New York Is Open for Business
David A. Paterson’s first year as governor of New York can be aptly characterized as a baptism by fire. He’s had to contend with a financial firestorm that has torched the fortunes of Wall Street—and with it a huge chunk of much-needed state tax revenues. Like governors across the nation, New York’s first African American chief executive seeks to correct the largest budget shortfall in state history. His proposed $121 billion budget with its massive tax hikes, huge service cuts, and other “extreme measures†continues to fuel fiery debate among state legislators, public employee unions, and citizen groups. (At press time, Paterson was seeking to use federal stimulus funds to retool his budget proposal.) In early March, his approval rating stood at 26%.
