Tag: Economy

With a budget shortfall of $12.5 billion projected for 2009-10, New York's state government faces its most significant fiscal crisis in decades. However, this is not just another cyclical downturn. What's left of Wall Street will be significantly leaner, less profitable, and more heavily regulated than the securities industry whose explosive growth fueled the expansion of state spending for much of the past 25 years. The Empire Center and the Center for Governmental Research explored these issues at a policy forum in Albany. Read More

Employment statistics can tell us a lot about what’s going on in New York’s economy — but traditional government data don’t tell us much about the underlying forces driving job creation. Information on openings and closings, expansions and contractions, and interstate movements at the employer level has not been as readily available. Read More

A new state-sponsored campaign is promoting New York as "open for business." However, other indicators suggest the Empire State is still hobbled by a heavy tax and regulatroy burden. How have business conditions in New York improved? What further changes are needed to set the stage for an era of sustained long-term economic growth in the Empire State? Our event, "Is New York Competitive," explored these and other important questions to assess New York's outlook. Read More

A new to promote employment for unemployed inner-city youth was part of this week’s tax increase deal between Governor Cuomo and the Legislature. Like the rest of Wednesday’s legislative package, the youth employment Read More

Harvard's Ed Glaeser, also a Manhattan Institute senior fellow, and Wharton's Joseph Gyourko have an (free registration required) of the likely futility of proposed government efforts to stop the slide in housing prices. The profs specifically Read More

From Stephen Green, chairman of London-based HSBC, the world's largest bank: "I believe the direction is clear: regional capital markets will develop and more of the capital generated in the fast-growing emerging markets will stay closer to home on t Read More

As E.J. notes in the post below this one, Gov. Paterson says he thinks Wall Street bonuses could be down as much as 60 percent, higher than his budget office's expected 43 percent decline. To put this estimate in perspective: after the tech bubble Read More

If the Congressional Budget Office (CBO) is right, Governor David Paterson's economic and fiscal projections for New York State are not gloomy enough.  The CBO expects higher unemployment and a somewhat slower recovery than Paterson's budget has pro Read More