It’s a beautiful day for a budget

The stock market is about to seriously tank, but what of that? Gov. Spitzer releases his budget today. I just wonder if anyone in Albany will have time to read it while they are on the phone with their brokers.

Updated: Details of the budget. (Think we’ll get a budget passed on time this year?) A quote from the synopsis:

The 2008-09 Executive Budget includes $81.8 billion in State Operating Funds spending, an increase of 5.0 percent compared to 2007-08. This is consistent with Governor Spitzer’s goal of limiting pending growth to below 5.3 percent, which is the average long-term rate of personal income growth in New York – and the best measure of affordability.

What does “long-term rate” mean here, exactly? Five years? Ten years? Twenty? (And is that “personal income growth” adjusted for cost of living increases?) Just saying, this sounds like a nice formula but I’m not sure what it really means. Can anyone explain?

And some thoughts from Simon at Living in Dryden about NYC’s economic situation.