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Today, Governor David Paterson will present his plan for about $2.5 billion in budget cuts. When asked about it, Paterson previously only said, "Pain," but he also told the Daily News, "It's going to be pretty grim. It's going to be fair. It's going to be across the board. It's going to be hard to endure, but the consequences [of doing nothing] are harder."
This comes a day after State Comptroller Thomas DiNapoli's announcement that the NY State deficit was now $4.1 billion, warning, "This budget simply has not held together. Most New Yorkers understand they cannot spend more than they make. The state needs to adopt that kind of common sense. If we stay on the current path, New York will run out of cash. This situation must be addressed."
Why is NY State in so much trouble? The NY Times explains, "New York is facing a combination of ills, including the troubles on Wall Street — its main revenue engine — rising unemployment and shrinking tax collections. And the problem is likely to worsen soon, when federal stimulus spending and the state’s increased taxes on the wealthy both expire and state spending is projected to soar." The question is whether the State Legislature will go along with the latest budget cuts that Paterson recommends.
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"troubles on Wall Street — its main revenue engine"
That's what happens when you rely on a smaller percentage of the population for a bigger chunk of the tax pie. Its time to spread it around. Ironically, Governor Paterson is best placed to do just that as his popularity is so low, he has nothing to lose from a tax hike (When the economy improves anyway. Now is not the time to be raising taxes.)
Raise taxes across the board (when the time is right) and cut spending. It can't be one or the other. It has to be both.
Isn't Wall Street on track for record profits this year? Doesn't that mean record tax revenue for the state?
being that NYS is already the highest taxed state in the country when all the various taxes and fees are added, giving more money to this state is downright rediculous, what needs to be done is real cuts and someone needs to take on all the sacred union contracts and other waste. The cost of public employees alone would bankrupt the state in less than 20 years with the rate of projected compensation, pension, etc. increases let alone all the other state spending.