ALBANY— “The Governor and legislature are poised to enact the largest tax increase in New York State history. It appears that the budget lacks badly needed reductions in spending and rejects key fiscal reforms that have broad-based support,” said Kenneth Adams, president & CEO of The Business Council of New York State. “It is impossible to view the emerging budget as a path to economic recovery.”
“State revenues are dropping like a stone, yet Albany's leaders want to increase spending. This is a reckless and dangerous approach that defies fiscal logic. To burden all New Yorkers with billions of dollars in new taxes will make the current economic crisis worse and set back chances for New York's recovery,” added Adams.
“The current economic crisis has created an opportunity for our state leaders to make real reforms to reduce spending and fix New York's structural deficit. It appears that they have wasted this opportunity,” said Adams. “Indeed, if they follow this path, New York will be facing yet another crisis in the coming months because we know our economy cannot sustain the level of government spending called for in this budget.”
“This course will doom New York to lag the rest of the nation when the recovery begins. Our state will become even less competitive than it already is,” concluded Adams. “We urge the Governor and leaders to make the right choices and reduce spending rather than raise billions of dollars in new taxes in the middle of this terrible recession.”
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