Almost all of the projected $2.1 billion deficit in this year’s New York State budget can be traced to falling tax receipts. But rising spending will represent a growing share of the problem over the next three years. In fact, more than one-third of the projected growth in next year’s gap, and over half the growth in the gap for fiscal 2013, can be traced to spending increases beyond those forecast by the Division of the Budget (DOB) in April. Read More
A new report from Unshackle Upstate, a coalition of business groups and trade associations, is recommended reading for New Yorkers concerned about the growing burden of state and local taxes. Read More
NY on road to IOU-land, too If David Paterson truly is determined to remain governor of New York, it might help if he started acting like one. Read More
In the middle of its worst economic downturn since the 1930s, New York State has just enacted its biggest personal income-tax hike since 1961. Read More
LAST week, Gov. Paterson activated New York’s “health-emergency preparedness plan,” as a prudent precautionary measure to deal with a potential swine-flu epidemic. Read More
Say this much for the "mobility tax": Unable or unwilling to find more cash in operational savings, capital cuts, or the farebox, the Ravitch Commission apparently tried to find the least-awful way to raise another $1.5 billion for the MTA. Read More
New York’s 80-year-old Executive Budget law, rooted in Article VII of the state Constitution, has stood the test of time in many respects. But some glaring holes in the law have become more and more evident over the past couple of decades. As a result, the severity of New York State’s latest fiscal crisis has been compounded by a lack of budgetary discipline, transparency and accountability. Read More
New York State is broke. Like a runaway train, New York's budget is in danger of running completely off the rails. It needs to be brought under control—before it's too late. Read More