May 27, 2013. Fiscal experts say the next New York City mayor faces a fiscal cliff of $7.8B. James Parrott, deputy director and chief economist, said ““Disaster looms if we continue down the road we’re going.” Read the story.

James Parrott added the following comment on the New York Daily News web site after the article was published: When I said, “Disaster looms if we continue down the road we’re going,” I was referring to the fact that the current administration had failed to seriously engage city unions in negotiations about resolving long-expired contracts. “Disaster” is not some supposed “fiscal cliff,” as the article suggests, but the deleterious impact on employee morale and constraining the budget choices for the next administration. Challenges should be faced, not avoided.