New York State Has Large Debt
Albany, NY (WIBX) – New York’s state debt now comes out to about $3,200 dollars per resident.
State Comptroller Thomas DiNapoli says the close of the last fiscal year found that New York is on the hook for $63.3 billion dollars in state-funded debt.
That’s a record.
DiNapoli says that much of that amount was linked to borrowing for capital improvements such as roads and bridges.
DiNapoli says state spending has grown 15 percent since 2008, nearly double the rate of inflation.