Paterson: State faces toughest economic times in nearly a century
Story Created:
Jan 7, 2009 at 4:59 PM EST
Story Updated:
Jan 7, 2009 at 6:39 PM EST
ALBANY, N.Y. (WKTV) - Governor David Paterson delivered his first State of the State Address Wednesday, telling New Yorkers we are facing the toughest economic times since the Great Depression.
The Governor said New Yorkers should, however, remain optimistic because the state has pulled itself out of tough times before.
Paterson says the state has an historic economic challenge ahead of it. Despite that, Paterson pledged to increase programs such as education and health care for more New Yorkers. To help accomplish those goals, the Governor said the state will need help from the federal government.
"If we can't spend more we'll have to spend more effectively." Paterson said.
Paterson says the state deficit increased by $60 million per day in the last four months of 2008. The Governor says that was due in large part to 20% of the states tax revenue from Wall Street being lost.
Paterson delivered even more grim news, saying before the light gets brighter, an estimated 225,000 New Yorkers will be laid off.
Despite that, Paterson urged a room full of elected leaders from all over the state to remain hopeful.
"Every New Yorker has experienced pain and adversity, but hope and courage forge our character," Paterson said.
"This is a time for hope and courage, but more importantly a time for action."
Paterson also said he will ask the federal government to help in expanding the states "Family Health Plus Plan" by $226,000.
He also promised to help more New Yorkers go to college who can't currently afford it, by increasing the student loan program by $35 million.
Paterson also talked at great length about making 45% of New York State use renewable energy by the year 2015.
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