State Comptroller H. Carl McCall is proposing a comprehensive approach that will reform the State's borrowing practices and help control the State's debt in the future. The Costs of New York's Debt Problems New York's low credit rating costs taxpayers money. New York's credit rating is lower than every state in the nation except Louisiana.
High debt leaves the State vulnerable to economic upheaval.
New York State's economy is heavily dependent on Wall Street's good fortunes for its economic health. Recent fluctuations in the markets have highlighted the potential instability in these markets after years of unprecedented growth. The combination of increasing debt and growing tax cuts could put the State's finances in a difficult position in the future. A Snapshot of New York's Debt New York's debt burden is among the highest in the nation. Only Connecticut, Hawaii and Massachusetts have higher debt burdens.