Everyone knows a Lannister always pays their debts and that Bruce Springsteen has debts that no honest man can pay, but how much do people know about New York’s debt and the state’s penchant for borrowing billions of dollars each year?
E.J. McMahon, research director at the Empire Center for Public Policy, joined Poozer Politics to offer an introductory seminar on borrowing in New York. He put the state’s borrowing practices into perspective, explained how politicians have repeatedly devised new ways to borrow more money and outlined a proposal that would give the voters more direct control over borrowing money.
The conversation touches on a failed referendum in 1992, highlights the state’s favorite slush fund and explores Gov. Nelson Rockefeller’s legacy of debt.