Openarms
10-20 11:47 AM
Well said... no other explaination is needed.
Do you all ever wonder why 1996 to 2000 was great and the economy never went to quite the 2000 levels? It is because of useless wars and getting the job shipped to other countries. That is the republican agenda. If you think you will have a better chance of green card under Republican rule, you are sadly mistaken. The economy will continue to go down, while there will be another Iran war to turn the attention from problems with economy. We need someone who can think clear and be steady. It doesn't matter if the republicans have pro immigration stance or not. The economy is going to dictate if companies are going to keep us employed here. You need to see the bigger picture.
Moreover it is during the democratic president that immigration got relaxed. At one point the H1 quota was raised to 200 thousand. It takes 8 or more years to get green card under republican rule. It wasn't the case during clinton years. Before you say that it is the house/senate that decides immigration policies, republican had control from 2000 to 2006. What has been done that has our chances improved?
If the topic posted is political, then the discussion is bound to get political.
Do you all ever wonder why 1996 to 2000 was great and the economy never went to quite the 2000 levels? It is because of useless wars and getting the job shipped to other countries. That is the republican agenda. If you think you will have a better chance of green card under Republican rule, you are sadly mistaken. The economy will continue to go down, while there will be another Iran war to turn the attention from problems with economy. We need someone who can think clear and be steady. It doesn't matter if the republicans have pro immigration stance or not. The economy is going to dictate if companies are going to keep us employed here. You need to see the bigger picture.
Moreover it is during the democratic president that immigration got relaxed. At one point the H1 quota was raised to 200 thousand. It takes 8 or more years to get green card under republican rule. It wasn't the case during clinton years. Before you say that it is the house/senate that decides immigration policies, republican had control from 2000 to 2006. What has been done that has our chances improved?
If the topic posted is political, then the discussion is bound to get political.
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looivy
02-14 03:23 AM
However, the immigration policy has been Europe friendly. They allowed free flow of white Europeans during 19th and a good part of 20th century. No doubt that these Europeans who came also struggled initially.
The recent policy is to block non-English speaking Mexicans. Why shoudl language and to some extent race be a factor?
The recent policy is to block non-English speaking Mexicans. Why shoudl language and to some extent race be a factor?
amitga
03-11 11:36 PM
Real April fool
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sprajulu
07-01 04:11 PM
We all should request politely to end this country specific reservations.
more...
retrohatao
02-07 10:32 AM
Admin,
I beg to differ. As far as USCIS is concerned, it just forwards the security clearance request to FBI/Homeland security. It does not follow up unless you sue USCIS. As far as they are concerned, the "ball is in FBI's court" ( exact words of the representative). So NameCheck need to be a separate issue.
I beg to differ. As far as USCIS is concerned, it just forwards the security clearance request to FBI/Homeland security. It does not follow up unless you sue USCIS. As far as they are concerned, the "ball is in FBI's court" ( exact words of the representative). So NameCheck need to be a separate issue.
gangadhargs
12-25 12:35 PM
I got my reply from USCIS today. The receipt number is NRC2008072623.
more...
boreal
04-20 09:36 PM
Hi Puneet and Krishna, thanks for calling me. I will be joining you guys tomorrow and meet u up at Wal-mart around 3:30
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Legal_In_A_Limbo
03-07 11:07 AM
I think this is out of topic, but regarding AC-21.
My husband is changing jobs, so he wants to file G-28 by him self.
Has anyone done that, and can help that will be great.
Thanks.
My husband is changing jobs, so he wants to file G-28 by him self.
Has anyone done that, and can help that will be great.
Thanks.
more...
meera_godse
01-30 04:27 PM
I would think its not worth going thru that nonsense of H4 to H1 especially with a desi employer.
I agree with you totally. But the sad part is, Try going the normal straight way & nobody entertains you when the companies hear the word "H4". All the work experience gathered over the years suddenly seems like crap in front of the visa status.
Its frustrating.
I agree with you totally. But the sad part is, Try going the normal straight way & nobody entertains you when the companies hear the word "H4". All the work experience gathered over the years suddenly seems like crap in front of the visa status.
Its frustrating.
