Is New York State going Bankrupt? [View All]

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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.