For decades, most New York legislators and the governor have been addicted to spending, and this addiction is destroying New York taxpayers. For decades, government expenditures have increased at an unsustainable rate of more than three times the rate of inflation. This is inconceivable, especially during the worst fiscal crisis of our lifetimes.
The consequences of this addiction to spending are catastrophic to our businesses, our families, and all taxpayers. We see the effects through sky-high real property taxes, backdoor fines and fees, and higher tuition rates for our students. For our businesses, the impact is even greater, limiting the ability to grow and add employees. And now, our credit rating is in peril and therefore the cost of our debt is rising, further burdening future generations.
We cannot expect to escape from our fiscal nightmare by relying on short-term budgetary gimmicks, revenue shifts, and higher taxes on hardworking New Yorkers and small businesses. Something needs to change.
To avoid financial ruin, drastic financial savings are necessary. Long-term reforms to our budget process, the way we issue debt, and spending within our means are the only options to restore our finances, close our perennial budget deficit, and put us back on the path to fiscal sanity.
