Despite the rebound on Wall Street, New York City's fiscal problems are far from over. Even after two years of belt-tightening, city spending continues to grow at twice the rate of inflation. With unions stonewalling requests for contract concessions a city budget gap of $2 billion to $3 billion looms in the year ahead. In short, recent talk in City Hall of rolling back tax hikes was just that--talk. Read More
Under cover of the summer doldrums, Mayor Bloomberg's budget staff is feverishly putting the finishing touches on one of the biggest bonding boondoggles in New York State's history. Read More
Michael Bloomberg's first year as mayor of New York City produced decidedly mixed results, measured against the long-term statistical trends. Read More
After a winter and spring filled with budgetary "doomsday" talk in City Hall, New York's latest fiscal crisis has been interrupted by an eerie, eye-of-the-storm calm. In the space of two months, Mayor Bloomberg's demands for union concessions and program cuts gave way to unilateral budget restorations and celebratory photo ops with City Council leaders. Read More
Despite a continuing economic slump and the most serious municipal fiscal crisis in a quarter-century, the New York City budget is growing at nearly twice the inflation rate. Read More
If you earn enough to be affected by New York’s state and city income tax hikes but believe you will escape the brunt of the increases — that they will fall most heavily on the ultra-rich — think again. Read More
Many New Yorkers who may consider themselves middle class will be paying higher effective marginal rates than billionaires under the "temporary" state and city income tax hikes recently approved by the State Legislature. Read More
Good morning, Senator Krueger, and thank you for this opportunity to testify before your task force today. Read More