Watch New York follow in California’s footsteps as they struggle to fund themselves with debt-based money via coercion:
Oct. 5 (Bloomberg) — New York State’s income tax revenue has dropped 36 percent from the same period in 2008, Governor David Paterson said, “frustrating” his attempt to close a projected $2.1 billion budget deficit.
“We added personal income tax, which we thought would make the falloff 10 percent to 15 percent,” Paterson, a Democrat, said on CNBC today, referring to $5.2 billion in new or increased taxes. “This is what is so frustrating. It’s still 36 percent, meaning our revenues fell more in 2009 than they did in 2008.”
When everyone’s money must go towards the servicing the interest of debt, there is less and less money available to fund social services.