Data of the day: school aid NY Torch

Governor Paterson reportedly will propose a mid-year cut in state aid to public schools as part of a $2 billion budget reduction package to be released tomorrow. Here's a chart that provides some perspective on the budgetary debate ahead: [caption id...

Data of the day: Past as prologue? NY Torch

Governor Paterson's Mid-Year Budget Update projects that New York State will lose more than 160,000 jobs during "the current downturn."   But if history is any guide, that could turn out to be very optimistic.   As illustrated below, the state lo...

New York State’s gazillion-dollar problem NY Torch

Governor David Paterson is right on the money in calling for "bold and aggressive action to reduce state spending" to deal with the severe and worsening fiscal crisis detailed in today's Mid-Year Budget Update.  At this point, after months of dire w...

Public pension pressure NY Torch

From my presentation at yesterday's Manhattan Institute "Market Meltdown" conference, a chart depicting the 10-year trend in public pension fund contributions by New York State and City taxpayers: Pension contributions over the past eight years have ...

The new muni bond “normal”? NY Torch

As suspected and reported anecdotally, municipal-bond issuance fell off the charts in September and October. Municipal Market Advisors, in its weekly outlook today, notes that such bond issuance was 54 percent below last year's levels for September a...

Take the A train – updated NY Torch

Update: The Times reports that the MTA put off a planned debt issue Tuesday because of the still-inhospitable capital markets. Ohio and Hawaii did the same. The good news is that despite increasing pressure on both revenues and expenses, Standard and...

Take the A train – updated by Nicole Gelinas | | NY Torch

The good news is that despite increasing pressure on both revenues and expenses, Standard and Poor’s has affirmed the Metropolitan Transportation Authority’s “A” rating, with a stable outlook.