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As E.J. notes in the post below this one, Gov. Paterson says he thinks Wall Street bonuses could be down as much as 60 percent, higher than his budget office's expected 43 percent decline. To put this estimate in perspective: after the tech bubble Read More

After wavering on the issue in recent weeks, Governor Paterson today seemed to rule out tax increases as part of the solution to the state's growing budget problem -- at least for the next 18 months. "I don't think there should be any taxes at thi Read More

As shown below, the highest-earning 1 percent of taxpayers (those with incomes above $750,000 or so as of 2007) accounted for nearly 40 percent of New York's total state income tax liability last year -- up from around 27 percent in the mid-1990s.  Read More

As shown below, the highest-earning 1 percent of taxpayers (those with incomes above $750,000 or so as of 2007) accounted for nearly 40 percent of New York's total state income tax liability last year -- up from around 27 percent in the mid-1990s.  Read More

New York is twice impacted by the collapsing world of complex finance: first for the obvious reason and second because in recent years, it has structured much of its own $54 billion in debt in a way that makes the city more acutely vulnerable to int Read More

The stock market is in the process of recovering roughly half of yesterday's losses based on investor hope that the financial bailout bill will be revived in Congress.  But Nicole's in today's Post argues that the bailout, whenever it's passed, "co Read More

The of 's FDIC-brokered purchase of Wachovia point up some long-term implications for New York's economy. Specifically, in return for shouldering $270 billion in potential losses at Wachovia's property-related assets that would otherwise be Citi Read More

State revenues could drop $3.5 billion over the next fiscal year as a result of the continuing financial crisis, according to a from state Comptroller Thomas DiNapoli.  DiNapoli ends his report on what apparently is intended to be an upbeat note: Read More

The Post's Fred Dicker today that Paterson administration budget officials now believe New York State's 2008-09 budget gap will be in the neighborhood of $7 billion, up from a projected $5.5 billion in the wake of the Legislature's August s Read More

The story from today’s papers with the biggest potential long-term impact on New York’s economy doesn’t even contain the words “New York.” That’s Gillian Tett’s FT piece on global investors’ assessment of the credit of the United States of America. Read More

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The Empire Center is an independent, non-partisan, non-profit think tank located in Albany, New York. Our mission is to make New York a better place to live and work by promoting public policy reforms grounded in free-market principles, personal responsibility, and the ideals of effective and accountable government.

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