Hochul helped pile $37K of debt on every New Yorker and the bills coming due

As New Yorkers cast their ballots in Tuesday’s race for governor, the state’s economic health looms large: 34% of likely voters say taxes, jobs and inflation are the most important issues facing the Empire State, Emerson College pollsters found.Those voters should consider which candidate will stop piling up the government debt that will soon cripple budgets — and will stick our kids with a massive bill. For decades, New York’s leaders have been spending money on a credit card that nobody in power ever tries to pay off.But every dollar borrowed eventually comes back as higher taxes, service cuts and unbearable interest costs.When you combine the debt of the state, city and county governments and school districts, every New Yorker owes $37,000, a new Reason Foundation report found — the highest per-capita debt load in the nation.The Empire State’s combined government debt is over $744 billion, second only to California’s $1 trillion.At the local level, New York City is in crisis — even if it hasn’t admitted it yet.NYC is tied with Chicago as America’s most fiscally stressed city governments, far worse than all others.The Reason Foundation analysis found that both cities trigger seven of the eight warning signs economists use to measure long-term financial health and short-term cash flow.The two cities have extremely high debt loads, deeply negative unrestricted net positions and precarious cash positions, limiting their ability to weather future economic shocks or maintain current government service levels without future tax increases.New York’s liabilities are staggering: The city has $315.9 billion in total liabilities but only $156.6 billion in assets — that is, its obligations are about twice its assets.Even if the city liquidated every building and all the infrastructure it owns, it could repay only half its debts.Creditors and pensioners are counting entirely on future tax revenues to balance the books, yet the city’s total debt is al...