Jonathan Morduch Lectures at Asian Development Bank Institute
Lt. Gov. Ravitch sizes up state deficit at Rudin Center forum
"Lt. Gov. Richard Ravitch's appearance at an NYU forum yesterday was overbooked almost as soon as it was announced, and the audience wasn't disappointed as Gov. Paterson's No. 2 let loose on a variety of subjects." So began a Crain's Insider dispatch on Ravitch's bracing, widely reported discussion Oct. 28, 2009, at NYU Wagner on New York State's huge budget challenges and the implications for the Metropolitan Transportation Authority, which he formerly headed, the $2 transit fare, and the controversial idea of introducing East River bridge tolls.
Ravitch, a major figure in the development of fiscal practices in the city and state since 1970s, offered his assessments with Wagner's Professor Charles Brecher (moderator) as a guest of the Rudin Center for Transportation Policy & Management, housed at the school, and the Center's director, Anthony Shorris, who previously headed the Port Authority of New York and New Jersey. "The State of New York," Ravitch said, "has in the remainder of this fiscal year a deficit of $4 billion--$3 or $4; people argue about it," he said, speaking to students and transportation professionals at NYU's Rudin Center for Transportation Policy. "Next year it's between $7 and $8 [billion], assuming revenues level off. The year after that, when the stimulus bill no loner provides any one-shots for the State of New York, the deficit will be between $15 and $18 billion. These are numbers that are unprecedented."