Andrew Cuomo on Budget & Economy Democratic Governor

COVID: Washington passed the buck without passing the bucks

Many building projects; all on budget

You go to build an airport, you make people uncomfortable during the process, maybe you're going to be over budget, maybe you're going to run into a problem. It's risky, politicians avoid risk. It's expensive and I believe it actually makes you money long term and costs you money not to do, but short-term it's expensive. I really do believe you don't have an alternative. If we don't do these changes and grow, our children inherit a different New York than we inherited.

I'm not in business of papering over problems with money

2015 Opportunity Agenda: cut $1.7B taxes; add $1.5B programs

• Proposal #1: Cut small business taxes from 6.5 percent to 2.5 percent
• Proposals #2 & 3: Pass $1.7 billion in property tax relief for homeowners and renters
• Proposal #14: Launch a $1.5 billion Upstate New York Economic Revitalization Competition
• Proposal #24: Create a $35 million Global NY Export-Import Development Program
• Proposal #25: Expand the Unemployment Strike Force to the top ten highest areas of unemployment
• Proposal #66: Provide assistance to our homeless

Economic Blueprint: growth via development projects

1. The next phase in our economic blueprint for growth
2. A reimagined government that can make our plans a reality
3. And a New York vision for a progressive future

• We Will Build the Largest Convention Center in the Nation
• We Will Master Plan the Javits Convention Center Site
• $1 Billion Economic Development Package for Buffalo
• A macro strategy with New York Open for Business
• A micro strategy with the Regional Economic Development Councils
• Comprehensive Approach to Casino Gaming
• The NY Works Fund and Task Force
• MTA Investment (Metropolitan Transportation Authority)

1990s HUD: Sued banks to make more mortgage loans

Some of the blame belongs to consumers, who borrowed money they knew they couldn't repay. They traded up & borrowed more than they could handl because, well, we all deserve a big house, don't we? Owning a home is part of the American Dream. But getting it through an interest-only adjustable rate mortgage is more like a nightmare.

Predictably, after the meltdown the liberals called on the government to adopt strict new regulations to ensure it will not happen again. (Good luck with that.) But more regulations can't solve what is largely an ethical problem within the culture. Unchecked avarice at every level has taken a toll on our economy

OpEd: 2001 HUD Fannie/Freddie policy led to mortgage crisis

"A HUD website archive, 'Highlights of HUD Accomplishments 1997-1999,' chronicles that Secretary Cuomo established new Affordable Housing goals requiring Fannie Mae and Freddie Mac--two government-sponsored enterprises--to buy $2.4 trillion in mortgages in the next 10 years. This will mean new affordable housing for about 28.1 million low-and-moderate- income families. The historic action [changed the rules for] mortgage loans for low- and moderate-income families from the current 42% of their total purchases to a new high of 50%--a 19% increase--in the year 2001."

The "Village Voice" accuses Cuomo of making a series of decisions that "gave birth to the mortgage crisis" and resulted in 3 to 4 million people facing foreclosure. And many commentators believe that the subprime mortgage crisis fueled the global financial crisis that began in late 2008.

Upstate economy will be a priority, not “caboose”