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6 Comments

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Extra_Absorbent

DiBlasio & Cuomo (Virgil Solozzo from Godfather) and all their unelected bureaucrats like Lady Chirlane THRIVE and CoreyvJohnson’s NYC DOT have sucked the life out of the city. If Democrats get in next NYC Mayor/Governor election, it’s rigged.

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Anon

According to World Population Review we have 8,323,338 people in NYC 2020 and according to the nyc.gov site “CoVid-19” deaths totalled as of May 7 14, 162. According to census.gov Global population is 7,647,964,000. “CoVid-19” deaths globally according Worldometers and accuweather is 268,560.

These totals prove what everyone’s been saying this was a social experiment governed by fear!
Now your jobs are gone, favorite hangouts closed, not allowed to hangout with friends or family, can’t party, network or pray!
DeBlasio and Cuomo with the other Democrats closed the State and the Country. AOC voted against small businesses getting a federal CARES handout. ( which may have saved some jobs should aid been available).
DeBlasio now says we’re in debt due to lost revenue in taxes. If the state/city does have money that it has to cut more jobs. Do you think unemployment checks are going to last? We have 33.5 million jobless and on unemployment beniefits for NY alone according to The Daily News.
DeBlasio gave his wife our taxes over the years to the tune of 2-3 billion dollars. He should refund our taxes to fix this mess him and his fellow democrats made. And the democrats should stop being paid til this mess is sorted out! Why should they get paid for messing up when other’s suffer for their mistakes?
They are balancing the budget in their favor instead of the people that live here! While trying to control the people and their voice!

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John

Why doesn’t he take a pay cut, like most CEOs are doing? Stop giving his wife and her friends six figure jobs too. Little by little that’ll help the city….

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Anonymous

What do you expect when criminals get gift cards and Mets tickets, illegals free education, free medical care. 1 Billion unaccounted for in programs for homeless. City comptroller not monitoring and approving shady deals for mayor. DeBlasio and majority of city council have allowed the decline of NYC by supporting activists, antifa groups, illegals over legal residents and citizens, criminals over victims. Closing schools and hospital beds, failing infrastructure, but building borough jails instead of renovating Rikers?! There just saved 8 Billion. This mayor is a complete failure and his “progressive” council should not be in the office. Remember what they did next election!

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Abdul Ali

All you and Andy do is chase the producers out of the state .
You have chose this path and now the piggy bank is almost empty.
I suggest Andy and yourself resign ,and take Chuckie with you.
This is not all due to Covid-19 it is that you are incompetent.

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