The Grim Debt Economic Reaper will cut down Cuomo's Budget Fantasy.
The daunting tower of national, state and local debt in the United States will reach a level this year unmatched just after World War II and already exceeds the size of the entire economy, according to government estimates. And research shows all Cuomo's estimates of growth in the New York Economy are shown as fantasy by "Rogoff and Carmen M. Reinhart, a University of Maryland economics professor, have done research showing that once government debt surpasses 90 percent of GDP, average growth rates slide 4 percent."
The debt as reported on this blog in No Whining, No Federal Bailout; You Made Your Bed Of Debt, Lie In It, New York
NY+USA Debt per person:
1. Total USA public debt outstanding Dec. 20 $13,868,461,000,000
2. nation's population on April 1 was 308,745,538
3. USA debt per person $44,805 The federal Government can't bailout New York; it's sinking itself.
4. New York debt per person: State-funded debt was $3,105 per person and in 2009, NY was the second most indebted State behind California.
5. This New York debt doesn't include the Pension liabilities from the present phony estimated safe return on pension investments of 7.5%, when the New York fund earned 1.1% over five years and New York State’s $132.6 billion pension fund is the nation’s third-largest.
If we correct the pension liabilities optimistically with a 3.1% return, we get another $9,664 additional debt per person. Making $12,769 debt per person as a better debt estimate in New York. But now look at the 4.52 million people on Medicaid in NY (who don't pay taxes) out of a NY population of 19,541,453 which raises the New York debt per taxpaying person and each of their dependents to $16,600.
And Cuomo's budget has a real deficit of $22.1 Billion and not Cuomo's assumed $10 billion dollars with impossibly optimistic expected tax receipts and ignored other multi-billion dollar expenditures.
Doing the arithmetic for Andrew Cuomo, we discover Cuomo needs to borrow just for the coming year an additional $12.1 billion to his already budgeted borrowing or $807 dollars per taxpaying person and each of their dependents.