Tartaglione: Sound-Bite Budgeting is Shortsighted
State Sen. Christine M. Tartaglione today released the following statement on the budget:
“Trying to spare wealthy corporations from any sacrifice during a difficult budget year, the governor and the majority have gutted programs that have been proven to be successful and cost effective. That kind of budgeting is shortsighted and lends itself more to glib sound bites than effective governing.
A key example is the absurd treatment of the Homeowners’ Emergency Mortgage Assistance Program (HEMAP), a model enterprise that has the strong support of the banking industry and been given a glowing review in Moody’s Weekly Credit Outlook.
The program has distributed more than $480 million in assistance on only $244 million in state appropriations while $260 million has been paid back to the program.
That simple math says the program is keeping families together, preserving communities, preventing blight and stabilizing the banking industry at no cost to taxpayers.
So, of course, this administration cut 80 percent of its funding.
It makes no sense.”