Is New York State going Bankrupt?

[Wcross]

http://www.democratandchronicle.com/apps/pbcs.dll/article?AID=/20050402/NEWS01/504020339


(April 2, 2005) — ALBANY — The budget passed by the state Legislature this week calls for borrowing billions of dollars to pay for such ongoing expenses as pension costs and routine road repairs that should be paid for with cash, fiscal watchdogs and lawmakers said Friday.

"They really do borrow with abandon," said E. J. McMahon of the Manhattan Institute, a business-backed think tank. "They're like someone who has been sent a lot of credit-card offers and taken all of them."

I grew up in the Rochester area and left for greener pastures. My parents still live there and I visit twice a year. I left because it is difficult to find a decent job. On my drive home, New York is the only State that I have to pay to use the interstate. While they do not tax food purchases they have a tax on all other items. They also have an income tax. With all this income, why do they have to borrow to meet current expenses? I feel guilty about living so far away from my parents but I have no choice, I don't see a future for New York.

[Horse with no Name]

1. Don't feel bad

I keep hearing rumblings in Texas we are going to have to pay to drive on our interstate too.

[Corgigal]

2. Aren't all states?

I don't think any state is operating in the black right now. Possibly Vermont but I doubt any others are. Thank the Bush tax cut for the rich plan.

[Wcross]

4. I don't think all States are borrowing to meet current expenses.

It goes much deeper than Bush. I agree his scheme is costing all of us but New York has been in bad shape for decades. I left twenty years ago due to my experiences with the economy around Rochester.
I was talking to my Aunt last time I visited and she mentioned her property taxes. She has a 2500sqft house on three acres in Webster and is paying 7000+ a year in property taxes. I have a friend who lives in the city of Rochester in a 35,000 house, he is paying 1600 a year. He makes 13 dollars an hour and has to give up 135 a month just for property tax. Thats 10 hours of work a month!

[xchrom]

3. following ahnold over the cliff

hoping bush will catch them...

bwahahahahahahha!

[Harlequin]

5. Ny is the WORST -- no budget passed on time in like, 15-20 years.