New York’s Fiscal Sickness

The Story

Governor Andrew Cuomo presents himself as a sober-minded centrist when it comes to spending and taxation. But New York is in poor fiscal health: revenue is not keeping pace with rising pension obligations. The state needs radical fiscal reform if it is to avoid a crisis.

The Facts You Need to Know

  1. Reliant: New York State is overly reliant on taxing its highest-earning residents, especially through its “millionaire tax,” which brings in 9% of the state’s personal income tax revenue. Read more.

  2. Unfunded: The percentage of state income that represents unfunded pension liabilities has more than tripled since 2006. Read more.

  3. Unaccountable: Albany wastes billions of dollars in failed economic-development projects. Read more.

“Spending will outpace revenues over the next three years with potential cumulative gaps totaling $17.9 billion.”

NYS Comptroller Thomas DiNapoli

Twitter Take

The Past is Present

Taking on Albany’s Gorillas By Steven Malanga (March 5, 2007)

“Spitzer fights back on health-care reform.”

And in other news...

“Citi Bike will double its service area and more than triple its fleet of bicycles during the next five years.”