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Kicking The Can Of Debt

Annual income twenty pounds, annual expenditure nineteen six, result happiness. Annual income twenty pounds, annual expenditure twenty pound ought and six, result misery. — Charles Dickens

 

We hear the stories again and again.  Parents spend their entire adult lives preparing their children for adulthood.  We shepherd them to rewarding careers and impart valuable knowledge about how to best manage money only to see these same young people get into financial trouble. The truth is that the lessons on spending and saving are always the most difficult to teach.  In particular, too many young people get into trouble with credit.  It’s bad enough that they start with mountains of student debt, but it’s worse that banks offer them credit lines that they are neither ready for nor can repay. Let’s face it, credit separates you from the reality of your financial situation. It lets you kick that can of debt down the road and that’s when problems start.

 

The same can be said of government.  Before anything, let me start by sharing some more good news: Standard & Poor’s Ratings Services upgraded New York State’s general obligation (GO) bonds to ‘AA+’, the highest rating since 1972.   That means that in recent months all three major credit rating agencies – Moody’s, Fitch, and S&P – have upgraded New York to the highest ratings in decades. 

By doing so, they’ve independently validated all the work we’ve done these past four years.  The bad news (and there’s always some) is that there exists a ship of fools who are already chomping at the bit to go shopping.  As unbelievable as it sounds, they simply will not acknowledge that borrowed money must eventually be paid back.  They could care less, because when the piper comes to call on future New Yorkers, they won’t be around.  They’re perfectly willing to pass the buck to those who will never vote for or against them anyway.

 

That’s why I feel like an alarmed parent.  When you sent me to Albany four years ago, you made it clear that our number one priority, bar none, was to get New York’s finances in order.  There were no money trees growing in anyone’s backyard.  State government was drowning in debt, obligations could not be met, and out of control spending was fueled by more than $14 billion in new taxes and fees.  And with all that money, they still couldn’t deliver on-time or balanced budgets. So you sent us to Albany and we turned it around.  We closed billion dollar budgets gaps by re-working contracts, cutting mandates, and weeding out waste.   We showed fiscal restraint, we compromised and we made hard choices – and we did it all without raising a single tax or fee.  In fact, we even found a way to cut taxes for millions of middle class New Yorkers.

 

The answer to our problems lay within us all along and it was called fiscal discipline.

 

Now, quite frankly, we have a slew of Monday morning quarterbacks who would throw it all away.  They see the balanced budgets and the outstanding credit ratings and they propose a return to the ways of old.  Quite frankly, they’re acolytes of New York City Mayor de Blasio so they flash their questionable credentials, dizzy us with tax and spend formulas, and promise voters a snake oil that will cure all our ills.  They want us to spend our way to prosperity.  Don’t buy it.  We know the truth.

 

The incomparable children’s author Dr. Seuss once wrote, “Sometimes the questions are complicated and the answers are simple.”  That would be the case here.  New York must continue its fiscal restraint, controlling spending and capping taxes. And we definitely cannot let the aura of good credit tempt us into kicking the can of debt down the road.  We know what will work because it has worked.  Now if we could just get that ship of fools to set sail … without us.


News

James Sokol and Jake Leeds from Boy Scout Troop 298 recently completed their service projects.

 

Sokol and fellow Scouts replaced the backboards, rims and nets in the basketball court in Nuzzi Park. They also trimmed trees and repainted the court lines. 

The debate over New York State Common Core standards continues, with students from local school districts showing a mild resistance to the exams.

 

According to the New York State Allies for Public Education, 39 students in the Herricks School District opted out of the English exam, while 74 did not take the math test. For the New Hyde Park-Garden City Park School District, 17 students did not take the English test while 18 refused to take the math test.


Sports

The Sewanhaka Indians varsity football team hosted Elmont Spartans on Saturday, Oct. 18 in its final home game of the regular season. 

 

It certainly did not go as the Indians had hoped, falling 18-8, in a mistake filled game. Head coach George Kasimatis said the Indians had their chances, but kept digging themselves into a hole with mental mistakes on both sides of the ball. 

 

Playing from behind, senior running back Brenton Mighty was able to break free for a long touchdown run, to put the Indians on the board. 

Sewanhaka Indians Head football coach George Kasimatis told his team to expect a dogfight in this weeks game against the New Hyde Park Gladiators, and he was right after its 35-21 victory last week. 

 

“All the kids know each other really well, it’s always competitive when we play each other,” he said. 


Calendar

PTA Meeting - October 22

International Night - October 23

Halloween Dance - October 24


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