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Paterson: NY Broke By Xmas

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The Prof

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1. The Empire State sure ain't alone.

2. As a native Californian I can tell you, the land of fruits and nuts is close, too.

3. As a longtime public school teacher---oh, my $7000 paycheck, my long, leisurely months of sabbatical.

4. Oh, my STRS pension (more than triple social security).

5. New York has a Jersey-like problem, on the other hand.

6. Impossible property taxes.

7. No Prop 13 on the right coast.

8. Nov 3 saw a similar result---Nassau County.

9. The FEDERAL GOVT is not far behind, folks.

10. Aren't we all gratified, though, that Albany is addressing the menacingly serious issues---like gay marriage.

11. Worry.

12. The DOLLAR is the bubble of last resort.

Paterson: NYS Will Be Broke In 4 1/2 Weeks If Cuts Aren't Made Immediately - wcbstv.com

Governor David Paterson called an unusual joint session of the Legislature Monday to implore recalcitrant lawmakers to close the state's huge budget gap before New York runs out of money.

To some lawmakers it's nothing more than a photo op to help Paterson get re-elected. But the governor is dead serious. He said if the Legislature doesn't cut the budget now the state could run out of money by next month.

"We're going to run out of cash in four and a half weeks. We are going to run out of money. Unless we do something about it, (it will) threaten generations," Paterson said.

And so began what is turning out to be a tense tug of war between Gov. Paterson and the Legislature.

The governor says $3.2 billion in cuts must be enacted now -- or else. The cuts range from $500 million in agency spending to over $1 billion in already committed in aid to school districts and hospitals.

"I will mortgage my political career, but I will not mortgage the fate of the State of New York," Paterson said.

But Senate Democrats, with their tenuous 32-30 hold on the upper house, are terrified to make school and hospital cuts because, they said, the cuts could mean increases in local property taxes.

And that could mean suburban Democrats on Long Island, in Westchester and other parts of the state could have trouble getting re-elected next year.

Remember, high property taxes led to the ouster of many suburban Democrats last week, including Westchester County Executive Andy Spano. Nassau County Executive Tom Suozzi could also lose once absentee ballots are counted.

"Personally, I do not favor mid-year school cuts," said State Sen. Pedro Espada, D-Bronx.

"Last year, in the midst of this financial crisis, the Senate and the Assembly together with the governor decided to raise spending by $12 billion," added Sen. Andrew Lanza, R-Staten Island.

"I'd rather present 96 or 97 percent of a check to school districts, to hospitals than to have them call up and say where's my check? And the state says, sorry, we didn't have any money," said Assembly Speaker Sheldon Silver, D-Manhattan.

The governor has ordered lawmakers into special session Tuesday to close the budget gap. Right now there is no agreement and he could flex his muscles by keeping them here until there is.

Also on the agenda Tuesday are bills to legalize gay marriage, toughen drunk-driving laws, impose a cap on state spending and reform the state's public authorities.
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The Prof
 
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Steps required to save California are fairly simple but no one in power or in a position to get public support to work on a fix are doing nothing and won't listen to reason. I have no idea what NY contributes to the Nations economy compared to California's 1/8th. I do know that the current crisis in the Central Valley that is putting not only the State economy but a large portion of the Nations food supply in jeopardy for no reason at all.
A simple fix for California is a Fish Hatchery to insure that the damn Delta Smelt is saved. So if you have any sway on people tell them to save the damn fish and turn the water on for the farmers. And hell you take the credit for the idea. Just save the State!
 
Merry Christmas!

Ah hell, no worries. Paterson has a pat answer.
Just raise taxes... LOL.

The Empire State has no clothes.

NYC remains top city in millionaire population loss
New York tops the list of cities that lost millionaires in 2008, with 15,189 either leaving the area or losing their seven-figure status.
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Golisano leaving New York to escape income taxes : City & Region : The Buffalo News
Golisano leaving New York to escape income taxes
Says he’s paying $13,000 a day
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Donald Trump on What He'll Do if Millionaires' Tax Happens - Neil Cavuto | Your World - FOXNews.com
DONALD TRUMP, CHAIRMAN & CEO, TRUMP HOTELS & CASINO RESORTS: Well, I guess you have no choice. Otherwise, you're not going to be a champion for long.

The fact is that the state of New York did something very, very foolish, and they passed a tax, an income tax, and increased it very substantially from what it was.

And I believe that's going to be a total disaster for the state.
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The Prof said:
1. The Empire State sure ain't alone.

2. As a native Californian I can tell you, the land of fruits and nuts is close, too.

3. As a longtime public school teacher---oh, my $7000 paycheck, my long, leisurely months of sabbatical.

4. Oh, my STRS pension (more than triple social security).

5. New York has a Jersey-like problem, on the other hand.

6. Impossible property taxes.

7. No Prop 13 on the right coast.

8. Nov 3 saw a similar result---Nassau County.

9. The FEDERAL GOVT is not far behind, folks.

10. Aren't we all gratified, though, that Albany is addressing the menacingly serious issues---like gay marriage.

11. Worry.

12. The DOLLAR is the bubble of last resort.

Paterson: NYS Will Be Broke In 4 1/2 Weeks If Cuts Aren't Made Immediately - wcbstv.com




The Prof
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Gotta love big government. :thumbs:

Hope-n-change came, it saw, it kicked our own ass.
 
1. central valley water, absolutely

i've also read that sacto can earn itself 10's of B's, enough almost to balance our bankrupt budget, by leasing our offshore oil fields

offshore oil played an important part in last week's big victory by bob mcdonnell in VA

of course, such a practical proposition would require CA's bluest legislators to sell their greenie souls, not worth much, admittedly---but the oil fields are

2. i don't know if there's a lot of precedence about what happens when a state the size of NY or CA bellies up

i recall cleveland and nyc teetering near chapter 11 in the 70's

the classical first look is the federal govt, a beast of a bailout

what happens when washington goes bankrupt might soon be the more pressing question

i believe diocletian, c280AD, foresaw much of what was coming in his milieu, tho his attempts to curb inflation via price controls were fatally ineffective

3. i think we can see that entities like NY and CA (and ancient rome) will be unable to meet their promises and obligations, will witness the breakdown of their infrastructures, will look desperately within and without for any new and old sources of revenue

an obvious place states will early look is the massive sums they've mandated upon themselves in the form of plum public pensions (see: Vallejo, CA)

that's about as far ahead as i can see
 
chevydriver1123 said:
What happens if a state goes bankrupt anyway?
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I believe that their belongings are auctioned off on the steps of the Supreme Court, and the residents are indentured to other states.

Oh, and their representatives and deleted officials are sold to the circus.
 
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