The fiscal crisis of New York State

The New York Times recently ran a story, “Deficits Push N.Y. Cities and Counties to Desperation,” March 10, 2012. Here is our response posted at the Times webpage:

We can easily solve this problem of austerity and fiscal cutbacks. The problem is that our politicians are too focused on placating the financial sector at the public’s expense. Here is a recipe for turning things around in New York City.

First, award more points for local sourcing of mass transit during procurement negotiations.

Second, set up an industrial extension/modernization program for mass transit suppliers.

Third, follow the lead of Pennsylvania and create industrial policy incentives for alternative energy production, build niche markets in government buildings, properties, schools, etc. throughout the state to create a market for these local job creating firms.

Fourth, start talking about the dramatic costs of the military budget on New York State financing. The state pays billions in tax dollars and much of this money goes elsewhere. So either have the Pentagon start building light rail systems in up state New York (not the preferred option), or cut the military budget and redirect that into economic incubators for green jobs throughout the state.

Fifth, take the payroll deposits and other elements of New York’s financing and use them to start a New York State bank. Fight for legislation to promote and organize this new state bank. Use that bank to seed the incubators and green industries and mass transit systems described above.

Go to www.globalteachin.com and read about how we are promoting the advanced agenda.

Regards, The Global Teach-In

A reader posted this comment:

There were “multi-year backloaded tax cuts that started under Governor Mario Cuomo and continured through the Pataki administration. These tax cuts resulted in lost revenue to NYS in 2007-8 ($21.2 billion); 3008-9 ($21.2 billion); 2009-10 ($15.3 billion); 2010-11 (13.5 billion).”

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