Municipal bankruptcy could set national precedent
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Marlin, cites one crushing cause: big-spending governors dating back to Nelson Rockefeller “circumvented taxpayer oversight and neutered local governments by employing fiscal gimmicks that concealed deficit spending…while imposing (to date) more mandates than any other state, that consuming (on average) 60 percent of their budgets.” To comply with these mandates, local governments are forced to raise billions in taxes.
In a presentation made in the Rockville Centre Public Library, with state and local officials present, I mentioned a need to address the “operational irresponsibility currently evident in Albany that, if not corrected, might lead to a new phase of instability beyond anyone’s imagination.” Governor Cuomo seems concerned. He was disappointed that a federal court judge ruled against a NIFA imposed wage-freeze that would save Nassau County $110 million.
“I need Nassau’s problem contained,” he said. “If control boards don’t work here, other stressed municipalities will bring a tin cup to Albany or face bankruptcy.” Things must be getting serious. I haven’t heard the words “tin cup” used for years. And you think you have problems, Mayor Morris.