I just spent the better part of my free time today flipping through the 2008-2009 New York State budget, yeah, good times. As Spitzer states in the press release that was sent along with the budget, “Governor Eliot Spitzer today delivered his 2008-09 Executive Budget, which closes a projected $4.4 billion budget gap without raising taxes, while making key investments in education, health care, and economic development.”

Sounds pretty good, doesn’t it? Who isn’t behind a hard line on taxes and investments in good things like health care and education? As it turns out, pretty much everyone since it doesn’t appear to actually be true. I had planned a lengthy treatise on the budget, but I stopped by Knickerbocker Blog and observed the statewide media beatdown that has been issued on this budget. See if you can detect a common theme:

Spitzer budget raises spending, state taxes, fees; Proposal totals $124.3 billion (Tom Precious/Buffalo News)

Spitzer’s budget: Higher fees, delayed tax breaks (Joe Spector/Gannett News Service)Spitz takes a taxing U-turn (Ken Lovett and Fred Dicker/New York Post)

Spitzer’s budget would wallop residents with taxes in hundreds of millions (Joe Mahoney/Daily News)

Spitzer Plans Cuts and Fees to Close Deficit of $4.4 Billion (Danny Hakim/New York Times)

Spitzer Tax Plans Worry Business Leaders (Grace Rauh/New York Sun)

Illegal drugs may be taxed (Tom Precious/Buffalo News)

Spitzer Details Cuts and Fee Increases in Budget (Karen DeWitt/New York Public Radio)

Budget proposal hinges on revenue enhancers (Cara Matthews/Gannett News Service)

Spitzer budget banks on $250 million from Belmont video lottery (Richard Richtmyer/(Associated Press)

Spitzer’s Budget Triggers Backlash; Egan Rebuffed Over Tuition Tax Deduction (Jacob Gershman/New York Sun)

Grim economy, political reality shape the plan (Rick Karlin/Albany Times Union)

Modest spending hike relies on new revenues (Jim Odato/Albany Times Union)

Slicing half of Apple pie (Ken Lovett/New York Post)

Firms without new jobs to lose Empire Zone aid; Governor says state will end program’s tax breaks for those that missed targets (Mike McAndrew/Syracuse Post-Standard)

Education Groups Frustrated With Governor’s Plan (Elizabeth Green/New York Sun)

Fees, school aid rise in Spitzer plan; Governor proposes funds to help CNY economy, but counties would take hits. (Delen Goldberg/Syracuse Post-Standard)

Local districts face aid shortfall in Spitzer budget (Michael Woyton/Poughkeepsie Journal)

Spitzer’s budget plan gets mixed review from local pols (Tim Ashmore/Ithaca Journal)

Spitzer wants $140M more for state’s bridges (Judy Rife/Middletown Times Herald-Record)

Some districts will lose out on state aid (Paul Brooks/Middletown Times Herald-Record)

Spitzer wants $82B [six] budget; Governor seeks to spend more while closing a $4.8B gap (Matt King/Middletown Times Herald-Record)

Local Lawmakers Critical Of Budget Proposal (Luke Anderson/Jamestown Post-Journal)

With the exception of a few media outlets; most reporters, pundits, and independent budget experts are uniformly skeptical of the budget.

My primary objections to the budget are related to Spitzer no longer pegging state spending to the inflation rate or revenue growth and instead using personal income growth as the measuring stick. What does this mean to you? It means that it is unlikely that you will ever get ahead of the taxmasters. When you make more, the state will spend more and tax you more…or “increase fees” and “close loopholes”. The budget significantly exceeds expected tax revenue and the gap is supposed to be closed through gimmicks.

All in all, a disappointment from a man who promised real and significant change on Day One. Perhaps he meant Day One of Year Three?

Today, Eliot Spitzer will give his “State of New York State” address in Albany at 1230PM.  Hopefully, the finger gesture Spitzer makes in the above photo does not represent the amount of progress he intends to report.

Click here to watch the live web stream of the speech.

Supposedly, Spitzer will touch on major issues like a property tax rate cap, increased funding for universities, privatizing the NY Lottery, and a $1BN Upstate Revitalization Fund that will be used to fund development projects throughout upstate.

In any event, how would you describe the state of affairs right now in New York State?  Do you approve of the job Eliot is doing?   What are your expectations of Spitzer in 2008?