not lovin’ it | NY Torch

The story from today’s papers with the biggest potential long-term impact on New York’s economy doesn’t even contain the words “New York.” That’s Gillian Tett’s FT piece on global investors’ assessment of the credit of the United States of America. [Read_more]

Silver Changing Tune on Tax Cap? | NY Torch

While he carefully avoids a flat rejection of the idea, Assembly Speaker Sheldon Silver has been expressing doubts about Governor Eliot Spitzer’s proposal for a cap on school property taxes. [Read_more]

Spitzer’s Big Spending Plan by E.J. McMahon |  | NY Torch

Governor Spitzer's first Executive Budget would raise state spending by up to three times the projected rate of inflation in the fiscal year that begins April 1. [Read_more]

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. . . [Read_more]

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. [Read_more]

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. [Read_more]