New York is at the top of the debt list in the
latest U.S. Census data on state and local government finances.
As of 2009, New York’s state and local long-term indebtedness came to $15,202 per-capita, more than any state and 74 percent above the national average. In 2008, New York’s per-capita state and local debt load was $13,804 and ranked third, trailing only Alaska and Massachusetts.
Comparatively speaking, state and local debt in New York wasn’t much lighter when measured as a share of income, coming to $326 per $1,000 — 45 percent above average and narrowly trailing only Alaska. In the debt per $1,000 category, the Empire State’s #3 ranking was unchanged.
Tables based on the newly released 2009 Census data on state and local government finances have been updated at the Empire Center’s
You may also like
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.
New York's post-pandemic employment recovery came to a halt and moved into reverse in December, according to the state's for the final month of COVID-wracked 2020.
Private payroll employment in December was 966,000 jobs below the level of the previous
New York State's unemployment rate has fallen sharply since the economically devastating pandemic lockdown last spring. But as state Comptroller Thomas DiNapoli points out in his latest economic report, the jobless rate doesn't tell the whole story.
Further evidence of the massive damage done to New York’s economy by the coronavirus pandemic shutdown has emerged in the latest gross domestic product (GDP) data from the federal Commerce Department's Bureau of Economic Affairs.
Six months into the novel coronavirus pandemic, New York State's private-sector employment recovery was the slowest in the 48 contiguous states—and getting slower.
As the economy continued its slow post-pandemic reopening, New York State continued to slowly regain jobs—but preliminary data indicate there was no improvement in the state's unemployment rate in July.
New York's economy ended the first quarter of this year in virtual free fall, the latest federal data show.
#NYcoronavirus: The outlook for New York's economy is the grimmest on record, according to the first post-pandemic lockdown round of credible economic surveys and forecasts.
Start with the Federal Reserve Bank of New York, whose regional economists today issued a notably pessimistic report based on their monthly Empire State Manufacturing Survey and a broader Business Leaders Survey that take sin the northern New Jersey and metropolitan New York.