Two governors. Two parties. One solution.

  • Posted by a hidden member.
    Log in to view his profile

    Mar 02, 2011 4:44 PM GMT
    http://finance.fortune.cnn.com/2011/03/02/two-governors-two-parties-one-solution/

    New York Democrat Andrew Cuomo and New Jersey Republican Chris Christie are both facing huge deficits and coming to the same conclusions.

    If you're an average person whose tax money helped pay for the Wall Street bailout, what's going on in New York and New Jersey could really make you angry. Especially if you happen to live there. These states, home to lots of firms and highly compensated folks who benefited from the bailout, are both running enormous budget deficits. But both governors -- liberal New York Democrat Andrew Cuomo and conservative New Jersey Republican Chris Christie -- are cutting social services to fill the gap and won't even consider raising state income tax rates on the wealthy. What's more, they're even talking about cutting business taxes.

    It's a really cruel message, if you think about it. It's telling people who are needy, many of whom are suffering the toxic after-effects of the Great Recession rather than having done anything wrong, that their needs are less important than those of upper-income types or businesses.

    But you know what? It's the rational way -- and probably the right way -- for Cuomo and Christie to behave. Given the intense state-to-state competition for jobs and tax money, Cuomo and Christie don't have much of a choice.
  • Posted by a hidden member.
    Log in to view his profile

    Mar 02, 2011 6:07 PM GMT
    riddler78 saidhttp://finance.fortune.cnn.com/2011/03/02/two-governors-two-parties-one-solution/

    New York Democrat Andrew Cuomo and New Jersey Republican Chris Christie are both facing huge deficits and coming to the same conclusions.

    If you're an average person whose tax money helped pay for the Wall Street bailout, what's going on in New York and New Jersey could really make you angry. Especially if you happen to live there. These states, home to lots of firms and highly compensated folks who benefited from the bailout, are both running enormous budget deficits. But both governors -- liberal New York Democrat Andrew Cuomo and conservative New Jersey Republican Chris Christie -- are cutting social services to fill the gap and won't even consider raising state income tax rates on the wealthy. What's more, they're even talking about cutting business taxes.

    It's a really cruel message, if you think about it. It's telling people who are needy, many of whom are suffering the toxic after-effects of the Great Recession rather than having done anything wrong, that their needs are less important than those of upper-income types or businesses.

    But you know what? It's the rational way -- and probably the right way -- for Cuomo and Christie to behave. Given the intense state-to-state competition for jobs and tax money, Cuomo and Christie don't have much of a choice.



    And what do you have to say riddler78?
    You made no comment when you posted this.
  • Posted by a hidden member.
    Log in to view his profile

    Mar 02, 2011 6:37 PM GMT
    I think the point of the article is self evident:

    A (relatively) conservative and a liberal governor both arriving at the same logical conclusion.

    Lower taxes and reduce spending because both are way too high in these states, and cross border competition will have an effect on tax revenue from businesses that remain in business within their respective states.

    All things being equal, I would not grieve to see a federal surtax on individual CEOs and other extraordinarily compensated individuals as a direct result of the bailouts.
  • Posted by a hidden member.
    Log in to view his profile

    Mar 05, 2011 10:10 PM GMT
    alphatrigger saidI think the point of the article is self evident:

    A (relatively) conservative and a liberal governor both arriving at the same logical conclusion.

    Lower taxes and reduce spending because both are way too high in these states, and cross border competition will have an effect on tax revenue from businesses that remain in business within their respective states.

    All things being equal, I would not grieve to see a federal surtax on individual CEOs and other extraordinarily compensated individuals as a direct result of the bailouts.
    Both are politicians, both are on the dole with lobbyists and both are rather affluent..... hmmmm, I wonder why they come to the same conclusion..