Doug Turetsky

Why has David Paterson sounded so much more alarmed over the grim news about Lehman and AIG than Michael Bloomberg?

Paterson has said he may call another special session of the legislature to make further cuts to the budget, and earlier today he compared this crisis to the 1930s. By contrast, at a press conference yesterday, Bloomberg said, “The world is not coming to an end here.”

There are two reasons the governor sounds more pessimistic, according to Doug Turetsky of the Independent Budget Office.

Turetsky said the state is more reliant on taxes that are sensitive to the business cycle (like business income taxes, personal income taxes, property transfer tax, and sales tax).  read more »

Here's Doug Turetsky of the Independent Budget Office yesterday, explaining what to expect from the report his office put out about possible cost-saving measures the city could take.  read more »

 

Here’s Doug Turetsky of the Independent Budget Office explaining that the financial projections coming out of his office and those coming from the mayor’s office are essentially the same.

The massive capital budget that the City Council passed in June had an extra $50 million or so in it for the Yankees to spend on their new stadium this year, though the Parks Department is saying that the city's total contribution over the next three years--about $160 million--will not change.  read more »