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]
In what amounts to an unlegislated state tax hike, New York's already-high electricity rates are poised to go even higher. That’s because, essentially at Gov. Cuomo’s order, the state Public Service Commission will require electric utilities to both subsidize money-losing upstate nuclear plants and buy power from “renewable” energy sources, mainly solar and wind-generated. [Read_more]
Earlier this month, Gov. Cuomo paid a visit to the centerpiece of his upstate economic development strategy: a massive, still unfinished “gigafactory” taxpayers spent $750 million to build and equip for SolarCity, a money-losing company with a foggy future.
“This is the economy of tomorrow,” the governor gushed, according to a Buffalo News account. “It’s such a metaphor — a symbol of everything we’re doing.”
Indeed. But rather than symbolizing a shiny high-tech future, the solar-panel factory could become a monument to what US Attorney Preet Bharara described as “pervasive corruption and fraud” allegedly infecting Cuomo’s signature economic development programs. [Read_more]