“New York’s political class has been wrestling with what to do since Detroit filed for federal bankruptcy protection. Finger-pointing and more debt have been the response. The higher you go in the hierarchy, the easier it is to see the fear and denial.
The problem, it is said, is the result of local mismanagement and overspending. Mayors need to restructure and stop asking for handouts. And the state will step in and lend them money to cover current operating expenses — or “pension smoothing” and “spin-ups” in Albanyspeak).”