The prices of some previously high-flying stocks such as Apple recently have been plummeting, and the stock market has just suffered “its worst week of declines in five months,” the Wall Street Journal reports. This is not good news for savers and investors — but it may be causing sighs of relief in some corners of the state Capitol.
State regulations to allow natural gas hydrofracking in New York’sdepressed Southern Tier region are being held up by Governor Cuomo, who says he wants more study of the health effects of fracking.
New York’s rising unemployment rate is “presenting a challenge for Gov. Andrew M. Cuomo as he tries to build an image as a fiscal centrist who can transform the state’s business climate,” today’s New York Times reports.
Wall Street, the goose that laid golden eggs for New York’s public sector for more than 25 years before the Great Recession, is “still working through the fallout from the financial crisis,” as Comptroller Thomas DiNapoli reported earlier this week...
New York ranks 50th — meaning “worst” — in the Tax Foundation’s 2013 State Business Tax Index, released today. The Empire State’s ranking tumbled back to last place after climbing all the way up to number 48 in the 2011 Index.
Employment and wage growth between March 2011 and March 2012 was below the national average in most of New York’s largest counties, according to the quarterly census of employment and wages released today by the Bureau of Labor Statistics...
Located some 40 miles north of New York City, in Westchester County, the Indian Point Energy Center (IPEC) consists of two operating nuclear reactors, with a combined generating capacity of over 2,000 MW, and one long-retired reactor. IPEC’s size and location are the key factors in both the power it provides and the decades-long fight to shutter the plant permanently.
Adding a fresh chapter to the seemingly never-ending saga of government excess and regulatory insanity, New York’s state Labor Department reportedly will use federal emergency funds to pay $51.71 an hour to temporary workers hired to clean up Poughkeepsie’s Fallkill Creek
The weekly City and State opens its feature on the minimum wage issue with a portrait of Michelle Dawkins, who rises at 2:30 a.m. to earn $7.25 an hour ferrying wheelchair-bound passengers among the terminals at JFK airport. Assuming she is able to work 40 hours a week without a sick day, Dawkins “will make $15,080 over the course of a year,” the article says.
New York’s economic performance over the past decade was mediocre — but its future looks worse, according to the 5th annual Rich States, Poor States report, just issued by the American Legislative Exchange Council (ALEC).
Following through on Speaker Silver’s promise earlier this month, the Assembly is reportedly about to introduce a bill raising the minimum wage from $7.25 to $8.50 an hour, with automatic increases thereafter in line with the cost of living. As we’ve noted here before, this is a swell way to reduce job opportunities for low-skilled, entry-level workers — and it’s not a very effective way of helping the working poor, either.
Mayor Michael Bloomberg has joined Assembly Speaker Sheldon Silver in advocating an increase in the state minimum wage. Unlike Silver, Bloomberg in his State of the City message was at least willing to acknowledge that the minimum wage discourages hiring–specifically, that it “can reduce youth employment.” His solution?