Let’s do one last check of the math on Gov. Spitzer’s budget… Oops, sorry! We’re $384 million short.
While the changes represent a small fraction of New York’s $124 billion budget, they are a sign of how rapidly shifting economic forecasts are causing havoc with the state’s fiscal planning. It is rare for a governor to second-guess his own budget, especially so soon after releasing it.
Over at Calculated Risk, a well-known investors’ blog, there’s a popular sarcastic catchphrase, hoo coodanode. As in, “Who coulda knowed” that the housing bubble was going to burst? Or that subprime would blow up like it has? Or all the problems that would happen?
New York’s not the only state getting a sudden lump in its throat over its budget, but of all states, you’d think New York — and most particularly Spitzer, the Terror of Wall Street — coodanode.