The two New Yorks - city and state - were the nation's twin towers of public indebtedness long before the tragic events of Sept. 11 placed extraordinary new strains on their budgets. Read More
Tag: Taxes and Spending
At a time when New York desperately needs to find ways of delivering public services more efficiently, its transit bus operations could prove to be a significant source of recurring savings for the future. The key to unlocking these savings is competition—an essential spur to improved performance and efficiency that’s been missing from transit in New York for most of the past 50 years. Read More
As if New York's economy wasn't already stressed enough, there's a renewed push in the City Council for a local "living wage" law that could hinder the city's economic renewal while reducing job opportunities for the very people it is supposed to help. Read More
Good afternoon, Chairman Weprin, and thank you for this opportunity to testify before your subcommittee today. My name is Edmund J. McMahon, and I am senior fellow for tax and budgetary studies at the Manhattan Institute for Policy Research. The M Read More
There are a whole lot of ways to close a $4.9 billion gap in a $40 billion budget, as Mayor Bloomberg demonstrated once again this week. He wants to balance the budget without imposing economically devastating tax hikes. Read More
In a single year, New York State's finances have been knocked out of kilter by a deep stock market slump, a national recession and an unprecedented terrorist attack aimed right at the heart of its tax base. The result, says Gov. Pataki, has been a loss of $7 billion in revenue. Read More
This report analyzes New York State government’s fiscal history over the last three and a half decades, with a particular focus on Governor Pataki’s accomplishments. It finds that fiscal crises are always preceded by periods of higher-than-normal spending, and that reducing spending is the only successful way to solve a crisis. Tax increases, such as those passed in the early 1970s and 1990s, exacerbate crises by reducing economic activity. Read More
Faced with a huge and seemingly ever-expanding city budget gap, Mayor Michael Bloomberg recently floated a pair of trial balloons - only to see both ideas promptly shot down by Gov. George E. Pataki. Read More