New York City is expected to suffer a sharp decline in tax revenues, resulting in Mayor Bill de Blasio to consider laying off tens of thousands of city employees. De Blasio is mulling over a new plan that would cut 22,000 city employees to save the city upwards of $1 billion in expenses after virus-related lockdowns led to a decline in revenue, reported Bloomberg. Budget shortfalls are forcing New York City and other municipalities across the country to cut jobs and spending, similar to what was done around the 2008 financial crisis when local austerity stymied an economic recovery. 

De Blasio has already pledged for the first time to slash the New York Police Department's funding for the next fiscal year, following weeks of social unrest and mounting demands that he overhaul the department.