The Cato Institute, an American libertarian company founded on the principle of upholding the public policies in which promote individual liberty. There are responsible for the media exposure and the advocating for public fairness within most governmental aspects of political spending. They have recently provided a fiscal policy report card to Governor Andrew M. Cuomo of New York State, rating him on the success of his policies in limiting taxes within the state. They have gracefully bestowed on him a B rating, claiming that his tax cutting was “impressive”. Although his rating seemed to be a sigh of relief, Cato also issued a warning that the annual spending is set to increase by more than 5 percent in 2017 (coming strictly out of the state’s general fund). They have also issued a report in October, stating that the state’s general fund had “increased more than 8 percent in 2016. These numbers and estimates are correct, but are also only depicting the increase of numbers in absence of the total state’s spending.
Considering that Cuomo’s tax cuts have provided a decrease in state spending, the strategy in achieving lower state spending could very well be compared to the previous governors.
Through data that the State Department of Budget has collected since the days of Rockefeller as governor, we have been able to see the progressive change in state spending increases. With Rockefeller in power from 1959 to 1973 and Malcolm Wilson serving out his term until 1974, the state spending averaged at 11.1 percent. From 1975 until 1982, Hugh L. Carey had increased his spending by an average of 6.9 percent every year while George E. Pataki increased his by 5.1 percent every year in 1995. When we get down to Eliot Spitzer’s lieutenant governor David Paterson and Andrew Cuomo, we see the huge difference in spending in which Paterson spending increased on average 3.8 percent every year, while Cuomo has been consistent in keeping his spending to under 2 percent every year.
So what’s different about Andrew Cuomo?
The difference is the strategy put into the states spending to begin with. During Cuomo’s years in office, he has managed an average of 1.4 percent every year when excluding spending towards federal emergency aid for disasters. He have achieved that number through placing a salary cap on the state spending and how much of the federal funding will be used. With that cap, he has managed to keep the state budgeting consistent and state spending under 2 percent for six years now. He has the lowest state spending budget as governor since the government has been tracking the budget numbers and he has also maintained a consistent structure in keeping state spending low as well.
In the end, Cuomo’s reduced spending has us all impressed. Through Cuomo’s speech at an event in Fishkill New York on November 16, 2016 he has affirmed us on the lower spending budget, bringing Gap Inc. back to New York in opening a distribution center. He has promised lower taxes, financial partnership, and the increase of jobs from 400 to 1200. Only time can tell if this plan becomes a success, or a failed attempt.
So far he is making strides…