Trailing the market NY Torch

"New York recently paid almost $50 million to private stock managers to actively invest part of the state's massive public pension fund, and they lost more than $1 billion, a worse performance than stocks that were essentially untouched," the AP repo...

Stimulating welfare giveaway NY Torch

Governor Paterson's plan to give $200-per-child "back to school" bonus payments to welfare and Food Stamp recipients exemplifies the federal stimulus bill at its worst.  It's basically a helicopter drop of cash justified on the grounds that, after a...

Doubling down on high earners NY Torch

My op-ed in today's New York Post is about the fiscal folly (economics aside) of trying to balance the state budget with higher taxes on a relatively small number of affluent New Yorkers whose incomes and portfolios have dropped sharply in the recess...

Bean-counting update NY Torch

Today's June cash report from state Comptroller Tom DiNapoli says first quarter tax collections were $487 million below projections, in line with the trend reflected in Taxation and Finance data cited below. DiNapoli's press release statement chose t...

Pension fund borrowing on Senate agenda? NY Torch

It seems likely the newly reconstituted Senate majority will take up and re-pass all the bills approved during its legally questionable June 30 "session," perhaps as soon as this evening.  While the governor and others have described the bills await...

The Governator gets real NY Torch

Gov. Arnold Schwarzenneger is proposing a 5 percent pay cut for state workers in California, in addition to an average 10 percent reduction already experienced by employees under an unpaid furlough program.  Meanwhile, in New York, most state worker...

Albany’s human spending cap NY Torch

Governor Paterson now says he will veto "any legislation this year that calls for more spending."  Well, that's a relief.  But what does he mean by "spending"? [caption id="attachment_1219" align="alignleft" width="286"] Tough spending restraint?[/...

New York’s giant sucking sound NY Torch

Following in the footsteps of Tom Golisano, the owners of a small Buffalo area company have announced that New York State's income tax hike is prompting them to move to Florida -- except, unlike Golisano, they are also taking their entire company wit...