NY’s incredible growing gap NY Torch

When this year's state budget was first enacted back in April, the budget gap for fiscal 2010-11 was projected at $2.17 billion.  The First Quarterly Financial Plan Update in July more than doubled this estimate, to $4.62 billion.   And today's Mi...

Leading from behind the curve NY Torch

Well, better late than never.  But given recent state revenue trends in New York, Governor Paterson's latest deficit reduction plan may be a day late and a dollar short. Make that a billion.   Just a day after state Comptroller DiNapoli released f...

“Perilous imbalance” NY Torch

That phrase is used in the headline of today's (as yet unposted) press release from the office of state Comptroller Thomas DiNapoli, whose cash report for the month of September highlights the same growing deficit spotlighted by the state tax departm...

For sale, cheap? NY Torch

New York and Britain both face huge fiscal imbalances, partly as a result of their reliance on the volatile financial sector for too much tax revenue. And both may come up with the same purported partial solution to the problem: sales of public asset...

September Song NY Torch

New York State's tax receipts were down 7.7 percent in September compared to the same month in 2008, according to the monthly collections report from the state Department of Taxation and Finance.   In virtually every major category, the tax numbers...

Paterson’s fiscal minimalism NY Torch

Governor Paterson today announced that he was ordering state agencies to cut their budgets by $500 million to help in dealing with a current-year state deficit of between $2.1 billion (the official forecast as of late July) and $3 billion (the govern...

California, here we come? NY Torch

My op-ed article in today's New York Post suggests that, thanks to Governor Paterson's lack of leadership, New York State is sliding faster towards a fiscal abyss....

Wet blanket time NY Torch

The Federal Reserve is working on a far-reaching proposal to regulate compensation by the nation's largest banks -- including, inevitably, some big New York firms now raking in big profits thanks to government bailouts. The upshot for Governor Paters...
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