Personal income growth in New York nearly flatlined in the first quarter of this year, reflecting the start of the economic shutdown triggered by the coronavirus crisis, according to data released today by the federal Bureau of Economic Analysis (BEA). Read More
Unlike its rapidly improving COVID-19 case numbers, New York's economic recovery began at a painfully slow rate during the normally buoyant month of May. Read More
The health insurance industry's rate applications for 2021, posted this month by state officials, reveal deep uncertainty about the long-term impact of the coronavirus pandemic on medical costs. Read More
The pandemic-driven decline in sales tax revenues accelerated in May, when the local share statewide was down 32 percent from last year's levels, the state comptroller's office reported today. Read More
While Governor Cuomo crawls further out on a fiscal limb, delaying threatened budget cuts in hopes of landing more federal aid, New York State is wrapping up its biggest short-term spring borrowing in 30 years. Read More
New York City’s police department has come under criticism in recent days, with some city officials saying NYPD funding should be reduced. But many of the same New York City Council members parroting calls to “defund” the NYPD were just a year ago pushing Mayor Bill de Blasio to give city cops a big pay hike. It’s a reminder that New York’s elected officials, no matter how principled, routinely don’t want to say “no” to public-sector unions. Read More
New York school districts are seeking voter approval of budgets that would raise their per-pupil spending by an average of more than four times the projected inflation rate. Most districts have proposed property tax hikes as high as the maximum allowed without supermajority overrides under the tax cap law. Read More
In the wake of George Floyd's death under a kneeling Minneapolis police officer, some New York State lawmakers are renewing calls for legislation designed to uncover police disciplinary records. But less than a year ago, state senators in both parties voted in favor of union-backed legislation that would make it harder to fire New York police officers credibly accused of using excessive force or other offenses. Read More