THAT '70S WOE IN RERUN
GOV WARNING OF WORST ECONOMY IN DECADES
ALBANY - Gov. Paterson, convinced the state faces its worst fiscal crisis since the mid-1970s, will deliver the grim news in an unprecedented special address to New Yorkers as soon as tomorrow night, The Post has learned.
Emphasis added by me.
And:
"The situation is worse than anyone realizes," said a source close to Paterson.
Emphasis added by me.
And:
Paterson warned last week that Wall Street bonuses - a major source of state tax revenue - will likely drop by 20 percent or more this year.
A day later the state Financial Control Board said New York City's projected two-year deficit had grown by a whopping $4 billion because of Wall Street losses and the economy's overall decline.
Emphasis added by me.
It's just the beginning.
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