The State Assembly is holding out for borrowing lots of money to cover over problems until after they are all re-elected. Just like in prior fiscal crises, with money that is never paid back. (In between fiscal crises, they borrow money to provide a sweet deal for their campaign contributors and those cashing in and moving out). They are holding out for something like the Ravitch Plan, under which the bonds themselves will contractually obligate future New Yorkers to pay ever higher taxes despite not receiving public services and benefits in order to pay back the debts, without borrowing more. People would be forced to pay taxes, and the bondholders would get the money first, with schools, health care, parks, roads, transit, police etc. paid for if any money was left. Actually bonds would be paid second, after pensions.
I’ve got news for them. The State Constitution says the tax revenues of the state can never be contracted away. And younger generations are under no obligations to pay. None. Even if they were under a legal obligation to pay, they are not under a moral obligation to pay. It’s time to stop talking about running up additional debts, and start talking about who has what obligation to pay the debts we already have. Start with the retired, who are currently exempted from state income taxes.