If the entire Affordable Care Act were struck down as unconstitutional – as a federal judge ruled on Friday – the consequences for New York's health-care system, and the state budget, would be significant. Assuming the decision is upheld on appeal (which many experts doubt), and assuming Congress does not intervene, the state would lose almost $8 billion in federal aid that subsidizes coverage for more than 4 million residents.
The New York City Council's vote of support on Tuesday for a statewide single-payer health plan showed curious timing from a fiscal point of view. Two weeks before, sponsors of the New York Health Act told union officials that they were changing the bill in ways that could cost the city billions of dollars per year. Details of these high-stakes changes won't be available until next month, yet Council members chose to back the measure anyway – effectively endorsing a blank check.
Governor Andrew Cuomo on Friday again vetoed a pair of union-backed bills designed to sweeten pensions and discourage use of private contractors by state agencies—a positive signal for his third term.
New York State's public education establishment has issued its annual state budget recommendations — unmoored from fiscal reality, as usual.
A recommended 64 percent pay increase for New York’s state legislators would give lawmakers the highest inflation-adjusted salary in the nation and in state history.
The stock market's slump—and the economic uncertainty it reflects—should raise a yellow caution flag over New York State's budget outlook.
The already extraordinary cost of a proposed state-run single-payer health plan jumped even higher this week when the chief sponsor, Assembly Health Chairman Richard Gottfried of Manhattan, announced that it would be expanded to cover long-term care.
The fate of two government union-backed bills now awaiting Governor Andrew Cuomo’s signature will give an indication of how the governor will tackle major fiscal issues in his third term.
In approving the $69 billion merger of CVS and Aetna, the state Department of Financial Services attached a noteworthy condition: The two companies must forward $40 million to the state of New York. It was the second time this year that the Cuomo administration has leveraged its regulatory authority over a health insurance company to extract a large sum of cash.
New York’s statewide teachers union is collecting cash from about 6,000 fewer people than it was before the Supreme Court ruling that ended compulsory union fees for public employees.
The latest too-good-to-be-true argument for single-payer comes from Albany City Treasurer Darius Shahinfar, who claims that a government-funded statewide health plan would dramatically reduce property taxes. In reality, the savings for local taxpayers, if any, would likely be a fraction of what Shahinfar estimates. And they would come at the cost of the largest increase in state taxes that New York has ever seen, not to mention wholesale disruption of the entire health-care system.
Industry lawsuits filed against Governor Cuomo's $100 million opioid tax, summarized in today's Wall Street Journal, are raising fresh questions about the levy's fairness and unintended side effects.