For Release — March 4, 2010
Business Council says job loss numbers show need for fiscal reform
ALBANY— “The latest numbers on job losses show that New York must cut spending and lower taxes to spark economic recovery in our state,” said Kenneth Adams, president and CEO of The Business Council of New York State, Inc.
According to the New York State Department of Labor's (DOL) revised year-end job loss report, the recession deepened significantly in New York in 2009. The state's average annual unemployment rate was 8.9 percent, the highest since 1992. It was up from 5.3 percent in 2008.
“Last year Albany politicians tried to tax and spend their way out of this crisis by raising taxes and fees by $8 billion. That only made the situation worse. In 2009 we lost 209,900 private sector jobs in New York and next year's state deficit is now projected to be $9.1 billion,” said Adams.
“New York's economy needs relief in the form of lower taxes and lower government spending in order to recover. Any new taxes will slam economic recovery and new job creation," added Adams.
From April 2008 to December 2009 New York lost 352,700 private sector jobs, according to DOL.