NYC budget shortfalls

Mayor Michael Bloomberg said that NYC would prepare for the gloomy fiscal forecast by cutting spending 5.6 percent and delaying some capital outlays. "In the months ahead, we-ll have to keep a close eye on the economic indicators and take whatever steps are necessary to keep our budget for fiscal year 2009 in balance and keep our city moving forward," he said Monday, presenting the city-s financial plan to the state Financial Control Board. The bad news was to continue Tuesday when Gov. David Paterson prepared to discuss the state-s financial straits. As for the city, Bloomberg said that even if he rescinds the 7 percent property tax cut that was approved a year ago, the city faces budget shortfalls of $5.2 billion in fiscal year 2011 and $5.1 billion in fiscal year 2012. "Every economic indicator says that we have a problem and that we should act in advance of the problem," Why is it that New York City is in a recession and projecting Billions of dollars in shortfalls out to 2012, along with curtailing spending and delaying some capital outlays, while Miami Springs is INCREASING its capital outlays, debt, and spending? How RIDICULOUS is that? These guys are depriving a circus somewhere of some serious clown buffoonery. City officials are apparently the only ones in the nation who DONT know that we are in a recession and need to tighten our fiscal belt. Or perhaps, they DO know, but just dont care because they plan to raise our taxes and fees anyway to cover their butts? Is it possible that they DO know, but dont care because realizing their personal and political legacies is MORE important to them? Perhaps it is ALL OF THE ABOVE.