The east coast’s version of California! So chic! So bohemian! And soon, so freakin’ broke! Betsy McCaughy, former NY Lt. Governor, WSJ:
Guess how long it is before the state of New York runs out of cash? Less than a week, according to the state’s comptroller.
On June 1, New York is due to send $3.8 billion in aid to local school districts, including $2.1 billion that was supposed to be paid in March but not sent for lack of funds. Yet New York is still $1 billion short. This could affect school operations, the solvency of any business that sells goods or services to the state, the paychecks of state workers, and ultimately home values.
At the state capitol in Albany, you wouldn’t sense there’s a crisis. The state senate still meets only half a work-week, Monday evening through Wednesday. Meanwhile, Democratic legislators (in the majority) are shuttling back and forth between Albany and the Democratic Party’s state nominating convention at the Rye Town Hilton in Westchester County, 150 miles away.
[…]
Legislators were supposed to vote on a state budget by April 15. Because of the economic downturn, tax collections fell so far short of predictions that the state government ended last year $8.5 billion in the red, a shortfall that will grow to $9.2 billion by year’s end. Gov. David Paterson has proposed ways to close the gap, especially cuts in school aid of $1.1 billion, but the legislature refused to act on them.
Lawmakers don’t want teachers unions, state employee unions, and hospital workers picketing outside their offices, showing up at the state party convention, and putting their re-election prospects in peril. And so, every Monday the legislature in Albany votes to extend last year’s unaffordable spending levels another week, instead of agreeing on a budget that cuts spending. Party now and make all of us pay later—that’s the game plan of politicians here and in other states, not to mention Washington, D.C.
New York state Assembly Speaker Sheldon Silver is floating a proposal to increase income taxes on the rich. That isn’t a realistic solution to the state’s escalating financial woes.
[…]
According to the Reason Foundation’s annual report on state highway systems, New York ranks in the bottom five of all 50 states in the condition of its roads and bridges—despite spending $407,122 per mile on repair and maintenance, compared with the national average of $134,535. Reason called New York’s highway maintenance “extremely inefficient,” noting that work rules put too many employees at the same work site or on the same shovel. Those rules need to be changed.
The average state employee earns a whopping $92,332 total compensation for an average workweek of 37.5 hours, according to the Empire Center for New York State Policy (based on figures from the state comptroller’s office). New York’s governor has control over two-thirds of the state work force, and he can reduce its size or negotiate contracts more favorable to the public.
Attorney General Andrew Cuomo, who will be nominated as the Democratic candidate for governor this week, proposes a special commission to solve the state’s fiscal challenges. Like the bipartisan Commission on Fiscal Responsibility created by President Obama, Mr. Cuomo’s commission is a ploy to avoid unpopular actions until after the fall election. But the crisis is now, and state lawmakers are duty-bound to solve it.
[my emphasis]
The way to solve the problem, naturally, is to cut government spending. But as more and more workers rely on government work for pay, fewer and fewer voters will be willing to vote for those who propose any such cuts in spending. And so Democrats continue to pander and promise — and voters continue to vote “in the economic interests.”
Until the money is gone. Or the city can get, say, about six hundred or so Superbowls in a single year. Whichever comes first.
Personally, I’m tired of caring. Just so long as nobody has the lameass idea to cast Robin Williams as an immigrant gyro vendor in Greece on the Hudson, I’m good.
(h/t TerryH)
Empire!
Democrats and islamo-fascists can always be counted on to leave desolation in their wake.
The Democrats do it by consuming all the wealth, and the Islamo-fascists do it by never creating wealth in the first place.
And you wonder why they get along?
To paraphrase Billy Joel: They’re in a New York state of bankruptcy
New York-California, tomato, tomoto….
The system is breaking, finally!
You’re tired of caring?
Hmmm….
Have you tried reverse cowgirl-style caring?
i hope they have 1st class passage because they are closer to the life rafts
zulus are racists
Things would be jake if they hadn’t chased business out over the years with the rapacious tax rate; and now they seem to be committed to chasing the rich folks out too.
That’ll surely help the revenue situation, eh?
These are cool. Would go well with those Levis I coveted.
It would be a lot easier for me to justify the boots as opposed to the jeans, because they will last a lot longer. Still, though, I’m unemployed and broke, so no new clothes for me.
I still have a new pair of engineer boots I bought a few years ago in anticipation of the failure of my current boots. However, I’ve only worn them twice now, to two job interviews last week.
Think I have the solution.
T-2. You walk into a biker joint, establish a bar wide beat down and get all the scuffed up jeans and boots that fit. And a motorcycle. And sunglasses.
And shotgun.
Of the sawed off variety at that, Geoff.
Yeah, it’s the clear answer.
In case my email didn’t get there, have a safe trip and have fun if you can.
The last thing I need is a metallic Robert Patrick coming after me with his melty alloy self.
Thanks, Geoff. Will do.
He’d be hard to submit, I’ll grant you that, Jeff. But, it’d be damn satisfying if you could pull it off.
[…] “New York Is Almost Out of Cash” […]
[…] “New York Is Almost Out of Cash” […]
That’s okay — a week ago last Tuesday he was killed in Mexico by an American hitman working for a drug cartel.
I mean, “NCIS” is all true, right?
No worries – the NY legislature will come up with something different, untried and radically hopeful… Raise Taxes! Whew….crisis averted!
I think the Democratic Party should change its name to the Locust Party since the behavioral model is almost exactly the same.
They move into a successful region, consume all the resources, and leave nothing but shit in their wake.
When you see an area that has been stripped of its financial, business, moral, and intellectual resources, you know that the Democrats have been in charge for more than a couple decades.
Detroit: check!
California: check!
New York: check!
Europe: check!
[…] “New York Is Almost Out of Cash” […]
If you can make it there …
What’s the reverse of this? If the progressive/liberal agenda can’t work in New York/California … can it work anywhere? Europe says non.
Great stuff, Mr W. I was trying to come up with precisely that kind of analogy last evening, but somehow my choice of Sherman’s march didn’t seem quite right.
Yes.
I knew I should have gone to D.C. with my wife last month — I could’ve gone to the Navy Yard and met Abby.
So? What’s the problem?
It’s only money, and the State Of New York can stick it up their citizen’s butts anytime they feel like it!
“Fuck YOUR bills, I AM A POLITICIAN!!!!! AND I NEED TO BUY VOTES WITH YOUR MONEY!!! ARE YOU STUPID, OR WHAT?
[…] “New York Is Almost Out of Cash” […]
Life imitates
artschlock.http://www.imdb.com/title/tt0116629/quotes
“I saw… its thoughts. I saw what they’re planning to do. They’re like locusts. They’re moving from planet to planet… their whole civilization. After they’ve consumed every natural resource they move on… and we’re next.
Nuke ’em. Let’s nuke the bastards.”
#31 – man, that is high art there…a pingback by a payday loan place. Maybe Gov Patterson could just borrow enough to NY by until next payday…heh.
[…] “New York Is Almost Out of Cash” […]
I love how financial and political pundits are claiming the “contagion” from Europe won’t spread here…it’s already here!