15 Scary Reasons Why It's NEW YORK That's The Next Greece

miss universe babes empire state building

Unprincipled speculators — as Greece PM Papandreou called them — may want turn their attentions closer to home.

New York faces a fiscal crisis, with a balanced budget six weeks overdue. An ongoing stalemate will damage the state’s good credit rating. Your best chance to short the Empire State is next week when $510 million of bonds go on sale.

New York could be as screwed as California and that is scary.

Since April 1, the state has operated on week-to-week emergency spending bills

Source: Businessweek

Paterson will furlough 100,000 state employees for one day per week -- until unions give in to pay cuts

Source: Businessweek

But Unions are suing -- and a federal judge suspended the furloughs last night

Source: NY Daily News

New York needs to close a $9.2 billion deficit for the current fiscal year

Source: NY Daily News

899 state employees get paid more than the Governor -- including the assistant VP of Hospital Affairs at SUNY

New York can't fire ANY state employees until 2011 -- thanks to a deal Paterson cut for pension reductions

Source: NYT

New York's long-term debt is grave: $120 billion in unfunded pensions and benefits

More than 1,000 retired teachers receive pensions of over 100k

Source: SeeThroughNY

Comptroller DiNapoli admits: New York hid billions through budget sweeps and other fiscal tricks -- and lost track of how big the debt really is

Draconian budget cuts will close 55 state parks and historic sites in FY2011

Source: NY Parks

Mayor Bloomberg is launching his own austerity budget and cutting 11,000 city jobs

Source: NY Daily News

Unlike Uncle Sam, New York can't just print money to stave off debt

New Yorkers blame the rest of the Union: they pays $1.23 in federal tax for every $1 in federal spending

Source: Tax Foundation

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