"This American Life" Highlights NYS Budget Crisis

Ira Glass's "This American Life," presented one of the best analyses of the New York State budget crisis I have heard on the program's Saturday, June 19 NPR broadcast.

In a nutshell: During years of unprecedented income, state government outspent its revenues with budgetary smoke and mirrors. During the current era of severe revenue shortfalls, the trend continues. A solid plan by Lieutenant Governor Richard Ravitch, which would have instituted stringent controls (including adherence to "Generally Accepted Accounting Principles" or GAAP) and spending limitations was sound-byted to death. Ravitch had suggested modest, controlled borrowing as a short, interim fix, with safeguards against abuse. Media, legislators and special interest groups immediately proclaimed "Lieutenant Governor's plan suggests borrowing to balance the state budget." The very solid, difficult measures that rounded out his approach were ignored.

I guess no act of political courage goes unpunished.