New York’s Democrat-Socialist Ruling Class Has Taxed, Spent, and Borrowed This
State to the Brink
New York-May 23…New York State Conservative Party Chairman Gerard Kassar issued the following statement on the FY 2027 state budget, now six weeks late and still lurching toward passage:
“This budget is a disgrace, both in its content and its process. Six weeks late and counting, with the Assembly Speaker himself saying, ‘There’s something fundamentally wrong with this process.’ He’s right, and the fault lies entirely with the one-party Democrat-Socialist-driven government that has held every lever of power in this state for years.
“This year’s budget alone represents at least a $13 billion increase over last year, far exceeding the rate of inflation. And what does New York have to show for it? The state-funded portion of the operating budget is balanced only on paper, propped up by billions in accumulated surpluses from prior years. Beyond 2026, the Governor’s own budget forecasts deficits through fiscal year 2029. New spending in this year’s deal pushed projected deficits up from approximately $27.3 billion to $34.3 billion for the combined 2027–29 fiscal years.
“Total state-supported debt outstanding is projected to grow over 70 percent during the next five years — from $55.9 to $95.1 billion — approaching the state’s own debt limit, with room under the cap projected to decline to just $503 million by 2030. Governor Hochul simply cannot say no to the Socialists. She claims she hasn’t raised income taxes while extending surcharges, hiking business levies, and presiding over a tax burden that continues to drive New Yorkers out of the state. New York spends more per capita on Medicaid — $4,724 — than any other state in the nation, 46 percent above the national average. And the answer from Albany is always the same: spend more.
“There is no permanent revenue source identified for the $4.5 billion universal childcare program baked into this budget, moreover. Just a line item and a press release. Classic Albany.
“Meanwhile, in New York City, Mayor Zohran Mamdani’s socialist policy platform — higher taxes on businesses and wealthy individuals, city-owned grocery stores, fare-free buses — has already prompted Dallas’s mayor to predict an ‘avalanche’ of financial firms fleeing New York. Apollo Global Management is planning a second headquarters in Florida or Texas. JPMorgan Chase now has more workers in Dallas than in New York City, and CEO Jamie Dimon says that trend ‘will likely continue.’ Amazon’s Jeff Bezos has publicly humiliated Mayor Mamdani over a $44,000-per-student school budget that produces nothing but abysmal outcomes. This is the economic climate on which Albany is choosing to double down.
“A 26 percent spending explosion in five years; a $34 billion structural deficit on the horizon, and State debt racing toward its constitutional ceiling. A socialist mayor in City Hall at war with the private sector. How much more can New York absorb before the bottom falls out entirely?
“It’s time for voters to step in. This state is in a slow-motion fiscal collapse.”
FOR IMMEDIATE RELEASE
Contact: Bill O’Reilly, 212-396-9117
bill@novemberteam.com
KASSAR: THIS IS WHAT FISCAL COLLAPSE
LOOKS LIKE IN SLOW MOTION
New York’s Democrat-Socialist Ruling Class Has Taxed, Spent, and Borrowed This
State to the Brink
New York-May 23…New York State Conservative Party Chairman Gerard Kassar issued the following statement on the FY 2027 state budget, now six weeks late and still lurching toward passage:
“This budget is a disgrace, both in its content and its process. Six weeks late and counting, with the Assembly Speaker himself saying, ‘There’s something fundamentally wrong with this process.’ He’s right, and the fault lies entirely with the one-party Democrat-Socialist-driven government that has held every lever of power in this state for years.
“This year’s budget alone represents at least a $13 billion increase over last year, far exceeding the rate of inflation. And what does New York have to show for it? The state-funded portion of the operating budget is balanced only on paper, propped up by billions in accumulated surpluses from prior years. Beyond 2026, the Governor’s own budget forecasts deficits through fiscal year 2029. New spending in this year’s deal pushed projected deficits up from approximately $27.3 billion to $34.3 billion for the combined 2027–29 fiscal years.
“Total state-supported debt outstanding is projected to grow over 70 percent during the next five years — from $55.9 to $95.1 billion — approaching the state’s own debt limit, with room under the cap projected to decline to just $503 million by 2030. Governor Hochul simply cannot say no to the Socialists. She claims she hasn’t raised income taxes while extending surcharges, hiking business levies, and presiding over a tax burden that continues to drive New Yorkers out of the state. New York spends more per capita on Medicaid — $4,724 — than any other state in the nation, 46 percent above the national average. And the answer from Albany is always the same: spend more.
“There is no permanent revenue source identified for the $4.5 billion universal childcare program baked into this budget, moreover. Just a line item and a press release. Classic Albany.
“Meanwhile, in New York City, Mayor Zohran Mamdani’s socialist policy platform — higher taxes on businesses and wealthy individuals, city-owned grocery stores, fare-free buses — has already prompted Dallas’s mayor to predict an ‘avalanche’ of financial firms fleeing New York. Apollo Global Management is planning a second headquarters in Florida or Texas. JPMorgan Chase now has more workers in Dallas than in New York City, and CEO Jamie Dimon says that trend ‘will likely continue.’ Amazon’s Jeff Bezos has publicly humiliated Mayor Mamdani over a $44,000-per-student school budget that produces nothing but abysmal outcomes. This is the economic climate on which Albany is choosing to double down.
“A 26 percent spending explosion in five years; a $34 billion structural deficit on the horizon, and State debt racing toward its constitutional ceiling. A socialist mayor in City Hall at war with the private sector. How much more can New York absorb before the bottom falls out entirely?
“It’s time for voters to step in. This state is in a slow-motion fiscal collapse.”
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