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New York Is Broke

January 8. 2010

New York

To show the terrible extremes America's finances have been mismanaged, what is arguably one of the richest states in the country, with high taxes is broke. The great state of New York, home to world famous New York City, is facing financial collapse.

Governor David A. Paterson "chastised" lawmakers for corruption and "spending the state into near-ruin." But this is indicative of a pattern present all over the country, as another rich state, California is broke as well. Some terrible winds of change have hit America, requiring great financial minds to navigate a path.

Paterson Says Legislators Put State in Danger

Published: January 6, 2010 - ALBANY - In a strikingly blunt State of the State address, Gov. David A. Paterson chastised the lawmakers seated before him on Wednesday, saying they had spent the state into near-ruin and stood by as a plague of political corruption destroyed New Yorkers' trust in their government.

Dispensing with the ritualized flattery that typically precedes the annual address, Mr. Paterson said that the Legislature's reluctance to make hard decisions and rein in its own excesses had plunged the state even deeper into crisis.

"You have left me and other governors no choice," Mr. Paterson, the former State Senate minority leader, said. "Whether it be by vetoes or delayed spending, I will not write bad checks, and we will not mortgage our children's future."…

New York is facing a fiscal crisis decades in the making and a $7 billion shortfall projected for the coming year. Last year, buoyed in part by federal stimulus aid, state officials increased total spending by nearly 9 percent, even as the economy faltered and revenues plummeted.

http://www.nytimes.com 

 

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