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Can we get serious here for a moment?
I've resisted writing about the budget crisis for a while, in large part because it's just so god-damned embarrassing. New York is the third-largest state in the union, with a population of nineteen million people, one of the largest economies in the world, a uniquely deep talent pool, and a budget, if you add it all up, of $200 billion. Pretty impressive, all told.
The problem is simply that forecasts suggest that the state will be spending more next year than is expected in revenue - a lot more. We can't borrow that money - there's no money to be borrowed anywhere, nor should the public borrow to meet current expenses. We've done that before, it didn't work out so well. So we need to either raise revenue, cut expenditure, or find some happy balance between the two.
If that seems reasonable and doable - we're talking about a cut of $5 billion out of, as noted, $200 billion - you don't know New York. The unions are already screaming at the top of their lungs that whatever cuts need to be made need to come out of a slice of the pie that is not theirs. The Senate republicans dragged the legislature to Albany, threw a hissy fit, and sent everyone home. Our friends at WFP have an answer as well, and it's the familiar one: raise taxes on millionaires. Meanwhile, Bigoted Shitbag - that's Ruben Diaz to those unfamiliar with the loving nom de guerre - is holding the entire state hostage to his fear that the Democrats may give the queers basic civil rights.
Okay, fine. So cut three billion in spending and raise another three with higher taxes on the moneyed elite. Simple, easy, and everybody feels some pain. Is that going to happen? Probably. But first, we're going to have weeks of dysfunction until the new Senate is seated, and in those weeks, everything is going to get worse.
Exciting, huh?
$12 billion
The number $12 billion was being raised last night. I think things are worse than anyone has yet admitted. But, that said, pretty much agree with you.
We don't know what the number is
The state government's budget alone, which this fiscal year is just over $120 billion, will have a shortfall of somewhere between $2 and $15 billion -- maybe. The problem is twofold: first, different revenue assumptions are being made; second, different accounting methods are being used.
That's right -- the government doesn't necessarily follow GAAP (Generally Accepted Accounting Procedures) that businesses are required (by the government) to follow. Instead, the government makes up its own accounting procedures as it goes along.
Meanwhile, since we have no idea just how large a shortfall we will have (and won't until long after the FY09 budget is passed), the best we can do is plan for the worst and then adjust upward if things turn out not to be as bad as feared. Of course, that won't happen -- they'll plan for the best possible scenario, and then have to come back and make further cuts when (not if) things turn out to be worse than they assumed. This is done to avoid pissing off the special interest groups any more than is absolutely necessary. It's what has been done for a long, long time, and there is no reason to believe that anything has changed.
Can anyone answer me this
Can anyone answer me this question? How under these dire economic condtions & crisis in the Federal gov't, the New York State gov't, the NYC gov't.Brooklyn Borough President Marty Markowitz has the gall to go ahead with his Monument to Himself, namely the Amphitheater at Asser Levy Park for a price tag of over $ 64 million dollars. This is the last type of venue we need in Brooklyn for Marty's Summer Concerts. I enjoy the concerts just as much as anyone else, but it's fine with me & others that I've spoken too, to keep Asser Levy Park just as it is. It's an ego trip for Marty's head. At a CB 13 meeting this week, one of its members who runs the Sea & Salt Mission said that she had to turn away over 150 families because the cupboard was going bare at its Food Pantry. This $ 64 million dollars could go a long way to better the Community other than another building for concerts. The developer Taconic LLC are throwing some bones to her by giving her 200 Turkeys. WOW! With the MTA raising fares on the middle class, with proposals of putting tolls on East River Bridges, with cuts to Fire, Police,& Education.Where does Marty have the audacity to spend $64 million dollars for a vanity project? Where are his priorities? Someone please answer me.
A similar question
So they renamed the Triborough Bridge after Robert F. Kennedy. Fine. But now it appears that it's going to cost $40 million to change the signs.
Huh?
I was at a Jamaica Bay Task
I was at a Jamaica Bay Task Force meeting last night. One of the speakers works for New York-New Jersey Port Authority & in his presentation the best money makers for income for the NY-NJ Port Authority are the Airports (JFK. LaGuardia & Newark ) , also in the mix high up on the list are the bridges & tunnels. I guess the rates on these bridges & tolls will go up soon to make up that $40 million. Don't you think the Kennedy Estate or Foundations should foot the bill for the new signage instead of the public? With our 401 K's going to 101K's I think it's fair. Don't you?