Skyrocketing state and local employee pension costs have been a major factor in the fiscal crisis affecting every level of government in New York State. Taxpayer financed public pension contributions have soared by more than $2.3 billion dollars over the past two years—and are projected to rise even more in 2004. In New York City alone, the rise in pension costs will consume every dollar raised by Mayor Bloomberg’s record property tax increase.
The unexpected surge in the third-quarter GDP is wonderful news for the national economy, all right. But don't read too much into it - yet - as far as New York State and City are concerned.
Which key sector of New York's economy has experienced a deep slump that is largely to blame for recent state and city revenue shortfalls?
And which sector of New York's economy will benefit the most from President Bush's new tax proposal?
New York’s economy stands to reap enormous benefits from President Bush's proposed tax stimulus plan.
Safely assured of a third term as governor of New York, George Pataki must tackle the state's worst fiscal mess in at least a dozen years.
Effective today, Albany's official tune on budget matters changes from "Don't Worry, Be Happy" to "A Hard Rain's A-Gonna Fall."
You wouldn't know it from the gubernatorial campaign commercials, but New York state is facing an enormous budget gap next year. By far the toughest challenge facing the winner of the Nov. 5 election will be to close that gap without derailing a still-wobbly state economy.
Imagine if construction crews had just bulldozed most of the Ground Zero wreckage a few blocks further down West Street - and then took this summer off. In effect, that's how Albany and City Hall responded when, in the wake of 9/11, the state and city budgets plunged into the fiscal equivalent of a 10-story-deep, debris-filled hole in the ground.
Consider the Gotham Corporation - a multibillion-dollar service conglomerate given up for dead in the mid-1970s and widely written off as an Old Economy dinosaur just a decade ago, only to emerge as one of the great turnaround stories of the 1990s.