September 24, 2009. Commissioned by the Brooklyn Chamber of Commerce, this review finds that the devastating blow dealt to New York City by the current recession has been less painful to Brooklyn. American Recovery and Reinvestment Act (ARRA) dollars are having an impact in the borough, and Brooklyn has experienced job growth in some sectors in spite of losses citywide. Read the report >>
September 22, 2009. An article by James Parrott, FPI's deputy director and chief economist, who writes regularly for Gotham Gazette's Economy section. Article >>
September 16, 2009. This edition of the State of Working New York is released as the country hobbles through the worst economic crisis - the steepest economic drop and the longest period of job loss - since the 1930s. We are in the midst of what's been justly termed "The Great Recession." Over 850,000 New Yorkers are unemployed. The state's official unemployment rate is 8.6 percent as of July 2009 - the most recent data available - and it is expected to continue rising for [...]
July 2, 2009. Albany inaction costs jobless New Yorkers $267 million. A potent tool for fighting downturn, unemployment benefits deliver economic stimulus where it's most needed. But New York's jobless benefit has been frozen since 2000, and now lags behind dozens of states. This report from FPI and the National Employment Law Project shows that upstate counties have been hurt the most by the legislature's failure to increase unemployment benefits. Press release Full report including county data
July 23, 2009. On July 24, an estimated 123,000 New York workers will benefit when the minimum wage rises from the state's minimum of $7.15 an hour to the new federal minimum of $7.25 an hour. The minimum wage in New York will still lag that in 13 other states and the District of Columbia. And, a full-time worker will still not earn enough to keep a family of three out of poverty. Press release with data >>
July 21, 2009. The Economic Policy Institute has released an updated Minimum Wage Issue Guide. Also see Key EPI publications and other minimum wage resources.
June 24, 2009. Testimony before the Bronx Community Board 7's public hearing on the Kingsbridge Armory Project, presented by research associate Michele Mattingly. As New York City leaves behind an economic era characterized by a financial sector distorted by reckless speculation, it is imperative that we rebuild the city economy on the basis of good, family-supporting jobs that create and sustain the middle-class.
June 11, 2009. Part I - The Basics - and Part II - New York's Experience to Date Using the Regular Contingency Fund - are the first two of a series of briefs that looks into the rules governing the new Emergency Contingency Fund (ECF), reviews New York's experience with the regular Contingency Fund, and explores the situations under which New York may qualify for ECF funds. Also see Part III (August 11, 2009) - How New York Could Use the TANF Emergency Contingency Fund [...]
May 26, 2009. A new study from the Center on Budget and Policy Priorities profiles the American Recovery and Reinvestment Act (ARRA) in New York and Virginia. The experience of these two states suggests that the state fiscal assistance in the economic recovery legislation is having its intended effect: enabling states to balance their budgets with fewer cuts in public services that would harm residents and further slow the economy. The study is part of a special series of reports, Economic Recovery Watch.
May 21, 2009. Presented by chief economist James Parrott at the committee's public hearing on New York State's business tax reform. New York could have a more rational and fairer business tax system by adopting a rule to fix problems with the way multi-state corporate income is apportioned, by revamping its overly generous Investment Tax Credit, and by adjusting its taxation of unincorporated businesses. Testimony >>
May 7, 2009. Testimony before the New York City Council Committee on Civil Service and Labor and Committee on Contracts. "Contracting in" offers budget savings and efficiency while promoting better quality jobs for New Yorkers. To pursue these goals, the Council should consider reforms to the contracting process and decision-making.
April 30, 2009. Testimony presented by chief economist James Parrott to the Rent Guidelines Board. Three points: this is the worst recession since the Great Depression with sharply higher unemployment; inflation-adjusted wages and incomes are falling for most New York families; and housing costs are placing an enormous burden on New York City working families.
April 22, 2009. The Omnibus Consortium (www.omnibustaxsolution.org) joined today with Senator Liz Krueger in support of her reform bill S.4239, calling for action by end of session. Press release >>
April 18, 2009. Something's slowing the plunge. It must be the billions in taxpayer bailouts. An op ed by James Parrott, Crain's New York Business.
April 7, 2009. In New York City, nonprofits - health and human services and cultural organizations - employ nearly 500,000 workers, just over 15 percent of the total. The nonprofit sector includes hospitals, human service providers and arts organizations. How nonprofits fare in times of economic stress matters to all New Yorkers. This report, written at the request of the Deputy Mayor for Health and Human Services, shows that the sector is growing, having added more than 50,000 jobs 2000-2007, while the rest of the [...]