For all those New Yorkers who think the federal stimulus package will hold the fiscal wolves at bay until Wall Street recovers, we say: Wrong!

The Wall Street money pump is all but history – and Albany and City Hall need to use this crisis to prepare for the worst.

As we noted yesterday, New York state, its cities and school districts – all beset with huge fiscal woes – would get a $20 billion windfall under the stimulus bill just passed by the House.

Happy days here again?

Local pols seem to think so: The bailout “will go a long way toward avoiding some of the most drastic options,” crowed Mayor Bloomberg, who’s expecting $3.4 billion from the feds.

Meanwhile, Gov, Paterson and the Legislature have done nothing to balance the state budget as they await their billions.

Big mistake.

Wall Street has come to dominate a dangerously homogenous local economy: Between 1980 and 2007, the industry’s statewide share of private-sector jobs swelled from 3 percent to 18 percent. Meanwhile, the financial sector accounted for a perilous 35 percent of the city’s wage base by 2006.

But the street of old is history. Pillars of the industry – Lehman Bros. and Merrill Lynch – are gone forever, along withtens of thousands of jobs.

Yesterday, State Comptroller Tom DiNapoli said bonuses for Wall Street workers fell a whopping 44 percent last year. This year, he said, would likely be a “difficult one for the industry,” too.

Until the meltdown, the financial sector provided 12 percent of the city’s revenues and a full 20 percent of the state’s. But for myriad reasons – demographics, technology, permanent structural changes in the industry – local financial markets are unlikely to generate that kind of cash ever again.

Yet, over the past few decades, both Albany and City Hall have become addicted to it. New York’s spending on big-ticket items like Medicaid and public schools have long far outpaced national levels.

The stimulus could provide a bridge to next year and beyond, when there will be no federal money.

But that would require Paterson & Co. to begin to downsize services to a level that New York can afford.

Alas, they have no stomach for that.

Rather, it seems the cash will go to “support increases in already generous pay and benefits for unionized public-sector employees,” as E.J. McMahon wrote yesterday on NYFiscalWatch.com.

In other words, business as usual.

The stimulus is going to be wasted.