Posted on 12/31/2009 5:38:39 PM PST by george76
New York is about to achieve a dubious milestone: For the first time in history, the state's main bank account is poised to end the year in the red.
After months of plunging revenues and weeks of budget battles, New York had a negative balance of $174 million in its general fund on Wednesday, with nearly $1 billion in bills owed by day's end. Every sign pointed to the account still being in the hole when 2010 begins.
New York moves toward a previously unimaginable eventuality: A government check that bounces.
"New York state is officially living paycheck to paycheck," said state Comptroller Thomas P. DiNapoli...
Unpaid bills are already piling up. In September, the shrinking general fund balance forced Gov. David Paterson to delay a billion-dollar payment into the state pension system. This month, he delayed $750 million in payments to school districts and ...
Months ago, state budget officials said that without significant cuts, spending out of the general fund was projected to grow 37 percent through the 2013 fiscal year, while revenue was expected to grow only 3.4 percent. "I've never seen it this bad," said Thomas Mahoney... "We've had difficult times, but nothing like this."
(Excerpt) Read more at timesunion.com ...
“New York moves toward a previously unimaginable eventuality: A government check that bounces.”
“previously unimaginable”?
lets have a few more cops retire on $200,000 and lets give the teachers another handup so they don't have to work all of 1/2 yr....
workers and contributors should just move.
It's the spending, Stupid!
This is a good time for a few hundred more wealthier taxpayers to leave.
Hurry, spend more money!
California is doing oh so much better.
Good thing that taxpayers are an unending source of revenue.
saw my 47 year old brother yesterday, a NYC fireman. he can retire now with an $80,000 annual pension or “work” 3 more years and go out at 100K. Doesn’t even fight fires, he drives the chief around for $110,000 a year inlcuding overtime.
Who knew?
Don’t be absurd. Businesses fail because their greedy owners deliberately want to avoid their obligations to provide jobs and tax dollars to society so we can all live in utopia.
Detroit: America’s future.
I just recently shelled out $11 bucks to cross the Verrazano Bridge.
With all the $$ New York sucks out of the citizens pockets it
should have enough to fund 3 states.
“previously unimaginable”?
I'm a little surprised this hasn't happened before. In Massacusetts for example.
Oh, right . . . I forgot.
America will have a tough time in the next decade or so but I’m unwilling to give up on this country.
Detroit: America’s future, Obama’s utopia.
I believe this was all UNEXPECTED!
They will whine, for a few minutes.. then its over..
New Yorkers have a short and long term memory problem..
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We contend that for a nation to try to tax itself into prosperity is like a man standing in a bucket and trying to lift himself up by the handle.~Winston Churchill (1874-1965)
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