‘They Can Print Money’…The aftermath of Hurricane Sandy reveals the real reason America is on the road to financial ruin.
November 6, 2012
The federal government should foot the bill for all $6 billion worth of cleanup costs in New York, says Gov. Andrew Cuomo.
Wow. Shouldn’t New Yorkers pay for at least some of their own mess? Why should taxpayers from rural Arkansas and Ohio pay to help rebuild beach homes of millionaires?
According to New York’s top public finance official, Comptroller Thomas DiNapoli, the Feds should pick up the tab for two reasons. First: The state is essentially broke. New York State and City are already tens of billions of dollars behind on their pension funds. State and local governments have no real emergency fund. Tax collections from before the storm even hit were less than hoped for. And the effects of the 2009 recession are still plaguing the state.
“The problem is the state is limited in its resource capacity. We just put out the mid-year report a week or two ago and it really showed tax revenues are down,” DiNapoli said. So the government should bail us out.
But it is the second reason that is most revealing about the perilous state of America. “I think the focus will have to be on Washington, for obvious reasons,” DiNapoli told reporters. “They have greater resources. THEY CAN PRINT MONEY; we can’t do that here” (emphasis added throughout).
If you didn’t think America was in a dire financial condition before, this should be your wake-up call. Here is the top financial officer to the wealthiest state in the union telling the world that not only is New York State broke, but that the federal government should cover it by “printing money.”