Saturday, January 06, 2007

Spitzer faces possible budget problem: too much money


"Legislators have a tendency to confuse short-term revenue flows with the long-term health of the economy and the state of the budget," said E.J. McMahon, a senior fiscal analyst with the conservative Manhattan Institute. "They are always looking at last month's cash report. If your fixation is on last month's cash report, then everything is rosy." Put in simple terms, legislators like nothing better than to cut taxes and increase spending, often at the same time. That is, of course, a recipe for fiscal chaos when hard times hit. The problem for Spitzer will be convincing legislative leaders that chaos is lurking just around the corner." Spitzer will concentrate on the long term....he has already set the tone for this year's budget process....this is a very well written read the here.........andy..

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