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Budget Crisis

December 6, 2009 - 8:21pm
posted by C. M. Barons in new york, Paterson, Budget Crisis.

Letter via e-mail from Gov. Paterson's office

Dear New Yorker:

Earlier this week, the Legislature concluded an Extraordinary Session that I convened to address New York State’s worsening fiscal crisis. While the deficit reduction legislation passed by the Legislature provides needed savings, it falls well short of what is necessary to put New York on the road to fiscal and economic recovery.

Although the Legislature failed to join me to adequately address this crisis, we were able to achieve historic reforms that make government more accountable to taxpayers.

This week, we enacted the most important reform to our State’s pension system in more than 25 years, creating a new “Tier 5” that will substantially reduce the cost of government for the long-term. Public pensions have been allowed to grow at an unsustainable rate for a generation – with rising costs for local governments passed on to New Yorkers in ever-increasing property taxes. Thanks to this legislation, New York finally has a rational pension system that provides a secure retirement for hardworking public employees, while controlling costs for property taxpayers.

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