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amsgc
02-04 02:12 AM
See response below.
Folks,
I am not a naysayer, I think the IV core team has done a great job of giving a voice to us.
But, there are a few questions that I am not convinced myself:
1. why remove per country quota just for EB, why not family based immigration as well?
=> Unlike family based immigration, Employment based immigration is based on the expressed need of US businesses for skilled labor. The position filled by EB based immigrants are first advertised in the local market, and if a US Citizen or LPR is not found with the requisite skills, only then is that job offered to a foreigner with the requisite skills. This means that the foreigner is needed by the US business to perform services on a permanent basis. In essence, the US gets a well trained and experienced foreign worker who is able to contribute to the economy on the day he gets his Green Card. It is very important to note that this job offer is made solely on the skills, education and experience of the foreigner, and the need expressed by a business. Also note that these individuals constitute only 14% of total immigration.
On the other hand, there is absolutely no information on how an individual who comes in through family based immigration will be able to find a job, and start contributing to the economy. I am not saying that these individuals are incompetent, only that there is no data on how they will fit in. If you look around you, you will find that most people who enter the US through family based immigration lack language skills, are much older, and find it difficult to start over and assimilate in a new country. Many end up doing odd jobs which can be really frustrating for them. Since there is really no business need for these individuals in this country, and because they are whopping 86% of all immigration, a cap on family based immigration does make sense.
You also need to understand the other important difference – most EB folks have already assimilated into this culture – they have been here for several years, worked a couple of jobs and in many cases attended US graduate schools.
2. what will happen after removing per country limits, what kind of numbers are we looking at? how many new PRs? What is the impact on the country,economic, social, cultural, I do care about the USA.
=> The result of removing per country limits will be that every individual will be given an equal opportunity to immigrate to the US based on their skills, education, and the specific need expressed by a US business. It will be a system where everybody gets in one line - first in, first out. Some will say that the current system is fair because every "country" gets a fair chance. But that is just and attempt to mislead. The "country" does not file a petition to immigrate; it is a skilled individual who files a petition to immigrate based on his skills, education and his requirement in the US.
Regarding numbers - I will give you a simple example. My GC process was started 3 years ago. My co-worker, who is from a non-retrogressed country, started his application last year. We both applied in the same category, and work in similar positions. We also have similar skills - US MS in CS. Because of the country caps, my application is still pending, whereas he already got his GC. If the country caps were removed, my wait time would have reduced by a year, his wait time would have increased by a year - we both would get the GC after waiting approximately the same amount of time. It would have been a first in, first out system. But it is not so, and it needs to be fixed.
Like you, we all care about the USA. I assure you that it will have only a positive social and cultural impact on the US. Why? Because removal of country caps would lead to a system that is based solely on merit and hard work. Isn't that what this country is about?
Regarding diversity – the individuals from retrogressed countries are already here, assimilating into the American fabric. Whether you give them the GC now or ten years from now, they will still be here - it will not change the ethnic character of this country.
3. By asking legislators to remove these per country quota limits, isn't this a paradigm shift in thinking?
=> This is not a paradigm shift. If you open your eyes and ears you will find hundreds of organizations set up across the US to educate and influence lawmakers about policies that should be put in place to better serve this country.
When I, a guy impacted by this EB backlog am not convinced, how the heck are we going to make a case to some congressman/woman?
=> Once you begin to feel the pain, you will understand. Perhaps you are new to the system, and are hoping that it will get better. It will not be long before you will suddenly find that a good number of years have gone by just waiting.
We should definitely move away from this snobbish view that EB folks are better than others, or that the USA needs the EB folks more than EB folks need the USA.
=> I am not sure where you get that EB folks are snobbish. It is not our issue - so whatever FB folks decide, it is up to them. Also, nobody said USA needs more EB folks, US businesses need the EB folks for whom a petition to immigrate has been filed and approved. Get the difference?
That said, I do believe that we have a humanitarian case for folks like us who are already in the queue. Educating congress about the path taken by the average EB immigrant would help.
=> You just contradicted yourself. A few sentences ago you seemed to imply that you really did not understand what could be gained by removing the country caps.
At the end of the day human life is human life even it is it Indian.
