Balanced budgets do not always require cutting spending by the state – an equally cogent response to the lack of money in the budget are tax increases that target the winning end of the widening rich-poor gap in America, and maintaining spending as a way to immediately create jobs for folks.
I’m worried that budget austerity in New York will translate only into cuts to the budget, rather than a serious reconsideration of the role the state should have in creating a progressive social structure. Centralizing not only undermines economic growth (folks are more likely to save than spend – how would you even spend a billion dollars?), it’s a violation of democracy because it puts the fate of so many workers in the hands of so few owners who control so much wealth. Progressive taxes actually put a check on recessions by allowing for more spending during a downturn, when the rich typically stay richer. Restoring a real progressive tax system should be a priority, not cutting services.