Reforming New York City’s public retirement system

OCTOBER 16, 2020 | MANHATTAN INSTITUTE | by John Hunt

For years, the Manhattan Institute has warned about the unsustainability of New York City’s public retirement system. Even before the Covid-19 pandemic, the city was on a dire trajectory. Now, the city's financial future is particularly vulnerable and uncertain, with its population base, economic performance, and property values all facing unprecedented pressure.

Cuomo blames DC for state’s fiscal woes, seeks bailout

OCTOBER 8, 2020 | THE DAILY STAR (NEW YORK) | by Joe Mahoney

Gov. Andrew Cuomo said Wednesday his decision to take no aggressive action now to deal with the state's fiscal woes is based on his political forecast that Joe Biden, a fellow Democrat, will defeat President Trump in the Nov. 3 election.

Texas ranked a ‘sinkhole state’ in debt per taxpayer report

SEPTEMBER 30, 2020 | TEXAS SCORECARD | by Robert Montoya

A report finds the unfunded debt of Republican-controlled Texas is closer to that of Democrat-controlled states like California and New York, rather than Republican-controlled states like South Dakota and Florida. 

How a blast from the past could save NYC again

SEPTEMBER 29, 2020 | NEW YORK POST | by E.J. McMahon

The Covid-19 pandemic and associated economic disruption have led to sudden and deep shortfalls in tax revenue, and have opened up multi-billion dollar budget gaps in New York City’s four-year financial plan. 

NYC FY2021 adopted budget

SEPTEMBER 29, 2020 | CITIZENS BUDGET COMMISSION | by Ana Champeny

After tense negotiations and a close vote ending early morning July 1, the City adopted an $88.2 billion budget for fiscal year 2021. The quick and severe economic disruption opened up large budget gaps in fiscal years 2020 and 2021, over half of which closed with reserves and federal aid. 

Thirty-nine states ill-prepared for coronavirus pandemic

SEPTEMBER 22, 2020

The 2020 Financial State of the States report surveys the fiscal health of the 50 states prior to the coronavirus pandemic. This data is released today by Truth in Accounting (TIA), a think tank that analyzes government financial reporting.

State-imposed mandates pile up on localities in Covid era: ‘Next year is even worse’

SEPTEMBER 15, 2020 | THE BUFFALO NEWS (NEW YORK) | by Tom Precious

For local governments across New York, it’s been a longtime demon they just can’t shake: state-imposed mandates requiring them to offer some kind of government service but without Albany paying the tab.

Counties submit recommendations to help state close budget gaps

SEPTEMBER 14, 2020 | WESTSIDE NEWS (NEW YORK)

The New York State Association of Counties (NYSAC) has submitted to the New York State Division of Budget a series of county recommendations for overcoming the budget crises facing the state and local budgets as a result of the COVID-19 pandemic. 

Cuomo pleads for federal aid, some experts say New York should fix itself

SEPTEMBER 10, 2020 | TIMES UNION (NEW YORK) | by Amanda Fries

Adjunct English professor Sophia Cantave had just finished her spring semester classes at Bronx Community College when she received a letter that her services were no longer needed at the City University of New York school.

Cops dominate latest list of six-figure pensions

SEPTEMBER 4, 2020 | EMPIRE CENTER FOR PUBLIC POLICY (NEW YORK)

Most of the newest retirees eligible for pensions over $100,000 from the New York State and Local Retirement System were retired police officers, according to data posted today on SeeThroughNY, the Empire Center’s transparency website.

How to make $1 billion in labor savings real and recurring

SEPTEMBER 4, 2020 | CITIZENS BUDGET COMMISSION (NEW YORK) | by Ana Champeney, Maria Doulis

New York City municipal employees provide services New Yorkers rely on; their dedication during the pandemic is a testament to their work ethic and commitment to our city. Yet, as the City faces the worst fiscal crisis in generations, municipal workers are also facing the dire prospect of layoffs.

NY seeks $59 billion bailout

SEPTEMBER 2, 2020 | PRESS-REPUBLICAN (NEW YORK) | by Joe Mahoney

Joined by a brigade of labor leaders, Gov. Andrew Cuomo is pressing New York’s congressional delegation to help reel in $59 billion in federal bailout money for state and local governments whose revenues have been crushed in the pandemic.

Mayor de Blasio puts the brakes on plan to lay off 22,000 city workers

SEPTEMBER 1, 2020 | NEW YORK DAILY NEWS | by Shant Shahrigian, Denis Slattery

The city is delaying potential layoffs of thousands of municipal workers, Mayor de Blasio said Monday

Radical politics on the public dime

AUGUST 27, 2020 | CITY JOURNAL | by Seth Barron

In September 2018, activist groups around New York rushed to denounce the Trump administration for considering making changes to the “public charge” rule for noncitizens. 

Albany, throw NYC a lifeline: Why the legislature should give Gotham license to borrow

AUGUST 26, 2020 | NEW YORK DAILY NEWS | by Corey Johnson, Michael Mulgrew

New York City has asked Albany for permission to borrow money to maintain city services needed by our residents. 

The clock is ticking on resolving New York State’s sky-high deficit

AUGUST 25, 2020 | THE BUFFALO NEWS | by Tom Precious

The state’s fiscal year is 5 months old and its budget is still sorely out of balance.

New York City faces toughest fiscal crisis since the 1970s

AUGUST 24, 2020 | THE WALL STREET JOURNAL | by Jimmy Vielkind, Katie Honan

New York City faces a $9 billion deficit over the next two years, high levels of unemployment and the prospect of laying off 22,000 government workers if new revenue or savings aren’t found in the coming weeks.

NY’s Cuomo is ‘father of subprime crisis:’ Bove

AUGUST 24, 2020 | CNBC

New York Attorney General Andrew Cuomo is the "father of the subprime crisis" and his aggressive attacks on Wall Street could make him dangerous to the banking sector if he becomes the next governor of New York, well-known banking analyst Dick Bove told CNBC.

Lend freely, at a subsidized rate

AUGUST 19, 2020 | THE WALL STREET JOURNAL

Walter Bagehot’s famous dictum that central bankers should lend freely at a penalty rate in a crisis is as quaint today as the Victorian age in which he lived. Now the policy is to lend freely at a subsidized rate, especially to politically preferred borrowers.

New York is no ‘donor state’

JULY 22, 2020 | THE WALL STREET JOURNAL | by Matthew Schoenfeld

As the July 31 expiration date looms over the Cares Act’s unemployment bonus, all eyes will turn to the next—and, according to Senate Majority Leader Mitch McConnell, the last—coronavirus relief bill. Chief among Democrats’ priorities is a “blue-state bailout.”

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