When I first came to this community, I wanted to join the conversation and I asked everyone to tell me their thoughts about New York and the nation. I have received a lot of kind words and they are always appreciated.
Since I proposed my budget plan, I have heard many not so kind words, but I respect that we are having this important back and forth, and will not stop coming here to listen and report.
Now to the budget.
In my last diary I quoted what I had written in a New York Post editorial about the problem that we face:
The collapse on Wall Street has opened a $1.5 billion gash in our budget for the current fiscal year, a $12.5 billion gaping hole for next year and an unbelievable $47 billion gap over the next four years.
Since I wrote that, the number has grown to $51 billion. Think about that $51 billion number for a second. It is an astounding number. To close that gap, we need to take some painful measures. No one can argue that fact. The debate has been and will be about where the pain will be felt and how it can best set us up for recovery. After all, we don't want to sacrifice without it eventually doing some good.
I understand and appreciate the comments about this initial proposal. Having been a State Senator representing Harlem, I understand what cuts mean to people and also understand the passion that comes with a vigorous debate.
Also, my experience as a Senator and as the Senate Minority Leader has given me an understanding of the messy process of passing a budget in Albany. It can be said that it's political sausage making. And that is being polite.
My initial proposal is the start of that process, and I can say from experience that there will be important suggestions, compromises, and changes made before the final budget is approved and enacted. But if someone wants to take these cuts back, they have to show us a way to balance the budget, which we are compelled to do under the law. They’ve got to show us a way to do that as they protest the cuts.
The best option I've heard discussed, here and other places, is to increase taxes on the wealthiest individuals in our state. We had a tax on the wealthy in 2003, and at the time the economic wind was at our back so we were able to resolve the deficit by taxing people who made over $500,000 a year. This time around, however, after we close the $15 billion deficit this year, we have an additional projected $36 billion deficit over the next two years. So, in my view, there is ample time for everyone in New York to pitch in to help close these deficits.
All of that said, even I can see what New Yorkers are going to object to with this budget. But as governor, I had a constitutional responsibility to deliver a plan that reduces the budget deficit by April 1. I put my plan out 5 weeks in advance, to give us extra time to try to work through this situation.
I have heard the concerns and ideas expressed here and other venues and I can assure you that I will do everything I can to help the people of New York while keeping our state solvent. I have said repeatedly that no idea is off the table in this process, and I would like to ask you to hold off on your ultimate judgment of our efforts until we have a final budget in place. In the mean time, I will continue to listen and not shrink from my responsibility to make the hard choices. With your help and the help of people across our state, we will navigate the proper course.
I have submitted my budget and now it's time to listen; I appreciate the comments this community is sharing with me. Going forward, my staff and I will work to ensure that the pain all New Yorkers will feel because of our necessary actions will put us in the best position possible to get us through this difficult time.
Governor David A. Paterson