In New York City, average full-time compensation rose from $65,401 in 2000 to $106,743 – a 63% increase.
“The condition of state and local budgets are in their worst shape since the Great Depression, and if the economy doesn’t turn around quicker than the mainstream believes, we are going to see defaults that will shake the economy to its foundation.
“Only four months into the 2010 fiscal year, 26 states already have deficit problems totaling $16 Billion. This is after the states had to close $178 Billion of budget gaps this past summer. Only 22 states had budgets deficits of less than 20% of their total budgets. At least 9 states are projected deficits for 2011 of at least 20%, and those are often optimistic projections.
“All the easy cuts have been made. Any new cuts will mean sawing into bone.”