Depending upon who you ask, the US government "has a problem of spending too much money" or "has a problem of not taxing enough". The federal government continues to accrue debt.
New York City is in a different situation. While many feel New York City should be spending its money differently and just about everyone wishes that they personally had to pay less taxes, the city consistently balances its books.
While that is a "good thing", what we perceive may not be reality.
I don't think many people realize how many programs might disappear when our billionaire mayor finally retires, and takes his checkbook (and that of his friends) with him.
Bloomberg Funds Plan to Aid Minority Youth
The Bloomberg administration plans to launch a three year program aimed at creating job opportunities for young black and Latino men. The $127 million plan, called the Young Men's Initiative, will be funded by $30 million of the mayor's own money, $30 million by George Soros, and the rest by the city. It will place job-recruitment centers in public-housing complexes where many young black and Latino men live, retrain probation officers in an effort to reduce recidivism, establish new fatherhood classes and assess schools on the academic progress of male black and Latino students.
Meanwhile, Bloomberg also raised $1.5 million in private donations to resume January Regents testing, which the state cut from the budget. Five anonymous donors matched Bloomberg's personal $250,000 contribution to the effort. The funds only cover this year's tests.
By living off the largess of our mayor and his friends, are we setting ourselves up for new reality once he leaves office?
Will the next mayor look like an underachiever because he is unable to support the present programs thru his own funds or additional taxes?