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After spelling out the dire news that NY State's budget deficit will balloon to $47 billion by 2012 yesterday, Governor Paterson is now in Washington D.C., testifying before the House Ways and Means Committee, to request for a federal Empire State bailout.
Paterson had said yesterday, "Because New York is really the epicenter of the national crisis of finance, we're going to need federal assistance." Not to mention, "We will have no choice but to take bold and aggressive action to reduce state spending." You can see the grim details herehails Paterson's courage, and blasts the four (Republican) State Senators who "issued a ridiculous press release to whine about a minor cost-saving effort in Medicaid," when the state is facing such dire news.
The Governor has also emphasized that states should be involved in oversight of the bailout plan, noting, "Given the importance that financial institutions have to state economies, and the devastating impact that foreclosures are having on communities, state representation in the overview process would provide a unique perspective and valuable input.” A press release also notes that Paterson has said the U.S. was in a recession "as early as March 20."
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I like Paterson.
I wish him luck, but this is DC, they do not care about NYC.
Are we going to get a replay?
BUSH TO STATE: DROP DEAD
My bad...I meant to type NYS.
Either way, they don't care for us.
I like Paterson too but I think D.C. is focused on other priorities right now which kinda sucks.
From now on when ny'ers talk about how much more of their tax money goes to "stupid" states in the south I am going to point out the wall street bailout and this.
Given that the Federal Government will be between $500 Billion to $1.2 Trillion in the red alone this year and possibly next, what makes Paterson think hes going to get any money at all, especially when most other states are asking for handouts as well?
When it costs more to run a government than the amount of taxes collected can support, you can either:
1) Raise Taxes
2) Cut Services
3) Both
Regardless of who wins the elections, its going to be number 3 in the next few months.
There's a fourth option: Go into (more) debt.
State and local governments are limited, but the federal government can still do it. I doubt Congress is so inclined for NYS.
The federal feeding frenzy is spreading.
He's not going to get a bailout to cover a projected loss. Actual losses that the state can't possibly cover are what you talk about in DC. The line is long and $1.2 billion is a couple places behind California's $7 billion.
How about we put an end to all this wealth redistribution.
In FY 2005 NY got just .79 cents for every dollar sent to DC in federal tax. Paterson should make that point. We can't afford to subsidize other states.
For comparison:
In 2005, the citizens of Alaska got $1.84 back for every dollar they paid in federal taxes.
California .78 cents.
Arizona $1.19
IL gets .75
Delaware .77
The wealth redistribution we need to end is my taxes going into state employee pension funds.