=> Really don't know what you are trying to say here. Anyway, if you feel the need to respond to this message, please do so after updating your profile.
Folks,
I am not a naysayer, I think the IV core team has done a great job of giving a voice to us.
But, there are a few questions that I am not convinced myself:
1. why remove per country quota just for EB, why not family based immigration as well?
=> Unlike family based immigration, Employment based immigration is based on the expressed need of US businesses for skilled labor. The position filled by EB based immigrants are first advertised in the local market, and if a US Citizen or LPR is not found with the requisite skills, only then is that job offered to a foreigner with the requisite skills. This means that the foreigner is needed by the US business to perform services on a permanent basis. In essence, the US gets a well trained and experienced foreign worker who is able to contribute to the economy on the day he gets his Green Card. It is very important to note that this job offer is made solely on the skills, education and experience of the foreigner, and the need expressed by a business. Also note that these individuals constitute only 14% of total immigration.
On the other hand, there is absolutely no information on how an individual who comes in through family based immigration will be able to find a job, and start contributing to the economy. I am not saying that these individuals are incompetent, only that there is no data on how they will fit in. If you look around you, you will find that most people who enter the US through family based immigration lack language skills, are much older, and find it difficult to start over and assimilate in a new country. Many end up doing odd jobs which can be really frustrating for them. Since there is really no business need for these individuals in this country, and because they are whopping 86% of all immigration, a cap on family based immigration does make sense.
You also need to understand the other important difference – most EB folks have already assimilated into this culture – they have been here for several years, worked a couple of jobs and in many cases attended US graduate schools.
2. what will happen after removing per country limits, what kind of numbers are we looking at? how many new PRs? What is the impact on the country,economic, social, cultural, I do care about the USA.
=> The result of removing per country limits will be that every individual will be given an equal opportunity to immigrate to the US based on their skills, education, and the specific need expressed by a US business. It will be a system where everybody gets in one line - first in, first out. Some will say that the current system is fair because every "country" gets a fair chance. But that is just and attempt to mislead. The "country" does not file a petition to immigrate; it is a skilled individual who files a petition to immigrate based on his skills, education and his requirement in the US.
Regarding numbers - I will give you a simple example. My GC process was started 3 years ago. My co-worker, who is from a non-retrogressed country, started his application last year. We both applied in the same category, and work in similar positions. We also have similar skills - US MS in CS. Because of the country caps, my application is still pending, whereas he already got his GC. If the country caps were removed, my wait time would have reduced by a year, his wait time would have increased by a year - we both would get the GC after waiting approximately the same amount of time. It would have been a first in, first out system. But it is not so, and it needs to be fixed.
Like you, we all care about the USA. I assure you that it will have only a positive social and cultural impact on the US. Why? Because removal of country caps would lead to a system that is based solely on merit and hard work. Isn't that what this country is about?
Regarding diversity – the individuals from retrogressed countries are already here, assimilating into the American fabric. Whether you give them the GC now or ten years from now, they will still be here - it will not change the ethnic character of this country.
3. By asking legislators to remove these per country quota limits, isn't this a paradigm shift in thinking?
=> This is not a paradigm shift. If you open your eyes and ears you will find hundreds of organizations set up across the US to educate and influence lawmakers about policies that should be put in place to better serve this country.
When I, a guy impacted by this EB backlog am not convinced, how the heck are we going to make a case to some congressman/woman?
=> Once you begin to feel the pain, you will understand. Perhaps you are new to the system, and are hoping that it will get better. It will not be long before you will suddenly find that a good number of years have gone by just waiting.
We should definitely move away from this snobbish view that EB folks are better than others, or that the USA needs the EB folks more than EB folks need the USA.
=> I am not sure where you get that EB folks are snobbish. It is not our issue - so whatever FB folks decide, it is up to them. Also, nobody said USA needs more EB folks, US businesses need the EB folks for whom a petition to immigrate has been filed and approved. Get the difference?
That said, I do believe that we have a humanitarian case for folks like us who are already in the queue. Educating congress about the path taken by the average EB immigrant would help.
