Thursday, March 18, 2010

Ravitch Rambles On About State's Fiscal Ticking Time Bomb

New York State is in the very best of hands when the best that the state has to offer is the lieutenant governor who proposes a plan that will take years to implement, let alone fix the state's structural deficits.

Governor Paterson has been an abject failure, and Ravitch's plan is based on letting the governor and other elected officials who helped create this fiscal mess nominate a bunch of people for a panel who will then try to fix the problem. How exactly is that a solution when these people created the mess in the first place by spending far more money than the state could ever hope to take in as revenue.

Paterson's communications director has resigned and is the fifth such top official to quit over Paterson's array of scandals and yet Paterson is disappointed over the fact he isn't running for reelection? He's the only one.

Speaker Sheldon Silver is introducing legislation to prevent the state from delaying the issuance of refund checks to tide the state over while it lacks the funds to cover its general operating expenses. No word on cutting state spending to alleviate the crushing deficits and tax burdens that are only set to grow as the state refuses to recognize that it can no longer afford to do business as it has always assumed it could.

At the same time, the city and the MTA are also looking for major bailouts for their own fiscal mess. The MTA recognizes that they've lost tens of millions of dollars from farebeaters and that they have no way to ever recoup the loss.

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