The Nov. 13 Wall Street Journal article paints a very dark future for the NY State economy.

NYS has been highly dependent on Wall Street profits to generate tax revenue.  As we all know only too well, the party is over.  The WSJ does not think the “good times” are going to return.  Increased regulatory controls will limit the huge profits that Wall Street has generated during the last decade.

Read the full article at:

http://online.wsj.com/article/SB122653542508722577.html

With State school aid and Medicare the primary two expenditure categories in the NYS budget, these two costs must be reduced.

What does this mean for local property taxes?  As state school aid declines, local property taxes must increase …unless school budgets are reduced.