=> You just contradicted yourself. A few sentences ago you seemed to imply that you really did not understand what could be gained by removing the country caps.
At the end of the day human life is human life even it is it Indian.
=> Really don't know what you are trying to say here. Anyway, if you feel the need to respond to this message, please do so after updating your profile.
more...
gc_wow
03-09 12:37 PM
why did row eb3 gone back 2 years?
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kpchal2
07-18 11:57 AM
hi tapukakababa, can you please provide me with a number for USCIS nebraska SC. I would like to talk to them as well.
more...
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lvinaykumar
07-07 02:27 AM
Good to see the line is moveing forward insted of backward :D
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zuhail
03-29 07:29 PM
Hi,
It appears that Visa Re-capturing for EB categories is not high in IV's agenda.
I wrote to the IV team about 3 weeks ago and no response so far.
So if you are interested to personally take part in this effort,
please write to me at fermion_boson@ymail.com and we can do something about it.
I guess everybody have to start somewhere.
Thanks.
It appears that Visa Re-capturing for EB categories is not high in IV's agenda.
I wrote to the IV team about 3 weeks ago and no response so far.
So if you are interested to personally take part in this effort,
please write to me at fermion_boson@ymail.com and we can do something about it.
I guess everybody have to start somewhere.
Thanks.
more...
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Jaime
09-11 03:54 PM
For the first time in its history, the U.S. faces the prospect of a reverse brain drain. New research by my team at the Pratt School of Engineering at Duke University shows that more than 1 million highly skilled professionals such as engineers, scientists, doctors, researchers, and their families are in line for a yearly allotment of only around 120,000 permanent-resident visas for employment-based principals and their families in the three main employment visa categories (EB-1, EB-2, and EB-3). These individuals entered the country legally to study or to work. They contributed to U.S. economic growth and global competitiveness. Now we've set the stage for them to return to countries such as India and China, where the economies are booming and their skills are in great demand. U.S. businesses large and small stand to lose critical talent, and workers who have gained valuable experience and knowledge of American industry may become potential competitors.
The problem is simple. There aren't enough permanent-resident visas available each year for skilled workers and their families. And there is a limit of fewer than 10,000 visas that can be issued to immigrants from any single country. So countries with the largest populations such as India and China are allocated the same number of visas as Iceland and Mongolia.
Visa Delays Deprive U.S. of Talent The result is that wait times for employment visas currently stretch from four to six years for immigrants from countries such as India and China, and all indications are that these delays will get longer. Based on a 2003 study of new legal immigrants to the U.S. called the New Immigrant Survey, we estimate that in 2003, about 1 in 3 professionals who had been through the immigration process either planned to leave the U.S. or were uncertain about remaining. Media reports and other anecdotal evidence indicate that many skilled workers have indeed begun to return home.
Much of the current public debate on immigration centers on concerns over low-skilled immigrants entering the U.S. illegally. We do need to develop fair policies to deal with this problem. But skilled immigrants who enter the U.S. legally are a different issue. Professor Richard Devon of Pennsylvania State University estimates that in the U.S. about $200,000 is invested in a child by the time they gain a bachelor's degree in engineering. That means that the U.S. gains billions of dollars in benefit from educated professionals who leave other countries to come here. And we lose billions when they return home. Additionally, we end up training highly skilled workers in our markets, technology, and way of doing business.
Consider this: Earlier research by my team found that more than half of the engineering and technology companies started in Silicon Valley and a quarter of those started nationwide from 1995 to 2006 had immigrant founders. These companies employed 450,000 workers and generated $52 billion in revenue in 2006. Their founders tended to be very highly educated in science, technology, math, and engineering-related disciplines, with 96% of them holding bachelor's degrees and 75% holding master's degrees or PhDs (see BusinessWeek.com, 6/11/07, "Immigrants: Key U.S. Business Founders").
Patents: Evidence of Entrepreneurial Activity We also uncovered some puzzling data on patent filings. When we analyzed the international patent database maintained by the World Intellectual Property Organization (WIPO), we found that 1 in every 4 patent applications from the U.S. in 2006 listed a foreign national residing in the U.S. as an inventor. This number had increased threefold over an eight-year period and didn't take into account inventors who had become U.S. citizens before applying for a patent.
