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The economic downturn has not yet found a bottom, according to New York City Comptroller William C. Thompson Jr., who says huge job losses still lie ahead for the city.
“We’re projecting over the next two years probably about 165,000 jobs may be lost—of that probably about 35,000 on Wall Street,” he said.
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.
More news from CNBC.com:
- Where the Job Losses Are: Is Your Firm Cutting?
- Ten States with Highest Unemployment Rates
- Consumers Cancel Dining Out, Cut Shopping to Pay Debt
- Recession Hits Small Business Owners
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