For Release - March 30, 2009
Business Council Outraged over more than $7 Billion in New Taxes
Calling it one of the Worst Budgets in State History
ALBANY, NY — "Facing a budget shortfall of $16 billion and a profound economic crisis, the Governor and legislature have decided to throw fiscal responsibility out the window. This reckless budget ignores economic common sense, crushes New Yorkers with $7 billion in new taxes and slams the brakes on our hopes for recovery," said Kenneth Adams, president & CEO of The Business Council of New York State.
"Just when we need private sector job growth to get New Yorkers back to work and lift us out of this recession, Albany leaders are telling NYS employers to take a hike — the largest tax hike in New York State history", he added. "It is outrageous."
"It is clear that this budget rejects key fiscal reforms that have broad-based support," said Adams. "It is impossible to view this budget as a path to economic recovery. Businesses and jobs will hasten their departure from the state, and how can you blame them? Albany treats them with disdain. Governor Paterson has called repeatedly for shared sacrifice, but this budget is clearly being balanced on the backs of New York's businesses and their employees," noted Adams.
"The current economic crisis has created an opportunity for our state leaders to make real reforms to reduce spending and fix New York's structural deficit. They have wasted this opportunity," said Adams. "Indeed, if they follow this path, New York will face yet another crisis in the coming months because we know our economy cannot sustain the level of government spending called for in this budget."