The following was initially posted at www.fiscalaccountability.org
While the average national worker toiled until August 12th to pay off the burden imposed by federal, state and local spending and the regulatory burden, New Yorkers have had to work until today, the last day in August, to start working for themselves. New York has the third latest Cost of Government Day, followed only by New Jersey and Connecticut whose COGDs fall in the first few days of September.
The reasons for New York’s late COGD are manifold. The Empire State has increased spending since 2003 by 12.5% while its population grew by a measly .5%. In line with the state’s history of outrageous spending, the Gov. proposed a budget this February that increased spending by $1.4 billion, levying $4.1 billion in tax hikes on New Yorkers to fund his plan.
The legislature ultimately passed a budget that raised income taxes by $4 billion and other taxes and fees by $2 billion to compensate for the state’s overspending problem. There is no end in sight for the state’s spending in excess and if New York continues to live beyond its means and force taxpayers to pay for it, it will continue to lose residents until there is no one left to foot the bill.