Governor David A. Paterson issued the following statement regarding the unemployment report released today by the New York State Department of Labor.

“The latest unemployment numbers, released today by the Department of Labor, are unprecedented and serve as stark reminder of the economic crisis that our State is facing. More than 125,000 New Yorkers have lost their jobs in the last six months. The increase in the unemployment percentage over the last two months is the largest such increase in New York State in at least 20 years. Currently, almost half a million New Yorkers are collecting unemployment benefits.

“These numbers clearly demonstrate what we already know: New York is at the epicenter of this global fiscal crisis, and the worst is yet to come. For now, there is simply no way to know the full extent of the damage this crisis will have on the financial industry. We need to act now by making significant changes to the way our State government spends money. We must fundamentally reevaluate what our State can afford to spend. The proposals I have put forward begin the difficult process of adapting to a new fiscal reality. Just like the thousands of families across New York, our State government needs to tighten its belt and limit spending to what we can afford.

“While mindful of our financial limits, we must use the resources at our disposal to help the unemployed during their time of need. New York is making every effort to assist those who have lost their jobs. The Department of Labor is working to distribute more than $200 million in job training funds throughout the State to prepare today’s unemployed for tomorrow’s opportunities. The Department also announced that the federal economic recovery package will benefit the more than one million New Yorkers collecting unemployment insurance. For instance, the weekly benefit amount will increase by $25 to $430; an extension of benefit eligibility from 26 to 59 weeks; and the suspension of federal tax on the first $2,400 of benefits collected.

“I am confident that New York will weather this crisis and emerge stronger than ever before. I look forward to working with my partners in the Senate and Assembly to make that a reality.”

(Berel Septimus – YWN)