So that's the answer. The generations in charge keep all the deals they have promised themselves but refused to pay for, and to put off the day of reckoning a while longer until they move out of die off, money will be borrowed. Again. With a promise of repayment backed by diminished public services and benefits, and higher taxes, for those still here in the future. Again. That is their legacy, a poisoned legacy in their communities, in their state, in their country, and in many cases in their families. "I want for me now," right to the end. "And I won't face the fact that I am acting to harm anyone else because I won't think of anyone else; just me, just right now." Consequences for others and the future therefore just appear, they rationalize to themselves.

I'll write more about this later, but just let me clear one thing up as a matter of fact. Comptroller DiNapoli is saying that of $60 billion in state debt, $10 billion has been used not for capital expenditures, but for short term operating expenditures. Services today, paid for by tomorrow. He underestimates.

First of all, he isn't including all state debts, which totaled $114 million at the end of 2008, as tabulated by the U.S. Census Bureau. (Don't be fooled by assets in the row below -- they are incumbered by far greater pension liabilities, a far greater off the books debt). And there are no assets to pay for retiree health care, an even greater off the books debt.

And as for capital expenditures, what do you see in New York State that wasn't there in 1980? Not much. What is being described as "capital expenditures" is actually ongoing normal replacement and maintenance of capital assets that were already there. Payment for maintenance that was done or, in some cases not done. Not borrowing to accomodate population growth, to be paid back by a larger future population and economy.

The Tappen Zee Bridge is ready to collapse, but money was already borrowed, to be paid back by its tolls, to pay for the early 1990s recession. A rising share of the signal systems that allow the subway to move are over 75 years old and beginning to fail: none were in 1980.

Almost these debts have been run up without the permission of voters, and that's what Richard Ravitch, respected by the legislators, proposes now. A quick deal with no details announced and no debate. Someone else blamed when the consequences come due.

And the debts that were passed by voters? Three times they voted to build the Second Avenue Subway, in the early 1950s, late 1960s, and not long ago. Twice East Side Access was also promised. Where are they?

Fraud and theft. No one under age 50 has any moral obligation to any of New York's moral obligation bonds. None whatsoever.