Kicking the Can Down the Road
Posted by Team Wilson - Sat, June 12, 2010 at 02:05 PM
Have you ever taken on credit card debt to make a payment - on the same credit card? That's what New York State is doing, under the careful watch of unelected comptroller Tom DiNapoli. This is how a smaller debt becomes a larger one, with no benefit to anyone, and it's how DiNapoli is handling New York finances - by kicking the can down the road as our finances teeter on the brink.
From the front page of today's New York Times:
Gov. David A. Paterson and legislative leaders have tentatively agreed to allow the state and municipalities to borrow nearly $6 billion to help them make their required annual payments to the state pension fund.
And, in classic budgetary sleight-of-hand, they will borrow the money to make the payments to the pension fund — from the same pension fund.
As word of the plan spread, some denounced it as a shell game and a blatant effort by state leaders to avoid making difficult decisions, like cutting government spending or reducing pension benefits.
“It’s a classic Albany example of kicking the can down the road,” said Harry Wilson, the Republican candidate for comptroller, who holds an M.B.A. from Harvard.
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It is about time that someone wakes up to our terrible financial situation. New York’s leadership is constantly passing the problem to someone else. I believe that Wilson can fix this problem!
Wow… when will the fiscal mess end! Time after time these politicians just keep running up the bill- and guess who ends up paying for it?! The taxpayer and future generation. Time for REAL leadership.