Wall Street being the lifeblood of the city and all that, the state of financial jobs is, one notices, a topic of concern. This being so, here comes the bad joss from the Independent Budget Office of New York:
Wall Street securities firms will emerge from the current recession in a down-sized mode, with few of the jobs cut replaced by 2013, even as the industry returns to profitability next year, a New York City fiscal monitor said in a gloomy report released on Wednesday.
The city faces a decline in tax revenues of $2.5 billion in the current fiscal year, and a further $2.2 billion decline in the 2010 fiscal year, due to the Wall Street job cuts, a drooping real estate market and lower business taxes, the city's Independent Budget Office said in the report.
The projected decline for the current fiscal year ending on June 30 represents a 6.6 percent decline in tax revenues, according to the watchdog's report.
"This back-to-back decline -- which follows a year, 2008, of essentially no tax revenue growth -- would mark the first time in at least three decades that the city experienced consecutive years of falling tax revenues," the Independent Budget Office said in the report.
Of course, we already know that the collapse of revenue is both a federal and state problem at this point and after we are done bailing out California it is easy to suspect there may be nothing left in the royal purse. Then what?
Wall Street Seen Replacing Few Of Jobs Cut By 2013 [The New York Times]