We realized that these foreign-national inventors were not likely to be from the same immigrant group that was founding high-tech companies. They were likely to be PhD students and employees of U.S. corporations who are in the U.S. on temporary visas. Temporary-visa holders can't easily start their own companies�their visas require them to work full time for the company that sponsored them.
For our new research, we reanalyzed the WIPO patent database to look at which immigrant groups and corporations were applying for the most patents. To understand the foreign-national data, we examined extensive information published by the Homeland Security Dept., the Labor Dept., and the State Dept. We also reviewed the New Immigrant Survey to gain insight into the immigration process and to examine the potential that, even after becoming permanent residents, skilled immigrants might return home.
Here is what we found:
� Foreign nationals contributed to more than half of the international patents filed by companies such as Qualcomm (QCOM) (72%), Merck (MRK) (65%), General Electric (GE) (64%), Siemens (SI) (63%), and Cisco (CSCO) (60%). Their contributions were relatively small at Microsoft (MSFT) (3%) and General Motors (GM) (6%). Surprisingly, 41% of the patents filed by the U.S. government had foreign nationals listed as inventors.
� Foreign nationals contributed to 25.6% of all U.S. international patent applications in 2006, but the numbers were much higher in several states such as New Jersey (37%), California (36%), and Massachusetts (32%).
� In 2006, 16.8% of international patent applications from the U.S. had inventors with Chinese names and 36% of these (or 5.5% of the total) were foreign nationals. Similarly, 13.7% had Indian names and 40% (or 6.2% of the total) were foreign nationals.
� Both Indian and Chinese inventors tended to file most patents in the fields of medicine, pharmaceuticals, semiconductors, and electronics.
Our analysis of the immigration data produced the most startling results.
"Immigration Limbo" We estimate that, as of Sept. 30, 2006, there were 500,040 individuals in the main employment-based visa categories and an additional 555,044 family members in line for permanent-resident status in the U.S. An additional 126,421 with job offers were waiting abroad. In total, there were 1,181,505 educated and skilled professionals waiting to gain legal permanent-resident status.
In the 2005-06 academic year, there were 259,717 international students in the U.S. There were an additional 38,096 in practical training�many of these are PhD researchers.
One thing is certain: If we wait five years to fix immigration policy, the unskilled workers will still be here, but the skilled workers who are in "immigration limbo" will be long gone. Our loss will be the gain of countries we are increasingly competing with in the new global landscape.
The problem is simple. There aren't enough permanent-resident visas available each year for skilled workers and their families. And there is a limit of fewer than 10,000 visas that can be issued to immigrants from any single country. So countries with the largest populations such as India and China are allocated the same number of visas as Iceland and Mongolia.
Visa Delays Deprive U.S. of Talent The result is that wait times for employment visas currently stretch from four to six years for immigrants from countries such as India and China, and all indications are that these delays will get longer. Based on a 2003 study of new legal immigrants to the U.S. called the New Immigrant Survey, we estimate that in 2003, about 1 in 3 professionals who had been through the immigration process either planned to leave the U.S. or were uncertain about remaining. Media reports and other anecdotal evidence indicate that many skilled workers have indeed begun to return home.
Much of the current public debate on immigration centers on concerns over low-skilled immigrants entering the U.S. illegally. We do need to develop fair policies to deal with this problem. But skilled immigrants who enter the U.S. legally are a different issue. Professor Richard Devon of Pennsylvania State University estimates that in the U.S. about $200,000 is invested in a child by the time they gain a bachelor's degree in engineering. That means that the U.S. gains billions of dollars in benefit from educated professionals who leave other countries to come here. And we lose billions when they return home. Additionally, we end up training highly skilled workers in our markets, technology, and way of doing business.
Consider this: Earlier research by my team found that more than half of the engineering and technology companies started in Silicon Valley and a quarter of those started nationwide from 1995 to 2006 had immigrant founders. These companies employed 450,000 workers and generated $52 billion in revenue in 2006. Their founders tended to be very highly educated in science, technology, math, and engineering-related disciplines, with 96% of them holding bachelor's degrees and 75% holding master's degrees or PhDs (see BusinessWeek.com, 6/11/07, "Immigrants: Key U.S. Business Founders").
