Wall Street fallout
New York State derived a lot of tax money from Wall Street when things were good. Now that the bubble has burst, finances get a bit tighter.
From the
New York Daily News:
Gov. David Paterson unveils dire New York State budget that includes new taxes, layoffs and cuts
Gov. Paterson released a $121 billion slash-and-burn budget Tuesday morning that slams New Yorkers with 88 new fees and taxes - even on their iPods.
Calling the budget the "greatest economic and fiscal challenge of our lifetimes," Paterson acknowledged his spending plan cuts deep.
But he said the pain must be shared to deal with the fallout from the Wall Street collapse.
When the money was flowing in, it was spend, spend, spend with zero thought toward how unnatural the bubble was and the fact that all bubbles burst painfully at some unpredictable point. Idiots!
Posted by DaveH at December 16, 2008 6:56 PM