Can the state spend hyperbole?
During a radio appearance today, David Paterson compared the state's fiscal situation to the Great Depression. "We may be as challenged as we have been since the Great Depression," said the Gov.
Um, really?
The economy, especially Wall Street, does seem to be having a tough time lately and the state is facing a pretty big budget gap, but are things even close to being Great Depression bad? During that period, unemployment nationally was 25 percent. US GDP was almost cut in half. There were hunger riots. It seems like we still have a way to go before things are that bad.
By the way, Paterson has put together an economic council to help the state figure things out. It's mostly made up of financial titans and wonks from downstate, but it also include a few people from upstate, among them Bob Ward from the Rockefeller Institute in Albany.
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Comments
Ha! That's the best headline ever.
... said Rob on Aug 19, 2008 at 4:36 PM | link
Wait, I'm not used to this whole Great Depression comparison thing. I thought comparing people to the Nazis or Hitler was the in thing to do. Gosh, I'm so unhip!
... said Pantaloons on Aug 19, 2008 at 10:08 PM | link
Would this then be called the "Greater Depression", or "Almost as Depressing Depression"? Perhaps if the entire country were to begin taking anti-depressants we'd find a way out of this, um, kind of depression.
... said Barold on Aug 20, 2008 at 10:33 AM | link
Im so confused.... Malcom Smith tries to sell the NYSenate, to the highest bidder amongst the lobbists, and Gov. Paterson talks about cutting growth of the budget, ... um thats like Republican sounding... all the way around. Help me out here... Oh.. wait Shelly Silver wants to tax the rich... awwww a Democrat...
But shouldnt he be gone too? along with Pataki, spitzer and Joe?
... said HR green on Aug 20, 2008 at 12:44 PM | link