If there was one position that seemed to transcend partisan politics in New York this year, it was this: Borrowing its way out of a deficit was a bad thing for the state to do.
So what’s the Legislature’s plan? Borrow its way out of the deficit.
That’s right. Still kicking around the Capitol is a plan, already approved by the Assembly, allowing the state to borrow from the pension fund to pay off some of its pension bill. Worse, it would let local governments do it, too. Still worse, it would make this practice permanent, allowing governments to borrow from the fund whenever they need to.
Once again, the state is scrambling to fix a predictable, avoidable problem. While borrowing may indeed solve the crisis today, the state and local governments can, and must, come up with smarter solutions for the future. Borrowing like this should not be a way of life…
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