For me the budget is "deja vu all over again."  Back in 1992, before the
economy really recovered, there was a false fiscal dawn due to a bounce
back on Wall Street and the resulting tax revenues.  Then-Mayor Dinkins,
with his popularity in the toilet after the draconian measures imposed a
year early, spent all the money on a good-news budget and an upturn in
public hiring.  When the upturn was not sustained the next year, he
ended up imposing more austerity in the midst of his own campaign.
Result?  Defeat.

Now, as then and as in 2002, the state is deferring costs and playing
games to get through their own elections, the price likley to be paid
next year, likely to be paid by local governments.  Now, as then, the
Mayor is spending every dime despite likely deficits in the future.  It
isn't what I would have done.  It's an election year budget one year
early.  Ask Dinkins if he regrets his decision.

Larry Littlefield
May 4, 2004
Brooklyn, NY