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Comptroller: New York's debt will increase 52 percent by 2010.(News & Numbers)(Brief Article)
By 2010, the State of New York will have increased its debt by 52 percent over 10 years and taxpayers will be paying nearly $6 billion annually in debt service payments, according to the Financial Condition of New York State, a report by State Comptroller Alan Hevesi.
"The more we pay for interest on the debt, the less we have to pay for schools, hospitals, public safety, and other vital programs," Hevesi said. "At the rate we're going, paying the price for all of our borrowing is going to crowd out critical services taxpayers will need in the future."
Among the key findings in the report:
* State debt has reached about $48 billion, an increase of $1.9 billion over last year.
* By 2010, debt is projected to increase to approximately $55 billion, or 287 percent over 25 years.
* In 2004, New York was the second most indebted state behind California, ...
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