The New York State budget faces a 4.4 billion dollar deficit. Governor Cuomo has limited spending growth to 2% a year, but this will still lead to a gap in the budget. That deficit could also become an even bigger problem as the federal government looks to cut spending that the state relies on. NYS legislators are currently in session debating where the money will come from.
One option would be to stop spending money on job creation programs that don't have the intended return on investment. Back in 2013 NYS spent millions of dollars to advertise Start UP NY and the jobs created have not been to the level expected. A report from June of 2017 by Jeff Platsky of the Democrat and Chronicle indicated 59 millions in spending and tax breaks with only 1,100 jobs created. According to a report from June of 2017 by Joseph Spector and Sean Lahman of the Democrat and Chronicle, the USA Today Network conducted a 6 month investigation, finding NYS has spent 13 billion in incentives since 2011.
Every year we wonder if healthcare spending or education spending will be cut and we bicker and fight along ideological lines regarding social programs. If we dig deep into the budget we can find true wasteful spending that can be cut to get our fiscal house in order without cutting the necessary services that our fellow New Yorkers rely on. If we get rid of the wasteful spending, then we would be able to cut taxes on ALL businesses to improve the business climate.
What are your thoughts on what we need to do to get our fiscal house in order?