New York City sees the economic downturns cripple down to the city level. With a gigantic budget totaling about $59 billion, there seems to be an endless supply of money, but Michael Bloomberg is working hard to further reduce costs and cut down on unnecessary spending.
Michael Bloomberg just signed in for the third four-year term and is the voted trusted leader who would lead the city in the right financial direction. He agreed to give 100,000 workers in a union a pay increase of 4% a year. Bloomberg also stated that there would not be any huge layoffs in the city agencies