Merry Christmas, Happy Hanukkah.
Enjoy the Holidays, as New York State and other bankrupt States got a reprieve until the New Year as European bankruptcy issues have been put off in the next year. As soon as Greece fails, attention will shift to the bankrupt US States. Andrew Cuomo and Comptroller DiNapoli know the deficits are rising and the passing of the millionaire's tax will not produce any increase in revenue, because it was offset by tax cuts for the "middle class." Andrew Cuomo has appeased Occupy Wall Street with taxing the millionaires and will use the fact that he was taxing the rich and the State still ran out of money as his excuse next year.
New York State's debt is going way higher next year. Even with wildly optimistic pension earnings predictions, New York Debt per person including local debt is $24,195, this year. For a family of four that is about $97,000. link
