From the NY Times:New York State faces long-term budget problems that are compounded by the teetering finances of its local governments, an aging infrastructure and the possibility of severe cuts in federal funding, a panel of fiscal experts said Tuesday.
The State Budget Crisis Task Force, a nonpartisan group, said that New York’s problems had been “papered over with gimmicks” for decades, and that while Gov. Andrew M. Cuomo had taken some steps to rein in spending, the state was still saddled with burdens that would leave it unable to make ends meet in the long run. Over the past decade, the report said, New York had postponed a reckoning by using one-time measures to produce $25 billion in revenue.
Former Lt. Gov. Richard Ravitch, a co-chairman of the group, said the math spoke for itself. “There are expenditures that are growing at a rate faster than revenues,” Mr. Ravitch said. “As long as that happens, then we are on an unsustainable course.”
A report released on Tuesday by the panel, which was also led by Paul A. Volcker, a former chairman of the Federal Reserve, offered a sobering assessment of the state’s finances, raising concerns about its outsize spending on health care and education, its vulnerability to the ups and downs of Wall Street, and the struggles of its local governments to pay retirement obligations.
As one major area of concern, the report highlighted the state’s enormous Medicaid budget, which is larger than those of Florida, Pennsylvania and Texas combined. The report said that while the Cuomo administration had put in place a cap on annual increases in health care spending, it was not certain the measure would drive down costs over the long run.
10 comments:
I have been reading stories like this about New York since 1970 (Rockefeller). Nothing changes.
the nys democrat/progressive dictatorship is "COMING HOME TO ROOST".
Funny how this is not stopping waterfront development even after everyone admitted it will be more expensive to build.
And can someone tell us why we need another million people in NY and what the costs are?
Forget about cutting funding to medicare and the like.
Anon No. 4:
As well as for Rockefeller/Wilson/Pataki era financing.
I don't think the progressive era will ever come to the end because the electorate is braindead! They will continue to vote for these liberal politicians notwithstanding the present dismal conditions of the economy.
Tax obesity (body-mass index) for the health care it costs.
Broken blue states.
Broken blue states.
Broken blue states.
With those thieving upstate Albany apple bonkers why should we be surprised?
Hey, Senator Stavisky, maybe you could help bail out NYS with that fat donation that goes to your North Flushing Senior Center!
Red...Blue...has nothing to do...with it.
Albany's been corrupt back to the days of the Civil War!
They're a slovenly pack of northeast crackers...making themselves private fortunes...far from the prying eyes of the city.
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