{"id":81859,"date":"2020-10-05T02:33:18","date_gmt":"2020-10-04T23:33:18","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/cuomos-options-for-avoiding-spending-cuts-this-year-worse-than-covid-19\/"},"modified":"2020-10-05T02:33:18","modified_gmt":"2020-10-04T23:33:18","slug":"cuomos-options-for-avoiding-spending-cuts-this-year-worse-than-covid-19","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/cuomos-options-for-avoiding-spending-cuts-this-year-worse-than-covid-19\/","title":{"rendered":"#Cuomo’s options for avoiding spending cuts this year worse than COVID-19"},"content":{"rendered":"

“#Cuomo’s options for avoiding spending cuts this year worse than COVID-19<\/strong>”
\n<\/p>\n

\n Forces looking to avoid the major budget cuts that state government needs to make will tell you that Gov. Andrew Cuomo has saved enough to avoid the need for big cutbacks. But that relies on some truly creative accounting.<\/p>\n

The pandemic and lockdowns have done massive economic damage, crashing New York\u2019s gross domestic product<\/a> by 36.5 percent in the second quarter of the year \u2014 far worse than the national hit. And that\u2019s put a similar dent in state tax revenues.<\/p>\n

Worse, full recovery is likely to take years \u2014 even if there\u2019s a vaccine.<\/p>\n

Which translates to a need for major cuts in this year\u2019s $177 billion spending plan, and in future budgets, too. This year\u2019s gap is at least $10 billion; next year\u2019s, $16 billion.<\/p>\n

Cuomo is using some one-shots and emergency borrowing to keep going: That includes $3 billion from legal settlements and a $4.5 billion emergency loan that the state could delay repaying \u2019til next year or even turn into long-term bonds \u2014 \u201csolutions\u201d that only burden future budgets.<\/p>\n

New York is also getting some slack as the Trump administration lets it get creative in how it spends $5 billion in pandemic relief, for example to pay correction officers.<\/p>\n

And the gov has withheld billions in payments to local governments and school districts \u2014 cuts he says may be permanent if Washington doesn\u2019t bail him out. That could add $3 billion to New York City\u2019s budget hole.<\/p>\n

To his credit, Cuomo has also reduced state government costs, leaving thousands of jobs unfilled and deferring (but not canceling) scheduled pay hikes.<\/p>\n

What he hasn\u2019t done is offer his official plan<\/a> for balancing this year\u2019s budget \u2014 which would give the Legislature 10 days to offer some alternative.<\/p>\n

And Cuomo\u2019s keep-his-options-open app<\/a>roach has real costs. Not least, when the cuts finally become official and permanent, the pain and shock will be worse. And the lack of credible long-range plans is why Moody\u2019s downgraded both the state and city\u2019s bond rating last week.<\/p>\n

The longer the governor pins his hopes on magical federal bailout, all the hard choices will grow harder still.\n <\/p><\/div>\n

\n

For forums sites go to Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n

\n

If you want to read more News<\/a> articles, you can visit our News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n

Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

“#Cuomo’s options for avoiding spending cuts this year worse than COVID-19” Forces looking to avoid the major budget cuts that state government needs to make will tell you that Gov. Andrew Cuomo has saved enough to avoid the need for big cutbacks. But that relies on some truly creative accounting. The pandemic and lockdowns have…<\/p>\n","protected":false},"author":1,"featured_media":81860,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2020\/10\/49721012121_be05e42049_c.jpg?quality=90&strip=all&w=1200","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[74249,70430,51697,70344,5069,43,5071],"class_list":["post-81859","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-10-4-20","tag-andrew-cuomo","tag-budget","tag-coronavirus-in-ny","tag-economy","tag-editorial","tag-unemployment"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/81859","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=81859"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/81859\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/81860"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=81859"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=81859"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=81859"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}