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Will the Governor of New York Be Able to Legalize Gambling to Reduce Deficit?
Will the Governor of New York Be Able to Legalize Gambling to Reduce Deficit?
An election year is an important one for all Americans, but in a year when the national deficit has hit the trillion dollar mark, the decisions made now will affect many for years to come. Most importantly, politicians are attempting to make the most fiscally prudent decisions in order to garner the votes and trust from their constituents. While many American politicians are getting more and more creative in their financial promises, the Governor of New York has one idea that may be appealing to
Porto,
Porto,
Portugal
(prbd.net)
13/01/2012
An election year is an important one for all Americans, but in a year when the national deficit has hit the trillion dollar mark, the decisions made now will affect many for years to come. Most importantly, politicians are attempting to make the most fiscally prudent decisions in order to garner the votes and trust from their constituents. While many American politicians are getting more and more creative in their financial promises, the Governor of New York has one idea that may be appealing to many New Yorkers. That idea? To legalize gambling as a means of whittling away at the State deficit which is hovering around the $350 million mark.
The Governor has recently launched a plan to attack this deficit, and he has not taken the legalization of gambling off the table. Other steps to chip away at the $350 million include public-private partnerships for the renovation of infrastructure and you guessed it, revamping the current New York tax system. If the New York Governor legalizes Online Gambling proposal does not go through, the Governor has suggested that the deficit will reach a whopping $3.5 billion by the 2012 fiscal year.
Do New Yorkers want gambling legalized? Many probably do, but those that will hold the most interest in this will be those currently looking for a job. The gambling issue will not only create revenue for the state, but also create much needed jobs for New Yorkers.
How is he going to do it? The Governor understands this is a bipartisan issue, and in order to get strength on this issue he will be seeking support from all areas, including calling several Democrat and Republican special meetings in order to discuss this and other issues related to tackling the deficit. One avenue he is not against pursuing is exploring a stimulus package that will sanction resort style casinos in a bid to raise revenues from taxes. The intention here will be to avoid the politics that has a tendency to gridlock certain issues in these types of scenarios.
Is this a feasible option for the state of New York? It may be one that sounds better on paper to some, but the Governor understands the challenges ahead. With the gambling industry in the United States valued at over $14 billion annually, this could feasibly generate significant revenue for New York. Amendments to the New York Constitution would have to take shape in order to see this through, and this will not be an easy process. A voter referendum including authorization from two Legislatures would be required just to start the process. If this proposal goes through, New York would be following the likes of Iowa and New Jersey who are also in the process of legalizing various methods of online gambling.
This is an important issue that will set a precedent for other states to come. If the Governor is serious about this issue, it will have a trickle effect on other areas of politics, and could even have an influence in the upcoming election. While die hard gamblers will be the most interested in this endeavour, this job creation and revenue production product would likely benefit millions of New Yorkers for years to come.
About
The online gaming industry has become a multibillion dollar business with online gambling casinos popping up like mushrooms after a rainstorm. Casino Planet is an online site that is dedicated to the online casino industry and offers news about online casinos and what promotions they have to offer.
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