Kolb Says Majority Must Take Some Responsibility for State's Financial Crisis
To hear Assembly Majority tell it, our states financial crisis began when this public health crisis intensified and will be solved once the federal government bails us out. Im not questioning the fact that New York state needs and deserves more help from the federal government. I am asking the Majority to offer the public some accountability.
Years of reckless state spending and misplaced priorities made us vulnerable to any economic downturn. Years of Medicaid mismanagement, years of escalating handouts for illegals and years of handing the governor a blank check to fund his corrupt economic development programs compromised our economic resiliency. Nearly two years ago, the comptroller issued the following warning:
New York's growing out-year gaps, shrinking debt capacity and the lingering threat of federal funding cuts cloud the horizon. Yet, there are no plans to add to our reserves, leaving the state with little cushion in the event of an economic downturn.
Before the Covid-19 crisis, the nonpartisan Tax Foundation ranked New York state 49th in overall business climate, 48th in individual tax burden and 46th in property tax burden. During this governors tenure, over 1.4 million New Yorkers have fled for more affordable states and more attractive economic opportunities. The Covid-19 crisis has created devastating problems for New York state. Its also exposed old ones.
The federal government must provide short-term aid to help local governments, local school districts and local taxpayers weather an unprecedented public health crisis. The governor and Senate and Assembly Democrats must provide the public with assurances that were going to get smaller, smarter and more effective moving forward, said Kolb.