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Text and Graphics: SOLVEIG WILDER

B A L A N C I N G T H E G O T H A M C I T Y B U D G E T A BUDGET PLAN OF, BY AND FOR COSMOPOLITANS. Text and Graphics: SOLVEIG WILDER Submitted to: MANNY TIRADO, Professor of Computer Applications for Political Science at the CUNY GRADUATE CENTER FOR WORKER EDUCATION on October 30, 2008.

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Text and Graphics: SOLVEIG WILDER

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  1. B A L A N C I N G T H E G O T H A M C I T Y B U D G E TA BUDGET PLAN OF, BY AND FOR COSMOPOLITANS Text and Graphics: SOLVEIG WILDER Submitted to: MANNY TIRADO, Professor of Computer Applications for Political Science at the CUNY GRADUATE CENTER FOR WORKER EDUCATION on October 30, 2008

  2. HIGH OIL PRICES triggered … AN INCREASE IN FOOD PRICES which resulted in … GLOBAL INFATION which triggered … A SUBSTANTIAL CREDIT CRISIS which caused … MAJOR BANKRUPTCIES AND STOCK MARKET FAILURES which has led to … INCREASED UNEMPLOYMENT AND HOUSING FORECLOSURES which could culminate in … A GLOBAL RECESSION ! ! ! I T S E E M S T H E R E I S A“ 2 0 0 8 G L O B A L E C O N O M I C C R I S I S ”

  3. IN EUROPE several major financial institutions have failed or have needed rescuing. IN ASIA, despite concerted efforts to sufficiently de-couple from the Western financial systems,countries have seen their stock markets suffer and currency values spiral downward. IN LATIN AMERICA there will be much slower growth than expected as a result of a loss of trade to the US, which absorbs 50% of all Latin American exports. IN THIRD WORLD NATIONS financial instability coupled with a rise in food prices have resulted in high fuel costs and soaring commodity prices. “ R I P P L I N G E F F E C T S “ A R E B E I N G F E L T A R O U N D T H E W O R L D 1 1 See GLOBAL ISSUES

  4. THE DEMISE OF LEHMAN BROTHERS,a global investment bank, triggered... THE RUSHED SALE OF MERRILL LYNCH, a leading global financial management and advisory company, which forced … BANK OF AMERICA, the buyer and leading financial institution, to cut thousands of jobs, which necessitated… AMERICAN INTERNATIONAL GROUP (AIG), a global insurance and financial service, to be taken over by the federal government, which could not stop… A NATIONWIDE CREDIT CRISIS ! ! ! I N T H E U N I T E D S T A T E S, T H E D O M I N O E S A R EF A L L I N G O N E R I G H T A F T E R T H E O T H E R 2 2 See TIME BUSINESS & TECH

  5. NEW YORK CITY will be hardest hit because Wall Street supplies 9% of its revenues, employs 5% of its workforce, and pays 20% of its wages. MAYOR MICHAEL BLOOMBERG announced on October 3rd that there will be a $2.3 billion dollar budget gap 3. GOVERNOR DAVID PATERSON said later that same day that the crisis on Wall Street will create a budget “emergency” throughout New York State 4. LOS ANGELES will be hard hit because it is a hub for sub-prime mortgage lenders. Since 40% of homes now sold are foreclosures, new construction has nearly come to a halt. Unemployment has risen from 5% to 7.9%, and joblessness is up from the statewide average of 7.7% to 9.2% 5. MAINSTREET MUNICIPALITIES with large percentages of residents working in finance, real estate, insurance, and leasing(i.e.,Darien CT, Bloomington IL, and Hoboken NJ) must cope with a sudden big drop in tax revenues6. T H I S G L O B A L E C O N O M I C C R I S I S I S H U R T I N GM U N I C I P A L I T I E S N A T I O N W I D E 3 SeeBLOOMBERG.COM 4 SeeNEW YORK POST 5 SeeDEADLINE USA 6 SeeYAHOO NEWS!

  6. G O T H A M C I T Y W I L L B E H I T H A R D A S W E L L B Y T H E G L O B A L E C O N O M I C C R I S I S

  7. To deal with “the gravest economic crisis since the Great Depression,” Congress passed a “rescue package” on October 3, 2008. The Treasury Department will receive $700 billion dollars to dole out: • A $200 billion dollar bailoutof mortgage lenders Fannie Mae and Freddie Mac; • An $85 billion dollar loan to AIG; and • A $29 billion to bail out of Bear Stearns. • The legislation places "reasonable" limits on severance packages for executives of companies that benefit from the rescue plan. • The government will receive stock warrants in return for the bailout relief, giving taxpayers a chance to share in financial companies' future profits. However, there are no guarantees that the tax dollars we invest will be paid back. D R A S T I C S T E P S A R E B E I N G T A K E N I N T H E U . S .T O D E A L W I T H T H E G L O B A L E C O N O M I C C R I S I S 7 7 See THE INDEPENDENT WORLD

