New York’s Fiscal Sickness
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
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.
Unfunded: The percentage of state income that represents unfunded pension liabilities has more than tripled since 2006. Read more.
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.”
The Past is Present
“Spitzer fights back on health-care reform.”
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