Written by Michael Moran on November 5, 2009 – 7:20 am
John Faso, the co-founder of New Yorkers for Growth, writes in an op-ed in The New York Post, that this year’s election set off a major tremor in New York politics that could become an earthquake next year. He notes the defeat of many incumbents in local races.
He writes: “The reason for the tumult is clearly concern with taxes and the economy. New York’s state and local budget structure is on the verge of a meltdown. The state faces a $3 billion hole in its current budget, and come December won’t be able to pay all its bills. Next year, Albany is looking down the barrel of another $6 billion to $8 billion deficit — despite having billions of federal stimulus money still available.
Yet the real crisis will unfold after the election of the next governor — when the state must deal with another hole of $15 billion to $20 billion.
The public may not comprehend these multibillion-dollar messes. But it does know that it’s paying among the nation’s highest property taxes. Citizens also see a political culture dominated by public-sector unions and other special interests that view taxpayers and business as simply a source of revenue to sustain salaries, pensions and benefits for those on the public payroll.
New York faces a real crisis that won’t be solved by another round of tax hikes. The state, its localities and school districts will have to fit their spending within available revenues, which are likely to shrink over the next two years.”