Political conventions live on dreams and hope, but it’s time for a little reality for those with a stake in New York State’s future. Let’s start with the fact that local governments are already overburdened trying to keep up with a declining tax base as people who can continue to flee the state, but add unfunded obligations on top of that and we are looking at trying to stop a tidal wave with a wall of sand.
Don’t believe me? Then read Jimmy Vielkind’s series on “Cities near a tipping point” that started Sunday August 19 in the Albany Times Union to see how bad it is currently and then consider “New York’s health-care time bomb” by Rus Sykes in today’s New York Post. Sykes reveals that taxpayers are on the hook for as much as $250 million in unfunded health care costs for government retirees.
Now tell me how New York is going to solve that crisis in an economy that’s growing at less than 2% a year!