Economic Doomsday Forecast by Economists, Business Leaders, Elected Officials

First-ever study measuring massive loss of taxable income for New York based on current school drop out rates projects large-scale economic troubles for Empire State

ALBANY, NY (05/23/2007)(readMedia)-- WHO: Economists, The Business Council of New York State, Assembly Hispanic Task Force Chair Peter M. Rivera, academics, other elected officials.

WHAT: An alarming economic report produced by Dr. Clive R. Belfield, an Economist and professor at Queens College, for the New York State Assembly Puerto Rican/Hispanic Task Force Chair Peter M. Rivera will be released to the press and public. It is the first time that the large and devastating economic impact of the low educational attainment rates of New York students has been measured. The figures produced by Dr. Belfield are disturbing and clearly show that New York is in huge economic peril if current school drop-out rates persist. The Business Council of New York State's recent analysis of the nation-toping high tax rates in New York combined with drop-out rate is a disaster looming. Group will elaborate on critical problem.

WHERE: The steps of New York City Hall (Inside at Red Room if it is raining)

WHEN: Thursday, May 17 at 10:30 a.m.

WHY: High school dropouts earn less and so contribute less in income tax revenues. They draw on health services more often. They are more likely to be involved in the criminal justice system and claim welfare at a higher rate and at a cost in the billions annually to local and state governments.

New York's worsening economy will reach critical condition with high school drop out rates bordering 50% for over 1,000,000 New York City students and 35% for over 3,200,000 students statewide. The loss of tax revenue due to the increase in low-wage earners in combination with New York's already nation-topping tax rates is a disaster in the making.