Looming Deficits

Looming Deficits. The New York Post reports a watchdog predicts state budgetary shortfalls in each of the next 5 years. The culprit is Hochul’s runaway spending that threatens to put New York in the red. Expenditures increased by 47 Billion from 2020 to 2022. Hochul and her predecessor Cuomo ballooned the budget by enacting massive social program disbursements. The Democratic legislature is equally responsible for this mess. They irresponsibly spent federal covid money on their left wing agenda. Now that such funds have dried up there has been no corresponding fiscal restraint. Compounding the problem is a likely decrease in income tax revenues. Employment statewide is only 80 percent of pre-covid levels. It is not expected to catch up for several years. Looming Deficits. Let New York taxpayers and voters beware the financial carnage !!