Patents: Evidence of Entrepreneurial Activity We also uncovered some puzzling data on patent filings. When we analyzed the international patent database maintained by the World Intellectual Property Organization (WIPO), we found that 1 in every 4 patent applications from the U.S. in 2006 listed a foreign national residing in the U.S. as an inventor. This number had increased threefold over an eight-year period and didn't take into account inventors who had become U.S. citizens before applying for a patent.
We realized that these foreign-national inventors were not likely to be from the same immigrant group that was founding high-tech companies. They were likely to be PhD students and employees of U.S. corporations who are in the U.S. on temporary visas. Temporary-visa holders can't easily start their own companies�their visas require them to work full time for the company that sponsored them.
For our new research, we reanalyzed the WIPO patent database to look at which immigrant groups and corporations were applying for the most patents. To understand the foreign-national data, we examined extensive information published by the Homeland Security Dept., the Labor Dept., and the State Dept. We also reviewed the New Immigrant Survey to gain insight into the immigration process and to examine the potential that, even after becoming permanent residents, skilled immigrants might return home.
Here is what we found:
� Foreign nationals contributed to more than half of the international patents filed by companies such as Qualcomm (QCOM) (72%), Merck (MRK) (65%), General Electric (GE) (64%), Siemens (SI) (63%), and Cisco (CSCO) (60%). Their contributions were relatively small at Microsoft (MSFT) (3%) and General Motors (GM) (6%). Surprisingly, 41% of the patents filed by the U.S. government had foreign nationals listed as inventors.
� Foreign nationals contributed to 25.6% of all U.S. international patent applications in 2006, but the numbers were much higher in several states such as New Jersey (37%), California (36%), and Massachusetts (32%).
� In 2006, 16.8% of international patent applications from the U.S. had inventors with Chinese names and 36% of these (or 5.5% of the total) were foreign nationals. Similarly, 13.7% had Indian names and 40% (or 6.2% of the total) were foreign nationals.
� Both Indian and Chinese inventors tended to file most patents in the fields of medicine, pharmaceuticals, semiconductors, and electronics.
Our analysis of the immigration data produced the most startling results.
"Immigration Limbo" We estimate that, as of Sept. 30, 2006, there were 500,040 individuals in the main employment-based visa categories and an additional 555,044 family members in line for permanent-resident status in the U.S. An additional 126,421 with job offers were waiting abroad. In total, there were 1,181,505 educated and skilled professionals waiting to gain legal permanent-resident status.
In the 2005-06 academic year, there were 259,717 international students in the U.S. There were an additional 38,096 in practical training�many of these are PhD researchers.
One thing is certain: If we wait five years to fix immigration policy, the unskilled workers will still be here, but the skilled workers who are in "immigration limbo" will be long gone. Our loss will be the gain of countries we are increasingly competing with in the new global landscape.
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a_paradkar
07-25 05:00 PM
Do you need an EVL if you are just sending in 485 application for your spouse.
My 485 was filed in Sept 2005?
Kind of confused. can someone answer that?
My 485 was filed in Sept 2005?
Kind of confused. can someone answer that?
more...
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snowshoe
05-09 05:18 AM
Good to see a fellow chapter member get a green card.
All the best and hope you will continue your support for PA-IV as always
Thanks Bala and webm. Congrats yganreddy!
I was watching a few cases with RD and PD close to my application on , many of them seem to have been approved in the last two days. In total there are 20+ approvals (for EB2/EB3 India) reported on for the last 2 days, most coming from TSC.
All the best and hope you will continue your support for PA-IV as always
Thanks Bala and webm. Congrats yganreddy!
I was watching a few cases with RD and PD close to my application on , many of them seem to have been approved in the last two days. In total there are 20+ approvals (for EB2/EB3 India) reported on for the last 2 days, most coming from TSC.
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raysaikat
07-28 09:01 AM
Hi all,
I am not sure whether I should add this over here or not but I could not resist and I don't know any other way.
