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After allowing troubled insurer A.I.G. to borrow $20 billion from itself (and emphasizing that "No taxpayer dollars are involved"), Governor Paterson turned his attention to what the Wall Street woes might mean for the state as a whole. And he told NY1's Dominic Carter, "We don't know what the damage of the events that occurred this weekend is. I would not be surprised if the budget deficit we just cut down may skyrocket back up and I may have to call on the Legislature to come back and grapple with it again.” (Last month, Paterson convened an emergency session to discuss the state's budget problems since the deficit grew $1.4 billion in just a few months.) In a statement yesterday, Paterson pointed out that 20% of NY State's revenue comes from Wall Street.
Paterson Considers Another Emergency Legislative Session
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"Paterson pointed out that 20% of NY State's revenue comes from Wall Street."
I have to remember that the next time democrats keep whining the rich don't pay their fair share.
I don't believe the government should bail out these big corporations but I'm also against taxing them to oblivion (or to NJ in this case) either.
Albany relies so much on Wall Street because they already sucked Upstate dry. Think of it this way: a kid with good grades in New York can go to an excellent college or state university paid for by all these exorbitant taxes and then what? They leave to jobs in North Carolina or Texas because so few employers are left in their hometowns. In essence, our taxes subsidize the economies of these other states because they can spend less on their schools and still draw talent from places like NY State.
Please, the state schools in Texas (UT-Austin) and North Carolina (UNC-Chapel Hill) are better than any SUNY. People move to those states because they are more affordable and you don't get taxed to death. NY depends on Wall Street because only those businesses can afford to stay here.