New York State Comptroller, Tom DiNapoli sounded the alarm that NY’s finances are in big trouble. $34 billion worth of trouble.
The state’s Division of Budget forecasts a growing structural budget deficit with a cumulative three-year budget gap of $34.3 billion. The gaps reach levels not seen since the Global Financial Crisis of 2009.
The $34.3 billion gap is up $7 billion since the January release of the Fiscal Year (FY) 2026 Executive Budget Financial Plan, and is attributable to downward revisions to the economic forecast and projected revenues, as well as increases in projected spending.
In other words, New York’s Democrats have a massive spending problem.
New York State Conservative Party Chairman, Gerry Kassar said, “When you constantly overspend on a whole range of unnecessary programs including billions to assist those here in our nation illegally and you ignore all information indicating the Federal Government will not bail you out, Hochul and the Democratic controlled legislature have no one to blame other than themselves. The Conservative Party and GOP many times warned this would occur. My advice, listen on occasion.”
Herb Stein’s Law (Ben Stein’s father and economist) has a famous saying, “Anything that can’t go on forever, won’t.” New York seems immune to this reality and will test the limits of spending and taxing on its residents.
South Shore Press spoke with Assemblyman Mike Fitzpatrick (R, C, I-Smithtown) on the issue of the NYS Budget. When asked how much more NY can really raise taxes to continue financing out of control spending, Fitzpatrick said, “Taxes can't be raised any further. This will be a true test for the Governor because she knows. The smart Democrats know that they can't afford to lose any more of high earners. They are mobile and they are leaving New York in droves.”
“The problem they have now is this threat of Mamdani coming in as NY Mayor. These Democrat-Socialists are emboldened and they're going to put a lot of pressure on the Democrat caucus to give them what they want. The governor is really going to have to stand firm. I hope she does. We saw this coming. The increases in spending over the last decade are simply unsustainable,” says Fitzpatrick
Fitzpatrick makes no bones about what needs to be done.
“Stop the whining. Stop the crying. There's no crying in politics. There's no whining in politics. We've got to work for the benefit of everyone. We've got to get serious about fiscal discipline here because we simply can't afford it.”
On what he thinks will happen if Mamdani wins Fitzpatrick says, “It will only get worse as people who are productive and who are wealthy have the liberty to move and they're going to, many have done so already.”
Asked if he sees any movement, any, any willingness to address this deficit hole on the Democrat side, Fitzpatrick offered, “Today I would say no, there's no willingness because all they want to do is blame Trump and try to use him in the elections next year to try and flip seats in the house.”
Fitzpatrick closed out by saying, “In order for us to be fiscally healthy as a state, and as a nation, we've got to get our act together. We can no longer afford to spend the levels we're spending. That's the plain, simple truth. It's got to stop. Otherwise, our children and grandchildren are going to see a decline in their quality of life that we would never accept for ourselves.”