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New York State Budget Balanced
With Gimmicks, Study Says

Bloomberg, by Henry Goldman

Original Article

Posted By:fca, 12/18/2012 11:18:14 AM

New York state relies on gimmicks and nonrecurring revenue to pay for rising pension costs and the most-generous Medicaid benefits in the U.S., said a group led by former Federal Reserve Chairman Paul Volcker and former Lieutenant Governor Richard Ravitch.. Annual pension contributions may increase 31 percent .. Retirement obligations and health care are outdistancing revenues at an ever-increasing pace .. To balance New York’s budget, state officials have relied on about $25 billion in nonrecurring, or “one-shot,” revenue actions, over the past 10 years
Headline resplit to site style by staff

Comments:
Almost as bad as Illinois and California ?

      


Post Reply  

Reply 1 - Posted by: veritas, 12/18/2012 11:36:52 AM     (No. 9072628)

Police Captain Louis Renault remains indifferent, has no comment.

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Reply 2 - Posted by: engrpat, 12/18/2012 11:57:07 AM     (No. 9072681)

What´s the big deal? Democrats don´t need budgets, ask Harry Reid he hasn´t passed one in four years and the Federal Government is still spending. No problem that I can see.

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Reply 3 - Posted by: Not your typical New Yorker, 12/18/2012 12:38:29 PM     (No. 9072793)

Can we all just collapse and get it over with?

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Reply 4 - Posted by: sternben, 12/18/2012 4:18:04 PM     (No. 9073146)

There is nothing new about this subterfuge. It has been a regular feature of the NY finagle.

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Reply 5 - Posted by: NYbob, 12/18/2012 5:51:07 PM     (No. 9073283)

They think Bernacke is going to bail them out with another blank check from the Fed. NY could frack for gas, but the corrupt NYC politicians who run the state don´t want to. These idiots are only slightly ahead of the whole country in terms of running smack into bankruptcy.

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Reply 6 - Posted by: Trigger2, 12/19/2012 5:06:49 AM     (No. 9073717)

Well, the article certainly got it right about the most-generoud Medicaid benefits in the U.S. It even pays for baby and adult diapers. As for the budget, NY´s famous gimmick is to raise county contributions to the gold plated pension system, which is why counties are going broke. A friend of mine retired from the state and he makes more money retired than he ever did working and pays nothing for medical costs.

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