Recession End In Late 2009, State Predicts
New York’s budget analysts predicted today that the national recession will end in the third quarter this year, but the state’s finances will still take years to recover, particularly after federal stimulus aid dries up.
Estimates from the state Budget Division show modest budget gaps for New York government next fiscal year, but higher deficits in future years – as much as a $13.7 billion gap in the 2012-13 fiscal year when federal stimulus money runs out.
Gov. David Paterson’s budget analysts sought today to put a positive spin on the recently completed 2009-10 spending plan, which closes a $17.7 billion budget gap – the biggest deficit in state history.
“The economy is still very uncertain. We do hope we’re seeing a turning point, but we don’t know what the future holds for us,” said outgoing Budget Director Laura Anglin. “And we’re still very cautious as we move forward and believe that we are positioned well for the future.”
Paterson was widely criticized for a budget process that was deemed secretive and lacking in fiscal discipline. But Paterson’s aides said the budget cut spending and raised new revenue without eliminating vital services.
The 2009-10 fiscal year, which started April 1, hopes to raise $4 billion through increases in income taxes on the wealthy as part of $5.3 billion in new taxes and fees. It also eliminates a $1.7 billion property-tax rebate program that provided rebate checks to homeowners.
The budget uses $6.2 billion in federal stimulus aid to help balance the budget.
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The projections i saw 5 months ago – guessestimated this ‘recession’ would end in mid 2010. BUT THIS WAS BEFORE THE MARXIST/FASCIST PREZ BARACH’incurably-dishonest’OBAMA GOT INVOLVED WITH HIS STIMULUS CRAPPOLA TO ENCOURAGE JOBS.[by-the-by jobs created for approx. $1TRILLION DOLLARS OF STIMULUS DEMBHOLE PORK SCHIESS=O]THIS WAS ALSO BEFORE GM BECAME GOVERNMENT MOTORS FOR $15+BILLION DOLLARS AND STILL COUNTING AND CHRYSLER SUCKED-DOWN $5BILLION+DOLLARS SO IT WOULDN’T GO BANKRUPT WHICH IT DID TO BENEFIT THE UNION THUGS+DEMBHOLE CONGRESS. A REAL SUCCESS STORY EH FOR ‘the OBAMA’??? Ha. Lets’ not forget the untold $BILLIONS to AIG, CITICORP, BANK-of-AMERIKA, GOLDMAN-SUCKS, & other BANKS now ‘FEDERALIZED’ even though PREZ BARACH’pet-monkey-on-the-leash-of-financier-convicted-fraudster-monied-organ-grinder-George”im-having-a-very-good-crisis”Soros-while-making-$billions-while-you-suffer’OBAMA never wanted the MARXIST takeover of AMERIKAN private industry!!! All hail our new FASCIST COMRADE-in-CHIEF STALIN=’the OBAMA’. Ugh.
afer the 1929 crash the market recovered pretty well
in the next 2 years..then it went down and stayed
down..this may or may not be similar
This whole debacle began with the sin of exuberant leverage. People bought things on credit that they couldn’t afford and didn’t understand, and greedy millionaires bought even bigger things on leverage that they could not meet margin calls on. They pushed their leveraged junk on the unsuspecting who pushed it again on to the more unsuspecting and on and on until it was a world-wide Ponzi scheme. Tulip mania, anyone? Now that the government is throwing trillions at the problem, prepare for the next big problem that will fill the headlines in a few years – the inevitable coming tsunami of inflation.
to ed1 and others – Unfortunately the problem could be even worse than INFLATION – that is DEFLATION!!! WITH ALL THE AVAILABLE MONIES SUCKED-INTO THE ‘FED’ BUYING FORMERLY PRIVATE BUSINESS – CONSUMERS WILL’VE NO MONEY ON THEIR OWN TO BUY ESSENTIALS. Think of the stories of the 1920’2-30’s where bread in GERMANY cost a wheelbarrow full of money!!! YES it will haapen here under the ‘oh-so-smart’ PREZ BARACH’incurably-dishonest-return-wealth-to-rightful-owners’OBAMA!!! Think again – watch your TAX MONIES thrown down the ‘ratholes’ of CHRYSLER[now run by UNION THUGS&DUMB-DEMBHOLES]and GM[now GOVERNMENT MOTORS!!!]Ha.