Diary

Dominoes. I love dominoes.

First there was California. Fiscal problems galore and they’re not over yet in the Golden State. Even if – IF – the State Legislature comes to grips with state financing (they won’t even come close), their problems are nothing when compared to the counties, cities and towns who have unfunded pension liabilities up the gazoo and a unionized work force that will be looking to take advantage of said benefits in the near future. Nobody’s even talking about that one.

Next up, New York. From the DNC TalkingPoint Memo

ALBANY — Gov. David A. Paterson took the rare step on Monday of addressing a joint session of the Legislature during its traditional off-season and used the speech to underscore New York’s deepening financial crisis.

Mr. Paterson repeatedly used stark language to describe the gravity of the state’s economic health as he prodded lawmakers to make cuts he has proposed to programs long considered sacrosanct. “I will mortgage my political career on this plan,” Mr. Paterson told lawmakers as he warned that New York was rapidly running out of cash to meet its obligations.

“We stand on the brink of a financial challenge of unprecedented magnitude in the history of this state,” he added. “This is a historic moment. We’re going to have to make historic decisions.”

The state’s budget crisis and the negotiations between the governor and lawmakers over how to confront it have raised a fundamental question: Can New York, which is more generous in its social welfare programs than any other state, afford to continue to finance its expansive health care safety net and generous education spending?

Read the whole thing. It’s a beaut.

So, who’s next?