NYS defecit increased to 4.5 BILLION & growing

[VegasDude]

Detailed analysis of the recently released 2008-09 Executive Budget reveals that the governor included many additional fees and taxes in order to help him close a $4.5 billion budget gap, noted Assemblyman Bob Barra (14th Assembly District).


“After the broad funding issues in the governor’s budget are analyzed, the real work of how he plans to close the gap can be addressed,” stated Assemblyman Barra. “The governor’s gap-closing measures will hit the hardworking individuals and families of Long Island directly – with additional fees and taxes totaling nearly $500 per family.”


Fees that will impact New Yorkers directly are a $20 per person WHTI compliant driver’s license, a $15 increase to your motor vehicle insurance fee, a $20 increase to mortgage recording fee and a per page increase to $2, and a merger of New York’s complicated gas taxes that would be passed on to consumers.


An additional cost that would be passed on to Long Island residents is a $50 increase to community college tuition. Also, your Health Maintenance Organization (HMO) is not immune to additional taxes. A proposed change from a business corporation tax to insurance corporation franchise tax could force many HMOs to pass an increase of $172 to each family.


“To place nearly $500 in additional costs on the already stressed Long Island family budget is not fair. Especially when the governor has reduced education funding to Long Island school districts and frozen any increase to Basic STAR rebate checks,” stated Assemblyman Barra. “The reduction in education funding and frozen rebate checks will surely increase local property taxes for our already overburdened families. Alternatives to New York’s current property tax system need to be brought to the floor of the Legislature before we lose any more New Yorkers.”

[CSense]

The $4.5 billion is the deficit on the annual budget but we (NYS) still have a large outstanding debt that continues to grow.....

• Total debt.State debt has grown from $14.4 billion in 1990 to $48.5 billion in 2006 and a projected $52 billion in 2007.

It is expected to go up from $48.5 to $52 via Spitzer. What an idiot!

• Debt per capita. New York ranks second highest in combined state and local debt per capita after Alaska.
• Back-door borrowing. Voter-approved debt has decreased from 40 percent of the State’s debt portfolio in 1985 to seven percent today. Under the State’s constitution, general obligation borrowing must be approved by voters.
• Public Authority Debt. Most State-funded debt is issued through authorities, $45.0 billion of the $48.5 billion. In addition, public authorities have over $80 billion of debt that is not supported by State revenues.

http://www.osc.state.ny.us/debt/index.htm

[cookie]

Now that is scary!
Doesn't look like we'll see the demise of any Authorities anytime soon huh?

[CSense]

Now that is scary!
Doesn't look like we'll see the demise of any Authorities anytime soon huh?

Dear Cookie:

As a valued citizen (one that is beneath me), I’d like to explain my position for the beleaguered conditions currently being felt by you and others within the State of New York.

If you haven’t figured it out, my plan is to spend my way out of the mess. I want to dole out billions without actually fixing the structural problems of government. Thinking of ways to save costs, butting heads with the politically entrenched and doing what’s right for the state is hard work. You don’t actually expect me to work?

One of my spending ideas is to give our legislative elected officials a raise for all the good they do and it’s time for you and others to pony up. Sure the $79,000 base salary, which is part-time work, is $33,000 more or 42% greater the median full-time salary of $45,820 in NYS. But they do such a great job!

So in conclusion, I know what’s good for you and NYS because I went to Harvard you pathetic neophyte. Furthermore, you will be happy to know that you’ll be asked to bend over and take it up the wazoo for at least another 7 to 11 years. That’s how long I’d like to be your governor, absent an appointment within a Hillary Clinton administration.

Sincerely,
Elliott SpitCzar
“The Steamroller”

[VegasDude]

What no media coverage ? That should be a top story

O let's forget about it !

How's NYS going to close the growing & growing & growing gap ?

Raise Raise Raise taxes taxes, fee's, taxes, fees' taxes

O the INSANITY in WNY

[concernedwnyer]

What no media coverage ? That should be a top story

O let's forget about it !

How's NYS going to close the growing & growing & growing gap ?

Raise Raise Raise taxes taxes, fee's, taxes, fees' taxes

O the INSANITY in WNY

Oh come on now... Are you remotely suggesting NYS has a slight problem??? Rumor has it that American Express just sent NY a supersized credit card. Problem is it will not fit in anyones pocket so everytime it is used its obvious.

[concernedwnyer]

The $4.5 billion is the deficit on the annual budget but we (NYS) still have a large outstanding debt that continues to grow.....

• Total debt.State debt has grown from $14.4 billion in 1990 to $48.5 billion in 2006 and a projected $52 billion in 2007.

It is expected to go up from $48.5 to $52 via Spitzer. What an idiot!

• Debt per capita. New York ranks second highest in combined state and local debt per capita after Alaska.
• Back-door borrowing. Voter-approved debt has decreased from 40 percent of the State’s debt portfolio in 1985 to seven percent today. Under the State’s constitution, general obligation borrowing must be approved by voters.
• Public Authority Debt. Most State-funded debt is issued through authorities, $45.0 billion of the $48.5 billion. In addition, public authorities have over $80 billion of debt that is not supported by State revenues.

http://www.osc.state.ny.us/debt/index.htm

Translation - we are so screwed!!!!! Hilda pack up the VW and give the clown horn a squeeze we are getting the hell outa here!!!

You do not board the Titanic when you know the ship is eventually going to sink.

Anybody have one of those debt meters?????? The one that contstantly increments every second

[Genoobie]

CSense,

You forgot to mention that his teachers go all the way back to Ronnie "Bedtime for Bonzo" Reagon and have continued since. Presidents have been deficit spending for years (Yes, even Clinton, but his was less noticeable b/c the economy was a little more robust).