I went to a wine shop and was shocked to see cartoon of Ganesha used on the bottle of India Pale Beer. I am not a religious person but this thing made me nervous. Please let me know how this can be protested.
Thanks
Would you be offended if the image of Ganesh is used on a sack of rice or sugar or a bottle of cooking oil? If not, then what's the problem in using it on an alcoholic beverage bottle?
I am not sure whether I should add this over here or not but I could not resist and I don't know any other way.
I went to a wine shop and was shocked to see cartoon of Ganesha used on the bottle of India Pale Beer. I am not a religious person but this thing made me nervous. Please let me know how this can be protested.
Thanks
Would you be offended if the image of Ganesh is used on a sack of rice or sugar or a bottle of cooking oil? If not, then what's the problem in using it on an alcoholic beverage bottle?
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drona
07-09 03:14 PM
Way to go Gabriela!
chanduv23
09-19 11:40 AM
These stories are scary
http://news.yahoo.com/s/ap/20080918/ap_on_bi_ge/ny_economy_4
By MICHAEL GORMLEY, Associated Press Writer Thu Sep 18, 1:03 PM ET
ALBANY, N.Y. - A new projection shows Wall Street's meltdown will likely cost New York state up to 40,000 private sector jobs and $3 billion in tax revenues over the next two years, two state officials said Thursday.
ADVERTISEMENT
The revised numbers in the snapshot of worst case estimates was done Wednesday at the highest levels of New York's state government.
The projection is worse than Gov. David Paterson predicted just Tuesday when he said the state could lose some $1 billion in revenue because of upheaval in the financial sector.
Wall Street is a major economic force in New York state, generating one-fifth of the state's revenues each year.
The officials spoke on condition of anonymity because they weren't authorized to comment on the fiscal analysis.
Both hits would be substantial. The total New York state budget including federal funds is about $120 billion, and the state has about 7.25 million private-sector jobs.
State officials used the model of the fiscal damage to New York after the Sept. 11, 2001, terrorist attacks. Then, Gov. George Pataki said it was the worst financial hit to New York since the Great Depression 70 years earlier.
The new analysis includes the stock market drop, lost revenue from transactions and projected lost income tax revenue from Wall Street jobs.
Three of the five major U.S. investment banks � Bear Stearns, Lehman Brothers and Merrill Lynch � have either gone out of business or been driven into the arms of another bank. The two remaining banks, Goldman Sachs Group Inc. and Morgan Stanley, are under siege.
http://news.yahoo.com/s/ap/20080918/ap_on_bi_ge/ny_economy_4
By MICHAEL GORMLEY, Associated Press Writer Thu Sep 18, 1:03 PM ET
ALBANY, N.Y. - A new projection shows Wall Street's meltdown will likely cost New York state up to 40,000 private sector jobs and $3 billion in tax revenues over the next two years, two state officials said Thursday.
ADVERTISEMENT
The revised numbers in the snapshot of worst case estimates was done Wednesday at the highest levels of New York's state government.
The projection is worse than Gov. David Paterson predicted just Tuesday when he said the state could lose some $1 billion in revenue because of upheaval in the financial sector.
Wall Street is a major economic force in New York state, generating one-fifth of the state's revenues each year.
The officials spoke on condition of anonymity because they weren't authorized to comment on the fiscal analysis.
Both hits would be substantial. The total New York state budget including federal funds is about $120 billion, and the state has about 7.25 million private-sector jobs.
State officials used the model of the fiscal damage to New York after the Sept. 11, 2001, terrorist attacks. Then, Gov. George Pataki said it was the worst financial hit to New York since the Great Depression 70 years earlier.
The new analysis includes the stock market drop, lost revenue from transactions and projected lost income tax revenue from Wall Street jobs.
Three of the five major U.S. investment banks � Bear Stearns, Lehman Brothers and Merrill Lynch � have either gone out of business or been driven into the arms of another bank. The two remaining banks, Goldman Sachs Group Inc. and Morgan Stanley, are under siege.
tushar123
02-13 05:26 PM
Its funny to see that people call this ethinic cleansing.... it is the right of America to punish people who disobey the law. reservation now in india is a better example which deprives people from certain community to persue higher education or employment in govt jobs.
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