Think of New York State and its 3,200 employer-entities (state, county, municipal, school districts, towns, villages, and public authorities) as the Titanic, steaming on its maiden voyage. Now think of the Empire State’s off-the-books debt as icebergs.

Last Friday’s (May 4) monthly nonfarm payrolls report from the U.S. Bureau of Labor Statistics (BLS), despite showing continued job growth and a slight dip in the unemployment rate, provided plenty of fresh evidence of an anemic U.S. labor market and economy.

Have you ever wondered how many times you have tried to do something half-way, only to discover that it would have been easier if done the right way from the very beginning?