Sad to say once again our utterly incompetent elected bureaucrats can't identify the real problem. As in city & state has a wasteful spending problem, not a tax funding problem.
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Audit after audit has uncovered massive waste, fraud, utter incompetence in city & state government operations. Nothing of substance has been done to stop it. 
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City & state should look at ways to move new hires to the 401k retirement plans. Reduce the endless money pit pension problem.
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Our educational bureaucracy is way too top heavy with deadwood bureaucrats. Cut 50% for a great start.
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Lest we forget how state bureaucrats all said tobacco settlement money would go towards health care, reducing smokers. It was all in your face lies. 
Ref:
http://the.honoluluadvertiser.com/article/2003/Apr/07/op/op01a.html
http://archives.starbulletin.com/2003/03/25/editorial/commentary.html
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New tax increases will just be squandered away. It's what our loser bureaucrats do.