Analysis of the the budget bills, hearings and negotiation proceed as the state seeks to blend revenues – higher than expected – and proposed tax increases plus the congressional bailout to provide funds to cover those lost from the Covid impact on the economy but also a reward to those states for their perennial overspending.  Is this the end of federalism?  Can other states sue; after all, this is the American way?  The bailout funds will come from bond sales over time, but eventually result in expansion of the money supply, inflation and loss of asset value for those not hedged.

Some tax rates would increase for the “wealthy and the not so wealthy,” stock transfers, some unearned income/investment instruments and capital gains.  It appears the budget can be balanced for this year but out-year deficits are projected to be higher than usual.

Governor Cuomo may have exaggerated how much the state needs from the feds but such transgressors are usually dismissed by explaining that little more can be expected from a politician.  For the most part he has handled the finances with lubricity, moving current spending and bonded projects at will in search of a credible fiscal solution to the state’s chronic overspending to meet public sector unions demands for more.

Mr. Cuomo’s  execrations of all things Trump, popular with supporters who readily sharpened their skewers have now turned on him, their vision heretofore clouded by adulation of him and condemnation of Mr. Trump.  They were blind to his pretensions to goodness exaggerated at daily briefings in what should have been perceived for what is was: cant. Instead his Covid updates got him an award, a book deal, fulsome praise and attention usually associated with movie stars.  Whether he deserves opprobrium should be viewed in light of potential replacements far to his left.