Wednesday, July 30, 2008

Paterson Addresses State On Money Woes

Governor Paterson took the extraordinary step yesterday of going on television to (dramatically) make the case for something to be done about a budget deficit in our state that seems to grow by the second. As revenues fall in our tightening economy yet fuel costs (and anything connected to oil in our petro-world) rise, the budget deficit has ballooned nearly $1.4 billion dollars since the budget passed this year. Now Paterson wants the legislature to get an early start on next year....starting next month.

From The Times-Union:

Paterson was short on specifics, mentioning his plan for a cap on school taxes as well as a boost for home heating aid. He did not say he would try to convince lawmakers to make cuts or slow the growth in Medicaid and school aid, which together make up a substantial portion of the $121.6 billion state budget in most years, and which have grown recently.

He talked about reducing the state work force, as well as what he termed "private/public" partnerships, which could include the sale or lease of excess land and other assets.

Another possibility was an income tax hike for those earning more than $1 million annually, a move Assembly Democrats and unions have been calling for.

Paterson's budget experts planned to offer more specifics at a briefing this morning in New York City.

Two longtime observers said they were heartened that Paterson was starting budget talks early, in stark contrast to a long-standing tradition of lawmakers, after the November elections, professing shock at the deterioration in the state budget.


This is definitely something different and the times do call for something along those lines. There will most certainly be a lot of fighting amongst all the groups in the state over who loses and who loses big. My hope is that those on the bottom rungs amongst us lose least, because they are already on the brink in these economically perilous times. Reviving talk about the millionaire's tax is heartening, because frankly, having one less yacht versus one less meal on the table really shouldn't be up for debate in the first place.