Thompson says New York has been trailing the rest of the country during this economic dowturn, and his team doesn't believe the city will see the bottom until the beginning of 2010. See the accompanying video for the full interview.
To deal with the downturn, New York has cut its budget three times this year, but Thompson says there soon will be no more fat to cut.
“At a certain point you cut bone, and that’s the problem, and what you don’t want to do is reduce city services to the point where people want to leave New York City,” he said.
Thompson favors a federal bailout package for cities and municipalities. He says an investment in infrastructure would put people to work, rebuild cities and help cities retain their residents.
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