COVID: Washington passed the buck without passing the bucks
The federal government has failed to realize that this is a national crisis. This is not a state crisis. They delegated responsibility for COVID to the governors and then failed to provide the resources. Washington, as they say, passed the buck without
passing the bucks. Again in December, Congress failed this nation when they failed to pass state and local financing during their last legislative session. It is a war and like every war before, it must be financed by Washington.
Source: 2021 State of the State Address to the New York legislature
, Jan 11, 2021
Many building projects; all on budget
We're building more renewable energy projects than any state in the United States of America. We're doing the largest development of offshore wind in the western hemisphere off Long Island right now. We did a new Rochester Airport, a new
Syracuse Airport, a new Albany Airport--all on time and all on budget. And we balanced budgets all in the middle of it. Everyone in this room pays a lower tax rate today than the day I was elected.
You go to build an airport, you make people uncomfortable during the process, maybe you're going to be over budget, maybe you're going to run into a problem. It's risky, politicians avoid risk. It's expensive and I believe it actually makes you
money long term and costs you money not to do, but short-term it's expensive. I really do believe you don't have an alternative. If we don't do these changes and grow, our children inherit a different New York than we inherited.
I'm not in business of papering over problems with money
I believe we have the most active state government in modern history. And we're spending less money than other state governments. How can it be? How can you be spending less and doing more? Because you can scrutinize the process and be more efficient
and be more effective like companies are every day. You have to remain competitive and you have to remain efficient and effective and the answer isn't always more money. Money tries to paper over the problem, and I'm not a papering over business.
Source: 2020 New York State of the State address
, Jan 8, 2020
Governor Andrew Cuomo presented his "2015 Opportunity Agenda," designed to restore economic opportunity, improve and reform our education system, and restore the public's confidence and trust in our justice system.
This plan is a bold and comprehensive package of legislative reforms, state actions, and public investments that will increase opportunity for all New Yorkers and keep the State moving forward.
Proposal #1: Cut small business taxes from 6.5 percent to 2.5 percent
Proposals #2 & 3: Pass $1.7 billion in property tax relief for homeowners and renters
Proposal #14: Launch a $1.5 billion Upstate New York Economic Revitalization Competition
Proposal #24: Create a $35 million Global NY Export-Import Development Program
Proposal #25: Expand the Unemployment Strike Force to the top ten highest areas of unemployment
Economic Blueprint: growth via development projects
Today, I am laying out a three-part plan:
The next phase in our economic blueprint for growth
A reimagined government that can make our plans a reality
And a New York vision for a progressive future
Our economic blueprint:
How does government spur job creation in a down economy while limiting spending and maintaining fiscal discipline? The answer: Creative public/private partnerships that leverage state resources to generate billions of dollars in economic growth.
We Will Build the Largest Convention Center in the Nation
We Will Master Plan the Javits Convention Center Site
$1 Billion Economic Development Package for Buffalo
A macro strategy with New York Open for Business
A micro strategy with the
Regional Economic Development Councils
Comprehensive Approach to Casino Gaming
The NY Works Fund and Task Force
MTA Investment (Metropolitan Transportation Authority)
The federal government sued banks to force them to make risky mortgage loans. Andrew Cuomo, then secretary of Housing & Urban Development, bragged at a 1998 press conference about reaching a settlement with a major lender worth billions of dollars. Cuomo
even admitted he knew some of these loans would not be paid back. Nice thing to do with other people's money.
Some of the blame belongs to consumers, who borrowed money they knew they couldn't repay. They traded up & borrowed more than they could handl
because, well, we all deserve a big house, don't we? Owning a home is part of the American Dream. But getting it through an interest-only adjustable rate mortgage is more like a nightmare.
Predictably, after the meltdown the liberals called on the
government to adopt strict new regulations to ensure it will not happen again. (Good luck with that.) But more regulations can't solve what is largely an ethical problem within the culture. Unchecked avarice at every level has taken a toll on our economy
OpEd: 2001 HUD Fannie/Freddie policy led to mortgage crisis
Many of the policies that led to the current mortgage crisis were actually implemented at HUD under Cuomo. As the Wall Street Journal noted:
"A HUD website archive, 'Highlights of HUD Accomplishments 1997-1999,' chronicles that Secretary Cuomo
established new Affordable Housing goals requiring Fannie Mae and Freddie Mac--two government-sponsored enterprises--to buy $2.4 trillion in mortgages in the next 10 years. This will mean new affordable housing for about 28.1 million low-and-moderate-
income families. The historic action [changed the rules for] mortgage loans for low- and moderate-income families from the current 42% of their total purchases to a new high of 50%--a 19% increase--in the year 2001."
The "Village Voice" accuses Cuomo
of making a series of decisions that "gave birth to the mortgage crisis" and resulted in 3 to 4 million people facing foreclosure. And many commentators believe that the subprime mortgage crisis fueled the global financial crisis that began in late 2008.
Cuomo delivered energetic speeches in which he lambasted Pataki for failing to improve the upstate economy. The governor has �taken the Empire State and made it the caboose on the economic train,� said Cuomo,
who promised, if elected, to make 2003 the year �the Empire State strikes back.�
Source: Elizabeth Benjamin, The Times Union
, Mar 24, 2002