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NYC Laying Off Thousands - Blame Wall Street?

NEW YORK (WCBS 880 / CBS 2) - Mayor Michael Bloomberg says New York City simply can't afford the size of its current work force.


WCBS 880's Marla Diamond reports

Federal stimulus money used to pay employees will dry up with the new Congress and Greg David, who covers business for Crain's New York, says you can also blame Wall Street.

"Wall Street helped us build this huge public sector in New York," David told WCBS 880 reporter Marla Diamond. "Now that it's shrinking, we don't have much choice but to shrink the public sector as well."


WCBS 880's Rich Lamb on retirement expenses and NYC's budget woes

David expects New York Governor-Elect Andrew Cuomo will have to borrow Bloomberg's budget axe, since Cuomo has made a "no new taxes" pledge with a $9 billion budget gap to fill.

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