Posted on 04/05/2006 2:02:17 AM PDT by neverdem
ALBANY, April 4 — New York State and local governments and their public authorities are circumventing the voters in amassing debt that now amounts to nearly a quarter-trillion dollars, according to a report issued on Tuesday examining public borrowing in New York.
The report by the Citizens Budget Commission, a business-backed policy group, presents an exhaustive overview of the extent of borrowing by New York State, its 583 public authorities and its local governments. Legislators have come under withering criticism for passing a budget last week that would more than double the new debt proposed over the next two years by Gov. George E. Pataki.
The report says the state is already borrowing beyond its means. In another recent analysis, the commission said that New York had the third-highest debt of any state relative to its revenues, trailing only Massachusetts and Hawaii.
Most of New York's new debt is issued through public authorities, a practice that is the subject of wide criticism because it allows political leaders to avoid going to voters to approve new borrowing plans, as is required under the state Constitution.
Of the $227 billion in public debt tallied by the commission, $45 billion is to be paid off directly by state revenue and $86 billion by local governments, including $52 billion by New York City. In addition, $56 billion is to be paid from the revenue from specific projects, such as tolls from bridges. And $40 billion more comes from debt issues on behalf of private entities, including universities or hospitals.
Asked about the report on Tuesday, Mr. Pataki focused on the Legislature's borrowing plans.
"I'm very concerned about the level of borrowing, state debt in the legislative budget, and that's one of the areas that we think should be addressed," Mr. Pataki said in a...
(Excerpt) Read more at nytimes.com ...
In Bid to Unseat Clinton, Challenger Reaches Out to Rally the National G.O.P.(Spencer)
FReepmail me if you want on or off my New York ping list.
No sympathy over here. Only voters can fix this.
Most of the states ae in surplus. Only the mismanaged are not.
If I remember correctly, a couple of years ago CA's debt was larger than all the other states' debts (excluding NY) combined. I don't know if this is still true.
LOL! Good for you!
....and they just want to continue to borrow us into oblivion..
Well, at least NYC has a $4 billion surplus...
Careful, if Fla. keeps getting our retirees this could be your future. LOL ;^)
"Most of the states ae in surplus. Only the mismanaged are not."
The majority being Blue States.
Each US citizen currently owes $28,046 toward the Federal debt. Citizens of New York can add approximately $11,806 to that, for a grand total of $39,852. The average family of four would be in hock for $159,409. But on the bright side, with interest rates so low, everybody could take out loans and pay this sucker off in 20-30 years.
An interesting take on repudiation from http://www.mises.org/story/1423
Apart from the moral, or sanctity-of-contract argument against repudiation that we have already discussed, the standard economic argument is that such repudiation is disastrous, because who, in his right mind, would lend again to a repudiating government? But the effective counterargument has rarely been considered: why should more private capital be poured down government rat holes? It is precisely the drying up of future public credit that constitutes one of the main arguments for repudiation, for it means beneficially drying up a major channel for the wasteful destruction of the savings of the public. What we want is abundant savings and investment in private enterprises, and a lean, austere, low-budget, minimal government. The people and the economy can only wax fat and prosperous when their government is starved and puny.
Not to worry.
The Wall Street firms that underwrote these bond issues raked in huge fees and trading profits.
How much of these profits are recycled into the politicians campaign coffers and elsewhere?
Each citizen is in hock 30,000 but has iou's to collect $200,000 in Social Security. such a deal!
They are all around me. Fortunately, they are so disllusion by corrupt politics up north that they categorically refuse to vote.
DEMOCRAT BASEBALL
If you don't understand the Democrats' version of tax refunds (and you are not alone), maybe this will help explain it:
50,000 people go to a baseball game, but the game was rained out. A refund was then due.
The team was about to mail refunds when the Congressional Democrats stopped them and suggested that they send out refund amounts based on the Democrat National Committee's interpretation of fairness.
After all, if the refunds were made based on the price each person paid for the tickets, most of the money would go to the ticket holders of the most expensive tickets. That would be unfair and unconscionable.
People in the $10 seats will get back $15, because they have less money to spend. Call it an "Earned Income Ticket Credit." Persons "earn" it by demonstrating little ambition, few skills and poor work habits, thus keeping them at entry-level wages.
People in the $25 seats will get back $25, because that's only fair.
People in the $50 seats will get back $1, because they already make a lot of money and don't need a refund. After all, if they can afford a $50 ticket, then they must not be paying enough taxes.
People in the $75 luxury seats will have to pay another $50, because they have way too much to spend.
The people driving (or walking) by the stadium who couldn't afford to watch the game will get $10 each, even though they didn't pay anything in, because they need the most help (sometimes known as Affirmative Action!).
Now do you understand? If not, contact Representative Nancy Pelosi, Senator Ted Kennedy or Senator Hillary Clinton for assistance.
the game was not rained out. It was cancelled, because there was no point in playing, since no winner could be determined, after the scoreboard was taken down to preserve everyone's self esteem.
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