The Progressive Caucus's Response to the Mayor's Budget

The Progressive Caucus's Response to the Mayor's Budget

Below is the New York City Progressive Caucus's response to the Mayor's budget. The Mayor has not listened to the many, many New Yorkers who asked for millionaires to pay a fair share, and has instead decided to yet again balance the budget on the backs of the city's families by cutting vital services. However, my colleagues in the Progressive Caucus and I will continue to fight for a fairer, more equitable New York City.


Austerity Budget: Fine for the Rich, Bad for the Rest of Us

Mayor Bloomberg’s austerity budget demands sacrifice from children, parents, seniors, women, the sick, the at-risk, working families, the unemployed, the underemployed … in short, from everyone except the wealthy. Year after year, Mayor Bloomberg has balanced the budget on the backs of New York families by cutting vital services. Meanwhile, the rich and powerful (including those on Wall Street who caused the economic crisis) are not only exempted from sharing the sacrifice, but even get special treatment through tax breaks and real estate loopholes.

Although the Mayor is right to place blame on Albany for the budget deficit, the fact is that he lobbied against the extension of the Millionaire’s Tax – which will cost the city billions – while we and busloads of our constituents asked for this fair share solution.

There are still many ways the City can achieve a FY 2012 budget that better serves New Yorkers. We can extend the millionaire’s tax and eliminate tax loopholes for hedge-fund managers, which amount to an estimated $570 million. We can cut subsidies, tax credits, and special deals with big banks that cost New Yorkers around $250 million. We can put a break on rapidly growing spending on expensive and out-of-control consultants. If necessary, we can dip into the City’s “rainy day fund” (while still leaving plenty for the future).

We were glad to see restoration of capital funding for the marine transfer stations that make possible a “fair share” approach to solid waste. And restoring $40 million of the $91 million cut to childcare will be a good first step if the Mayor works with the Council to achieve a full restoration.

It’s time to have real conversations about eliminating loopholes and increasing revenue, instead of coddling the wealthy at the expense of everyone else. We must consider new revenue options or we will continue to have this problem.

Some painful cuts will be indeed necessary, but not the brutal cuts the Mayor is proposing to schools, child care, libraries, firehouses, neighborhoods, and working families.

On May 12th, we will join thousands of new Yorkers to call on Mayor Bloomberg to support fair taxation, end Wall Street tax breaks, and put an end to harmful practices that cost New York City money and hurt our economy. In the coming weeks, we will be asking New Yorkers to weigh in on what they would like to see in the City’s budget, as the Council prepares to negotiate with him before the budget deadline on June 30th.

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