The result is that a major public health disaster affecting New York's nursing home residents is not being accurately documented by either of the agencies responsible for protecting them – because state officials are refusing to share the true numbers, and federal officials haven't yet asked for them. Read More
Federal income taxes paid by New Yorkers decreased by nearly $3.4 billion in 2018, the first year of the new federal Tax Cuts and Jobs Act (TCJA), according to newly released Internal Revenue Service data. Read More
The U.S. Justice Department's newly announced inquiry into coronavirus in New York's nursing homes comes with a crucial caveat: It will look only at government-operated facilities, which represent a small fraction of the state's nursing-home industry. Read More
Polling this month showed that two-thirds of the nation’s teachers would prefer to stay out of the classroom this fall, and teachers unions across America are poised to keep schools from reopening. The unions say the safety of their members is their top concern, yet, truth is, their bottom lines are just as critical. That’s because the pandemic represents their biggest financial threat since teachers won the right to stop paying them. Read More
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. Read More
Governor Cuomo has ordered local governments to “reinvent” their police departments or risk losing state and federal funding, but the back-up guidance from Cuomo's office sets up an arduous process that likely will conflict with other parts of state law. To put it plainly, the guidance shows the state’s “New York Tough” governor won’t take on its police unions. Read More
"With massive budget deficits looming, Mayor de Blasio’s post-pandemic plan boils down to hoping for a stopgap federal bailout and asking Albany for permission to issue billions in deficit bonds. This won’t solve the problem. New York needed a much leaner, more efficient public sector even before the novel coronavirus blew a hole in its tax base." Read More
Governor Cuomo continues to burn while pols in Washington fiddle around the issue of providing more aid to states and localities in yet another federal stimulus bill. Meanwhile, New York State's plummeting revenues still haven't hit their post-pandemic bottom, according to the First Quarterly Update to the state's FY 2021 Financial Plan. Read More
New York City's five municipal public pension funds ended their 2020 fiscal year with a net investment gain of 4.44 percent, well below their 7 percent assumed rate of return. That shortfall, reflecting the pandemic recession and its impact on financial markets, is expected to drive up the city's annual tax-funded pension costs by up to $200 million within the next three years. Read More
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