News Reports Of NY Medicaid Excesses And Block Grants Will Sink Cuomo's Budget Into $32 Billion Dollar Default.
The media is finally reporting that the NY Medicaid cat jumped out of the bag. "New York spent $2,903 per person on Medicaid in 2010 — a third more than any other state. The U.S. average is $1,364. Nevada spent the least: $666 per person." That means that if Medicaid is block granted to the States at the National average, NY will receive less and must fund the excess out of its budget and tax revenue. New York's Medicaid is capped at $60.4 billion.
So 1,364 divided by 2,903 x $60.4 billion = $28.38 billion. or, New York must pay for an additional $32 billion ($60.4 billion - $28.4 billion)
link to Medicaid calculations
Meanwhile, the Financial Barbarians of the World are at the gates of US debt financing and the prior trickle down effect will become a tsunami effect on States like New York which has the highest state and local debt of of $31,536 compared to USA debt per person of $44,805. link
New Yorkers cannot afford to pay the average cost of all government benefits in New York at $9,442 per person and lenders will soon all figure it out.
Here are the reports on the Financial Barbarians landing on our shores.
End of America as we know it
New York is the Greece among the US States and bond interest will skyrocket
China will (is) selling its US debt and this will force rise in US interest rates
The handwriting on the wall is coming true.
Cuomo and NY Bondholders See The Writing On The Wall