Gov. Paterson yesterday claimed President Obama’s crackdown on Wall Street pay could cost the state $1 billion.

But experts questioned the figure and the governor’s own Budget Division later admitted it could not back up the claim.

Paterson said of Obama’s move to halve executive compensation at seven banks that took federal bailout money: “New York just lost a billion dollars” in income taxes.

But E.J. McMahon, a fiscal-policy analyst for the Manhattan Institute, said that “we surely have lost tens of millions of dollars from this . . . but a billion seems high.

“My guess is that the impact is about a tenth as high as the governor says.”…

Read article here

You may also like

What we know (and don’t know) about NY COVID-19 nursing home deaths after DOH report

David Robinson The state Department of Health's own analysis of COVID-19 nursing home deaths has renewed politically the charged debate over how and why coronavirus ravaged the most vulnerable New Yorkers. Read More

Faced with $10B deficit, MTA says it’s eyeing cutting overtime spending

Alfonso Castillo The financial impact of the COVID-19 pandemic on the Metropolitan Transportation Authority is adding urgency to the agency’s efforts to curtail overtime numbers that critics say remain alarmingly high. The MTA said at Wed Read More

City and state officials contend with a dire future as New York reopens

Brian Pascus As New York begins to reopen from the Covid-19 lockdown, Read More

Pandemic, recession don’t bring down school budgets

Stephen T. Watson This year's school elections were delayed and then shifted entirely to voting by mail thanks to the Covid-19 pandemic, which also shut down schools here and across the country. District officials worried this new method of Read More

Here’s Cuomo’s Plan for Reopening New York

Jesse McKinley ALBANY, N.Y. — Gov. Andrew M. Cuomo on Monday presented a soft blueprint for how New York State’s economy might begi Read More

States with few virus cases get big share of relief aid

Geoff Mulvihill Alaska, Hawaii, Montana and Wyoming are not epicenters of the coronavirus pandemic. Yet these four states scored big this spri Read More

What to expect in the state’s first round of spending cuts

Rebecca Lewis Regular viewers of Gov. Andrew Cuomo’s daily coronavirus press briefings have heard the governor say time and again that New York state is broke. Revenue projections are way down and the state is facing a budget deficit that is Read More

Eyeing Medicaid Cuts, Cuomo Puts His Stamp On A $3 Trillion Stimulus Bill

Caroline Lewis During state budget discussions in March, Governor Andrew Cuomo  that the pandemic would not stop him from pushing through changes to Medicaid that he said were necessary to contain the growth of its more than $70 billion annu Read More

Subscribe

Sign up to receive updates about Empire Center research, news and events in your email.

CONTACT INFORMATION

Empire Center for Public Policy
30 South Pearl St.
Suite 1210
Albany, NY 12207

Phone: 518-434-3100
Fax: 518-434-3130
E-Mail: info@empirecenter.org

About

The Empire Center is an independent, non-partisan, non-profit think tank located in Albany, New York. Our mission is to make New York a better place to live and work by promoting public policy reforms grounded in free-market principles, personal responsibility, and the ideals of effective and accountable government.