This is their attitude.
I could say the same thing about my paycheck that goes to exorbitant property taxes that pay for their salary, retirement, health care, etc.
Is all this really that hard? Put the screws to this union and kill it.
Posted on 10/05/2009 11:14:55 AM PDT by FromLori
New York State is quickly becoming the next California, as tax revenues drop 36% from 2008 levels, and a dejected governor expressing his frustration with policy measures that continue to not bear fruit. As a reminder the state most reliant on the financial sector, is struggling with a $2.1 billion budget deficit that is still looming despite tax increases, federal aid and spending cuts.
New York State’s income tax revenue has dropped 36 percent from the same period in 2008, Governor David Paterson said, “frustrating” his attempt to close a projected $2.1 billion budget deficit.
“We added personal income tax, which we thought would make the falloff 10 percent to 15 percent,” Paterson, a Democrat, said on CNBC today, referring to $5.2 billion in new or increased taxes. “This is what is so frustrating. It’s still 36 percent, meaning our revenues fell more in 2009 than they did in 2008.”
The budget will still be $2.1 billion in deficit because spending plans exceed revenue projections, the state Division of Budget said July 30. The report predicted deficits of $4.62 billion in 2011, $13.3 billion in 2012 and $18.2 billion in 2013. The Governor, who has recently had a major falling out with President Obama, may be in even more hot water as hopes for major tax windfalls from corporate taxes vanish due to generous NOLs established during last year's financial collapse:
“We are Ground Zero for the economic recession,” said Paterson. “What we’re recognizing now is what everybody recognizes in their own portfolio: you can’t overinvest in one area because, if it fails, you’ll have a debacle.”
New York is depleting its options for balancing the budget, Paterson said.
“What we want to do is bring the legislature back as soon as possible and make the tough decisions,” Paterson said. Alas expenses tend to be much "stickier" than revenues, meaning that even much more drastic cost cutting will likely still leave the state at the mercy of Federal handouts. And if California's IOU experiment is any indication, Paterson may want to promptly get on the President's good side before he is forced to ask for much needed assistance.
Also, another issue that is not receiving much airtime is the continued dire straits that New York's MTA finds itself in. From the most recent status update: "the program has a funding gap of $9.9 billion despite a large increase in State aid and a 56 percent increase in anticipated federal funding, which may not materialize. In the absence of additional aid, the MTA plans to fill the gap with debt, but debt service would then rise rapidly and increase pressure in the future to raise fares and tolls." Yet another aspect of the state economy that is intimately linked with well-bid debt markets, which in turn track the equity market tick for tick, explaining once again how much the administration has staked on a stock market that, miraculously, is not allowed to leg lower by any material amount. However, as long as analyst actions, such as today's by Goldman in which it effectively upgraded itself, continue to drive markets, the plan to keep equities at untenable and fundamentally unjustified levels, will be viable to keep the economy running. Even if it is based on smoke and mirrors.
No, we do NOT deserve it. Thanks a bunch.
How many people on long Island are saying: whyshould I pay taxes just to pay pensions for the retired civil servant next door, who gets a bugger check each month than I do from my boss, after all the stuff is taken out. And his boss is thinking: Now Texas has no income tax and low commercial rents right now, right?
Where is THAT in the Constitution?
This is their attitude.
I could say the same thing about my paycheck that goes to exorbitant property taxes that pay for their salary, retirement, health care, etc.
Is all this really that hard? Put the screws to this union and kill it.
I foresee a huge tax coming soon on moving companies.
(think Kalifornia and ammo taxes)
Can I ask a question?
What does that mean? I see all these "umm umm" or "mmm mmm" repeated posts on FR all the time now. It sounds like listening to someone chew food.
Is it some obscure SNL skit, or YouTube video? I have to admit, it is kind of annoying.
Hey Paterson. Even you and your Democrat moron leaders in NY should be able to see all you have to do is raise income taxes another 50% and everything would be great!
Geez, some people just have no idea what they're doing.
5
There is a simple and very progressive solution to New York’s budgetary problems. Simply tax all income at the 175% level and the deficit disappears. This will also promote the “greening” of New York, a process that is well advanced in cities like Detroit.
Lovely - NY's own governor comparing economic conditions with 9/11 - he of all people should know better.
Politicians continue to misuse the term 'invest' when they are doing no such thing.
Absent from Paterson's remarks and the article as a whole is any mention of tax cuts, i.e. incentives for producers to remain in-state.
You idiots are too high on the Laffer Curve. No matter what you do you will not get more money. Unless you build an iron curtain around your State and force everyone to stay.
Nope. Even that won’t work. It’s been tried.
You haven’t cut your budget enough. 10% across the boards for a start. Otherwise you are doomed to bankruptcy.
Gee, another state run by the left for decades facing huge deficits. That is probably just a coincidence. Everybody knows that funding every leftist program in existence is good fiscal policy. So there is just one possibility—it’s BUSH’S fault!
I have tried going down the road of “cut spending, you fools,” but find that doesn’t resonate with politicos. So now I use “cut services and get used to it”....
hh
It's a reference to or a takeoff on the schoolchildren's Obama Tribute song they were taught and performed in school - the video of which caused an outrage since a) it showed American kids acting in ways previously unimaginable and very much like kids in Cuba, North Korea, the USSR, etc. and b) it arrived around the time Obama's every-school speech was to be aired while Dems and lefties claimed that opposition to the speech came only from right-wing nutjobs, that the speech was harmless and that it wasn't intended to indoctrinate kids or glorify Obama.
The mmmm-mmmmm-mmmmm references are posted as a sarcastic reference to the song's refrain and to the simple-minded symbiosis between Obama and his supporters.
That said I think the reference fails on several levels. #1 it simply isn't funny on its own merit since it's just a single consonant repeated. #2 it lacks context #3 it's repeated far too often to have any punch left
I'm in agreement with you. We can do better.
At least I know where all this "mmmm mmmm mmmm" junk is coming from. It seems every one out of three threads on FR has someone post some "mmmm mmmm mmmm" reply, and it is getting old......actually....it got old last week.
‘”One percent of the households that file in this city pay something like 50% of the taxes,” explained the Mayor. “In the city, that’s something like 40,000 people. If a handful left, any raise would make it revenue neutral. The question is what’s fair. If 1% are paying 50% of the taxes, you want to make it even more?”’
alright alright so I’ll vote for Bloomberg
“Economics 101: NY is clearly now at point B on the Laffer Curve:”
not necessarily. it could be the NY simply loves to spend so much on overpriced, underperforming union jobs
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