Senate proposes restrictions on state spending

"A proposed amendment to the state Constitution that would limit the growth of New York’s budget was passed last Wednesday by the Senate.The Senate Republican majority’s spending cap plan would prohibit a governor from submitting a budget that would increase spending by more than either 4 percent of the previous year’s budget or 120 percent of the consumer price index, whichever is less. And the cap would affect not only the governor’s Executive Budget proposal, but would hold the Legislature to the same spending restrictions in the creation of a final budget."
http://www.legislativegazette.com/read_more.php?story=2916

This is exactly what New York needs. A cap on spending and eventually reduce spending and lower taxes. This would allow individuals and small business to keep more of their hard-earned money. If New York can stop overtaxing the small business owners, more money could then be spent on benefits, such as health insurance or retirement plans. The quick fix is to implement a higher tax to generate money for the state. But that is exactly all it is…a quick fix. Real reform will only evolve when we can take a moment to stop and reevaluate the cycle we have created. We need to go back to Economics 101. Ultimately, what needs to happen is to lessen the tax burden, cut spending, and this in turn will generate more money. When people are confident that they have more money, they are more comfortable spending it. We then find ourselves in a completely different cycle. It is basic economics…you don’t spend money you don’t have.