Current issues and related thoughts about finances

There are so many current issues being reported by the media and clearly on all of our minds these days. I am sure that I have the same concerns and thoughts, but after all of these years in financial literacy and writing this column, I can’t help but connect many of them to personal finance issues.

A perfect example is legalized online betting that has come to New York. Former Gov. Andrew Cuomo’s administration budgeted for proceeds from online gambling to reach $99 million in FY 2022, $357 million in FY 2023, and $500 million by FY 2024, which would easily be the most ever for one state. Whether that is a realistic projection or not, I can’t help, as a New York taxpayer, but wonder if I will benefit from that new tax revenue. Will my taxes go down? Will it fund programs that I will directly or directly benefit from? Will our New York state government actually use this new revenue efficiently and effectively, getting the best value for every dollar, something we all try to do with our own hard-earned money?

A personal finance column by John Ninfo, founder of the National CARE Financial Literacy Program

Another issue related to the arrival in New York of online gambling is something that I, as a retired Bankruptcy Judge, am very sensitive to. It is gambling problems, especially their impact on individual and family finances and on increased bankruptcy filings.

As a recent opinion letter in the Buffalo News put it, the addition of mobile sports betting in New York state has brought access to gambling to everyone’s pocket. Anyone in New York with a cellphone can now gamble 24/7 from anywhere. With the increase in access to gambling, opportunities will inevitably result in an increase in individuals, families and communities impacted by the negative consequences of gambling problems.

Leave a Reply

Your email address will not be published. Required fields are marked *