Why is the state of New York in so much debt?

Answer 1

New York's significant debt can be attributed to several factors, including high public spending on essential services such as education, healthcare, and public transportation, which often exceed revenue. Additionally, the state has faced budgetary pressures from pension obligations and rising costs associated with maintaining infrastructure. Economic fluctuations, such as those caused by the COVID-19 pandemic, further strained finances and led to increased borrowing to cover deficits. Lastly, political decisions regarding tax policies and spending priorities have also contributed to the state's debt levels.