  8. MAYOR MICHAEL BLOOMBERG PLANS TO INCREASE PROPERTY TAXES AND FORCE ALL AGENCIES TO: • Cut spending by 2.5% to save $500 million dollars from this year’s fiscal budget; • Cut an additional 5% from their budgets during the next fiscal year to save $1 billion dollars. • THESE “ACROSS THE BOARD” CUTS MEAN THAT: • The Parks Department will lose$6.7 million; • The Department of Homeless Services will lose $7.8 million; • The Department of Transportation will lose $11.9 million; • The Fire Department will lose $33.8 million; • The Department of Education will lose $185 million. D R A S T I C S T E P S A R E B E I N G T A K E NI N N E W Y O R K C I T Y 8 8 See NEW YORK TIMES

  9. G O T H A M C I T Y C O U L D B A L A N C E I T S B U D G E TT H E N E W Y O R K C I T Y W A Y

  10. H O W T A C K Y ! ! !

  11. IN ORDER TO CLOSE A $17.2 BILLION DOLLAR BUDGET GAP, GOVERNOR ARNOLD SCHWARZENEGGER SLASHED GOVERNMENT SALARIES “DRAMATICALLY” AND ORDERED THE FOLLOWING9: • The Department of Education budget will be reduced by $4 billion dollars through cuts to cost-of-living increases; • Health and Human Services must make 20% cuts across the board; • All reimbursement for Medical providers that treat Medi-Cal recipients must be cut by 10%, making it harder for the 6.6 million children, parents, seniors & people with disabilities to get the care they need by reducing access to providers; • A change in Medical eligibility rules that will deny coverage to parents earning very low wages (from $11,000 to $18,000/year for a family of three). D R A S T I C S T E P S A R E B E I N G T A K E NI N C A L I F O R N I A 9 See US NEWS AND WORLD REPORT

  12. G O T H A M C I T Y C O U L D B A L A N C E I T S B U D G E TT H E C A L I F O R N I A W A Y

  13. H O W G A U C H E ! ! !

  14. With falling revenue from sales, income and property taxes, cities and towns are laying off tens of thousands of government employees10. • Cutting just 1% of government jobs in cities, towns, and states nationwide will result in a job loss of almost 200,000 people, which is much more than the job losses in battered sectors like auto manufacturing or home construction in the past two years. • In states, towns and cities not yet laying off people, hiring freezes and early retirement packages are now common. • Tennessee state and local officials are cutting 2,000 jobs, or about 5% of the state's government work force; • New Jersey state and local officials are cutting 3,000 jobs; • Ohio state and local officials are cutting 2,700 jobs; • Michigan state and local officials are debating selling the Detroit-Windsor Tunnel to save 1,500 jobs. D R A S T I C S T E P S A R E B E I N G T A K E N B Y M A I N S T R E E T M U N I C I P A L I T I E S N A T I O N W I D E 10 See CNN MONEY.COM

  15. G O T H A M C I T Y C O U L D B A L A N C E I T S B U D G E TT H E M A I N S T R E E T W A Y 11 See BROOKLYN BRIDGE-HISTORIC OVERVIEW

  16. H O W D É C L A S S É ! ! !

  17. G O T H A M C I T Y W I L L B A L A N C E I T S B U D G E TT H E C O S M O P O L I T A N W A Y LET’S PUT ON A SHOW! LET’S PUT ON A SHOW!

  18. Experts warn that Special Events can cost more than they make12. However, many of the pitfalls of Special Events do not apply to Gotham City13. • Municipalities like Gotham City can make lots of in-kind contributions, including free venues and a wealth of resources; • Municipalities can exchange things like college credits and fee waivers in exchange for free labor; • Municipalities like Gotham City can exchange free advertisement for in-kind contributions made by private companies; • Volunteering with municipalities like Gotham city can provide invaluable networking opportunities and experience. G O T H A M C I T Y I S A S K I N G I T S I N N O V A T I V EC I T I Z E N R Y T O L E N D A H E L P I N G H A N D 12 See CHARITY NAVIGATOR 13 SeeSTEP-BY-STEP FUNDRAISING

  19. IF W E O R G A N I Z E 2 7 C I T Y W I D E E V E N T SA N D R A I S E $ 1 0 0 , 0 0 0 P E R E V E N T 14 14 See SPECIAL EVENTS FUNDRAISING OVERVIEW & HISTORY

  20. $1,057,212,058 FOR “DEBT SERVICES”?!!! A N D I F W E D U M P T H E E N T I R E G O T H A M C I T YO F F I C E O F B U D G E T & M A N A G E M E N T

  21. G O T H A M C I T Y W I L L H A V E A B A L A N C E DB U D G E T W I T H M O N E Y T O S P A R E ! ! !

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