New York state is the second most indebted state in the union. It’s so bad the comptroller is afraid they won’t be able to continue spending money. (Gee, he’s just noticing this now?)
New York’s debt has climbed so high that it threatens to cripple the state’s ability to build new roads, bridges and other infrastructure, state Comptroller Thomas DiNapoli said today in a report.
The state’s debt is the second highest in the country and is approaching the legal limit, DiNapoli said.
“New York’s past borrowing is limiting our future options,” DiNapoli said in a statement. “We spend billions each year to repay existing debt, so fewer resources are available for more pressing needs.”
New York’s debt averages $3,253 per state resident, almost three times the national median. New York’s state-funded debt totaled $63.3 billion as of March 31, second only to California and 80 percent higher than New Jersey, the state with the third highest level.
The amount of money left for the state to borrow has fallen from $9.2 billion in the 2008-09 fiscal year to $1.5 billion in this fiscal year. It will drop to $509 million by 2014. (Read More)
Hold onto your wallets, New Yorkers. Democrats run this state, and we all know they never, ever want to cut spending, so that will mean more tax hikes.