Here’s a novel idea for Gov. Kathy Hochul: Focus on growing the state’s economy — keeping taxes low, unleashing fracking, easing regulations — and generating new revenue to avoid painful cuts and tax hikes as she closes her massive budget gap.
President Donald Trump’s federal budget restructuring popped a hole Hochul’s own $254 billion spending plan, so she’s already directed state agencies to cut $750 million.
She’ll have to come up with another $3 billion in savings, or new revenue, next year.
And the Citizens Budget Commission flags a $22 billion long-term structural imbalance.
One way to plug the hole is to supercharge the economy. A growing economy means a growing tax base.
This week, Politico Playbook declared that “Wall Street could be the state budget’s savior next year — or a major headache.”
More From Post Editorial Board
But