Press "Enter" to skip to content

New York State to be broke by Christmas: Paterson

new york poverty

“We’re going to run out of cash in four and a half weeks. We are going to run out of money. Unless we do something about it, (it will) threaten generations,” Paterson said.

When facing the consequences of over spending, why do politicians cut police, teachers, hospitals, and firemen? Why not cut bureaucratic paper shufflers, redundant job holders, relatives of politicians with no real job skills, and other government employees with no discernable function?” Because paper shufflers, redundant job holders, and relatives give the politician a little kingdom of their own.

They get to play king, control the lives of others, and rule at their own whims. Eventually-they run out of other people’s money. That’s when you find a scapegoat to blame so you can keep running your kingdom. It’s the exact same lust for power that has haunted human history since the dawn of man. It never goes away-it just expresses itself in slightly different ways.

What is the solution? Bring productive capacity back to America. That includes manufacturing, energy extraction, and the rebirth of real capitalism that puts money into the hands of real people instead of giving it to bankers.

Paterson: NYS Will Be Broke Before Christmas
Delivers Scary News To Legislature, Says Only Way To Fix Problem Is To Have Immediate Cuts To Education, Hospitals

ALBANY (CBS) – Governor David Paterson called an unusual joint session of the Legislature Monday to implore recalcitrant lawmakers to close the state’s huge budget gap before New York runs out of money

To some lawmakers it’s nothing more than a photo op to help Paterson get re-elected. But the governor is dead serious. He said if the Legislature doesn’t cut the budget now the state could run out of money by next month.

“We’re going to run out of cash in four and a half weeks. We are going to run out of money. Unless we do something about it, (it will) threaten generations,” Paterson said.

And so began what is turning out to be a tense tug of war between Gov. Paterson and the Legislature.

The governor says $3.2 billion in cuts must be enacted how — or else. The cuts range from $500 million in agency spending to over $1 billion in already committed in aid to school districts and hospitals.

“I will mortgage my political career, but I will not mortgage the fate of the State of New York,” Paterson said.

But Senate Democrats, with their tenuous 32-30 hold on the upper house, are terrified to make school and hospital cuts because, they said, the cuts could mean increases in local property taxes.

And that could mean suburban Democrats on Long Island, in Westchester and other parts of the state could have trouble getting re-elected next year.

Remember, high property taxes led to the ouster of many suburban Democrats last week, including Westchester County Executive Andy Spano. Nassau County Executive Tom Suozzi could also lose once absentee ballots are counted.

“Personally, I do not favor mid-year school cuts,” said State Sen. Pedro Espada, D-Bronx.

“Last year, in the midst of this financial crisis, the Senate and the Assembly together with the governor decided to raise spending by $12 billion,” added Sen. Andrew Lanza, R-Staten Island.

“I’d rather present 96 or 97 percent of a check to school districts, to hospitals than to have them call up and say where’s my check? And the state says, sorry, we didn’t have any money,” said Assembly Speaker Sheldon Silver, D-Manhattan.

You can read the full story at MyProps.Org

Blast from the past ..

New York State Is So Broke It Steals From Itself To Pay Off Unapproved Debt

he surrealities of a “healthy” economy never end. The latest indication of the new banrkupt normal is New York State itself. A new report by NY state comptroller Thomas DiNapoli entitled “Highway Robbery: State’s ailing road and bridges robbed; State siphoned money to pay for operations and debt service” tells you all you need to know about just how prosperous the ailing economy really is. According to DiNapoli, “only one-third of the money in the Highway and Bridge Trust Fund has actually been used to pay for highways and bridges. The rest has been siphoned off to pay for debt service on back-door borrowing and to fund operational costs for the DMV and the state Department of Transportation.” Is that lack of stolen pocket change Mr. DiNapoli can believe in? Apparently not – Mr. DiNapoli’s words: “I think outrage and anger is certainly appropriate; we need to channel that into thoughtful public policy.” Yet anger is so September 2008. Welcome to the Xanax highs of the new credit bubble.

You can read this full article at Zerohedge

One Comment

  1. Personalized gifts Personalized gifts November 28, 2009

    This post was interesting. I am looking forward for your next post. Kind regards, Conny Bride ~ tinypocketpeople

Leave a Reply

Your email address will not be published. Required fields are marked *