Over the past three years, Gov. Andrew Cuomo has reaped an unprecedented windfall of more than $10 billion in fines and penalties paid by major financial institutions for violating various state and federal banking laws.
Coming virtually out of the blue, the windfall represented a unique opportunity to get ahead of the state’s most pressing problems — including but not limited to those of the transit system.
It’s an opportunity Cuomo has mostly squandered. [Read_more]
Albany Democrats never got the memo that there’s no such thing as a free lunch. They’re peddling a universal health-care plan they claim would not only cost nothing more, but leave the state $45 billion richer.
The plan might as well be signed by a Nigerian prince. [Read_more]
Wednesday, Mayor de Blasio presented a fiscal 2018 Executive Budget that called for pension contributions totaling $9.6 billion — another all-time high. Yet city pension plans remain significantly underfunded even by lenient government accounting standards, posing a big risk to New York’s fiscal future. [Read_more]
New York state, its local governments and public authorities are committed to spending tens of billions of dollars on public works in the next five to 10 years. But under current law, they’re also committed to wasting billions of taxpayer dollars on public works — to subsidize the above-market compensation of the state’s shrinking but politically influential construction unions. [Read_more]
From the moment of its unveiling at the start of the year, Gov. Andrew Cuomo’s “free” college tuition plan seemed to have been hastily reverse-engineered from a campaign slogan — a Bernie Sanders presidential campaign slogan, that is. The governor did nothing to dispel that impression when he invited the Vermont senator to deliver an endorsement of the plan when it was first rolled out at a Queens College rally on Jan. 3. [Read_more]
New York City's move over the next three years to a $15-an-hour minimum wage—the highest ever, after adjusting for inflation—will take the city into uncharted territory, fraught with risks and trade-offs for workers and businesses. [Read_more]
New York State’s tax revenues have fallen more than $1 billion behind projections since the current state budget was adopted eight months ago.
When the fiscal year starts April 1, it’ll be staring into the gaping maw of at least a $689 million shortfall. Under the circumstances, a new corporate-tax giveaway is the last thing Albany needs. [Read_more]
For most of the past year and a half, Gov. Cuomo has sought to make the 421-a affordable housing program both less effective and more wasteful, by mandating the use of higher-priced unionized construction workers on 421-a projects. [Read_more]