So much going on in Detroit, after several weeks of uncertainty about whether the financial review team appointed by the Governor would be able to move forward (punctuated by court orders requiring them to stop secret meetings, and the dismissal and then reinstatement of Flint’s emergency manager). The review team missed its original deadline in…
Category: Austerity
More on Suffolk County
Bloomberg’s coverage of the Suffolk County financial emergency. “You never want a good fiscal crisis to go to waste,” said Lawrence Levy, executive dean of the National Center for Suburban Studies at Hofstra University in Hempstead, New York. “If Suffolk doesn’t deal with its deficit in a way that Wall Street bond raters feel adequately…
New York counties’ dire fiscal straits, the New York Post editorializes
Suffolk County’s Executive has declared a financial emergency in the county, and it’s “setting off alarm bells for the rest of the state as well” according to the New York Post. Sure, officials can always find fat to slice. (It would be disastrous to hike taxes.) But they need a boost from Cuomo & Co….
A Nation With Too Many Tax Breaks — Economic Scene – NYTimes.com
Quick link: A NYT piece analyzes the distribution of tax spending (both direct expenditures and “tax expenditures”, i.e. foregone revenue). The debate is around the federal budget, but certainly cities have similar dynamics, in particular in the distribution of revenue collection between residents and businesses, and in structuring the property tax. Read: A Nation With Too…
Deficits Push Municipalities to Desperation – NYTimes.com
Rockland , Suffolk and Nassau Counties in New York are all on the brink of financial emergency (Suffolk has already declared one). Even as there are glimmers of a national economic recovery, cities and counties increasingly find themselves in the middle of a financial crisis. The problems are spreading as municipalities face a toxic mix…