Posted on 10/15/2009 4:30:59 AM PDT by NRG1973
New York state’s budget deficit could soon hit $4.1 billion and the state is poised to run out of cash, state Comptroller Thomas DiNapoli warned on Oct. 14.
The deficit projection is $1 billion larger than earlier estimates given by Gov. David Paterson. DiNapoli said the state will face $4.1 billion of red ink by March 2010, the end of the current fiscal year, if no action is taken.
“Now, time is up. The budget simply has not held together,” DiNapoli said. “If we stay on the current path, New York will run out of cash. The spending promises made in the spring are not sustainable in the face of falling revenue.”
Paterson is expected to announce his budget-cutting plans on Oct. 15.
The state is halfway into its fiscal year, and the largest declines in tax revenue continue to occur in personal income taxes, DiNapoli said. He expects that trend to extend well into next year as unemployment levels continue to rise.
“Until the employment base grows, we’re in for weakness in our key revenue source,” DiNapoli said.
(Excerpt) Read more at albany.bizjournals.com ...
And yet NYers keep on voting in Democrats.
Funny how projecting a huge deficit a few years out has no effect on the current level of spending. If anything, expenses increase. After all, more taxes will cover it.
Time for the stupid liberal millionares of NY to pony up and bail out their liberal mecca. Democrats have led us to this and even the few republicans that have served in this state have been “moderates” at best. If you look around you will see this to be true in almost every state with budget deficets.
New York, Colliefornia, Michigan, etc., etc. The laboratories of democracy have become the stomping grounds of socialists. With a bankrupt philosophy what did you expect?
..yeah great thinking Patterson, go after those “rich” 40,000 families that pay %50 of the taxes in the state.
Those soon new CT residents, will hope the best for you.
Definately can’t be because of thier tax policies, nah, no way.
Paterson will raise the red flag and may even propose a few cuts... but at the end the unions will stand their ground and there will be little or no cuts in State payroll. Socialist groups march on Albany to protest about whatever adversely affected group needs to be pimped for more cash, and on and on. Ultimately, we will be looking at more taxes, fees, surcharges, and other looting of wallets from people who get up each day and put in 12 hours. The insulting new nanny-state new taxes are also guaranteed - tax my beer, tax my soda, tax more of whatever is being tax, add a tax on taxes, tax anything that breathes, doesn’t breathe, wishes it could breathe, etc.
Pretty simple deal,
CUT govt. services.
End of problem.
When the state runs out of money, just close the doors, stop spending, and see what happens.
Betcha the state runs better all by itself.
To my relatives in NY, told-ya-so.
“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.”
Paterson wonders why increasing taxes didn’t work. Bloomberg Oct 5.
The state deserves the losers it elects.
I hope EVERY millionaire leaves the state.
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