Topic: Richard Ravitch
Since June 2009, 504,000 jobs have been cut among municipal employees. Public-sector reductions at the local level have subtracted almost a quarter of a percentage point from annual GDP each of the past four years.
Dogged by a scandal involving a close aide, Gov. David Paterson dropped out of the New York governor's race Friday. However, he vowed to serve out his term and swore he had not abused his office 'not now, not ever.'
New York Gov. David Paterson, already facing low poll numbers, now is dealing with reports that state police may have interfered with a domestic-violence investigation involving an aide. The state cabinet official who oversees the state police resigned Thursday.
Critics of the New York governor's move say he doesn't have constitutional authority to do that. A court hearing is scheduled for Friday.