#NYCoronavirus: While Governor Cuomo continues to press for a bigger all-purpose federal bailout of the coronavirus-clobbered state budget, New York State already has reaped $5.5 billion in added federal aid from two emergency stimulus bills enacted by Congress last month, according to a report issued today by state Comptroller Thomas DiNapoli's office. Read More
With the coronavirus lockdown continuing to erode tax revenues, Gov. Andrew Cuomo has turned up the volume on his demands for a federal bailout of the New York state budget. In a weekend briefing, the governor repeated his estimate that the Empire State will need help closing a deficit of $10 billion to $15 billion. “I don’t have any funding to do what I normally do,” he said. Read More
In case it wasn’t obvious from the headlines and body count, New York is currently suffering more severely from the coronavirus epidemic than almost anywhere else. Read More
#NYcoronavirus: The outlook for New York's economy is the grimmest on record, according to the first post-pandemic lockdown round of credible economic surveys and forecasts. Start with the Federal Reserve Bank of New York, whose regional economists today issued a notably pessimistic report based on their monthly Empire State Manufacturing Survey and a broader Business Leaders Survey that take sin the northern New Jersey and metropolitan New York. Read More
The number of New York public-sector early retirees allowed to collect both a state or local government paycheck and a full public pension benefit grew by over 4 percent from July 2018 to July 2019, according to data posted today on SeeThroughNY.net, the Empire Center’s transparency website. Read More
State Medicaid spending dropped to nearly zero in March as the Cuomo administration again delayed payments to balance the state's books. Comptroller Tom DiNapoli's cash report for March, posted on Wednesday, showed just $9.2 million in Medicaid disbursements. The state's share of Medicaid spending averages almost $2 billion per month. The comptroller's numbers reflect so-called Department of Health Medicaid, which covers the bulk of the program but excludes most spending on recipients with mental disabilities. Read More
#NYCoronavirus: It's increasingly apparent that New York is suffering more severely from the coronavirus pandemic than any other part of the U.S. and most of the rest of the world – raising stark questions for city and state leaders. What is it about New York, and especially New York City, that made it especially vulnerable to infection and death? And how can that be changed before the next virus breaks loose? Read More
#NYCoronavirus: With this year's tax return filing date push postponed to mid-July in response to the coronavirus pandemic, Governor Cuomo has revived his old complaints about the TCJA's $10,000 cap on itemized state and local tax (SALT) deductions. But under the circumstances—a crashing economy and exploding federal deficits—his case for restoring SALT is even weaker than it was before the crisis. Indeed, it verges on preposterous. Read More