Wall Street Journal has run my op-ed on the risks New York City faces in its approach to fiscal and economic problems. The thesis is that the city’s main economic engine — Wall Street and the financial-services industry — cold be at the beginning of a structural decline rather than in the middle of a cyclical slump. If so, the decisions Mayor Bloomberg is making today will cause us to look back in two years’ time and find that we haven’t prepared well.
Nobody can know how big this risk is, but it is real.
Please read the whole thing here.
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Entering the second autumn since the COVID-19 outbreak of March 2020, the pace of New York State's pandemic economic recovery has been abysmal by almost any standard.
New York was the national epicenter of the pandemic, and Governor Cuomo's "" business
New York's jobs report for August looked relatively strong—but only by comparison, that is, with .
On a seasonally adjusted basis, New York gained 28,000 private-sector jobs last month—a growth rate of 0.4 percent, according to . This was double th
The state will spend a record $212 billion in the current 2022 Fiscal Year, under the budget its elected leaders adopted in April.
The full payroll records of more than 2,400 de facto state employees are available to the public for the first time after being released by Health Research Inc.
New York schools are to post publicly today plans for spending a huge pile of unexpected and unbudgeted cash.
New York's Medicaid and Child Health Plus programs added three-quarters of a million enrollees during the coronavirus pandemic, roughly matching the pace of a national surge in sign-ups.
In spite of an ongoing pandemic and spiraling Medicaid costs, New York's health-care system received surprisingly little attention in the new state budget.
On issue after issue, law
Looking ahead to an uncertain post-pandemic recovery, New York’s newly enacted state budget for fiscal year 2022 raises spending by staggering amounts that—barring an unlikely rapid return to peak 2019 economic activity in New York City—can't possibly be sustained for more than a few years. The budget is a mid-2020s fiscal disaster in the making: an incomplete bridge over a deepening river of red ink.