Is $700 billion just a drop in the bucket? | NY Torch

Just belatedly realized something in crunching the equity- and debt-underwriting numbers: Between 2005 and 2007, American financial institutions produced $5.4 trillion worth of mortgage-backed and other asset-backed securities not guaranteed by a gov...

Surpluses… but not for taxpayers, unless Bloomberg acts by Nicole Gelinas | | NY Torch

New York City's current budget is an object lesson in why too much money is just as serious a problem as too little. New York ended the last fiscal year with $3.8 billion more than it expected to spend. . . but while taxpayers historically have borne tax-rate hikes to fund the city's predictable cyclical deficits, they will not see tax cuts due to the current record surplus, unless Mayor Bloomberg takes advantage of this temporary boom time. . .

Gotham’s spending continues to outpace inflation, economy—and sure deficits loom by Nicole Gelinas | | NY Torch

New York's newly adopted city budget for fiscal 2006 calls for a 7.5 percent spending increase, well above the rate of inflation or growth in the city's economy. Under the four municipal budgets adopted since Michael Bloomberg became mayor in 2002, city spending has risen at more than twice the inflation rate. Relative to New Yorkers' personal income, city operating expenditures in the year ahead will be significantly higher than the average during Rudolph Giuliani's tenure in the mayor's office.

Pension Watch ’06: The Sweetening Continues by E.J. McMahon | | NY Torch

Seemingly oblivious to the already high and rising cost of taxpayer-funded public pensions in New York, state lawmakers this year passed at least 36 measures that would expand pension benefits for groups of public workers.


With school property taxes continuing to rise across New York State, Albany's leading Republicans are pushing for a major expansion of the STAR (School Tax Relief) program in the next state budget. But more STAR spending will do nothing to reduce New York's oppressive state and local tax burden. Instead, it will promote faster growth in school spending and property tax levies unless it is tied to a firm cap on school district budgets or taxes.