#NYcoronavirus: The outlook for New York's economy is the grimmest on record, according to the first post-pandemic lockdown round of credible economic surveys and forecasts. Start with the Federal Reserve Bank of New York, whose regional economists today issued a notably pessimistic report based on their monthly Empire State Manufacturing Survey and a broader Business Leaders Survey that take sin the northern New Jersey and metropolitan New York. Read More
State Medicaid spending dropped to nearly zero in March as the Cuomo administration again delayed payments to balance the state's books. Comptroller Tom DiNapoli's cash report for March, posted on Wednesday, showed just $9.2 million in Medicaid disbursements. The state's share of Medicaid spending averages almost $2 billion per month. The comptroller's numbers reflect so-called Department of Health Medicaid, which covers the bulk of the program but excludes most spending on recipients with mental disabilities. Read More
#NYCoronavirus: It's increasingly apparent that New York is suffering more severely from the coronavirus pandemic than any other part of the U.S. and most of the rest of the world – raising stark questions for city and state leaders. What is it about New York, and especially New York City, that made it especially vulnerable to infection and death? And how can that be changed before the next virus breaks loose? Read More
#NYCoronavirus: With this year's tax return filing date push postponed to mid-July in response to the coronavirus pandemic, Governor Cuomo has revived his old complaints about the TCJA's $10,000 cap on itemized state and local tax (SALT) deductions. But under the circumstances—a crashing economy and exploding federal deficits—his case for restoring SALT is even weaker than it was before the crisis. Indeed, it verges on preposterous. Read More
#NYCoronavirus: The Cuomo administration is about to begin running up charges on that $11 billion credit card the Legislature handed the governor in the new budget. Under the budget's the Education, Labor and Family Assistance budget bill, Cuomo is authorized to borrow up to $11 billion this year in the form of up to $8 billion in bond anticipation notes (BANs) and $3 billion from “line of credit facilities and other similar revolving financing arrangements.” Read More
#NYCoronavirus: Governor Cuomo is invoking his "emergency" powers to unilaterally defer a 2 percent pay hike otherwise scheduled for most unionized state government workers during the new fiscal year. Read More
#NYCoronavirus: The coronavirus pandemic has been an acid test for government, revealing bureaucratic incompetencies, unnecessary regulations—and, in Albany, an agency that has failed to perform one of its central functions. Read More
The new state budget finally takes credible steps to address the Medicaid crisis of recent history. What's missing is a clear plan for weathering the far larger crisis of the present and future. Read More
#NYCoronavirus: The Legislature isn't just delegating emergency spending control powers to Governor Cuomo as part of the new state budget. It's also handing him a deficit-financing credit card with an $11 billion limit. Read More
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