W hen I was on the air earlier this week perhaps I should have noted that the $2.3 BILLION DROP in Income Tax Revenue for New York State was the GOOD NEWS. As the late Paul Harvey would say "NOW the Rest of the Story". The story the main stream media FAILED to tell.
New York has $135 billion available in assets to pay $277.9 billion worth of bills.
The outcome is a $143 billion shortfall and a $21,500 Taxpayer Burden.
New York's reported net position is inflated by $11.5 billion, largely because the state defers
recognizing losses incurred when the net pension liability increases.