Economic Security & Opportunity

Pandemic Economics Demand A Diverse Response

October 14, 2020

In light of New Jersey’s adoption of a millionaires tax to help fill a statewide revenue hole caused by the coronavirus, many asked what about New York? Like New Jersey, New York was hard hit by the pandemic, and its economy continues to suffer. Like New Jersey, New York has historic fiscal problems with a budget shortage of $14.5 billion this year, and in the tens of billions of dollars over the next several years. Like New … (read more)

Robust Rental Assistance Needed to Protect Tenants

August 2020

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Governor Cuomo has extended the state’s limited eviction moratorium until September 4, 2020 but the application window for the state’s $100 million COVID Rent Relief program closed on August 6, 2020. Many of New York State’s renters require assistance above and beyond the programs and protections currently in place.

The COVID Rent Relief program has limitations. It will only provide up to four months of rental assistance for those earning below 80 percent of … (read more)

Generating State Revenue Essential for Post-Pandemic Recovery

Billionaire Mark-to-Market Tax Can Raise Over $5.5 Billion To Help Keep New York State Running

New York can and must do more to address its budget crisis than wait for federal relief. While the economy has taken a hit, the state can raise enough tax revenue to avoid catastrophic budget cuts—to education, health care, and other crucial services—and add new programs to combat the coronavirus recession by helping those most in need. The Fiscal Policy Institute’s latest report explains how … (read more)

Mr. Trump, suburbia needs solutions, not tweets

August 8, 2020.

Editorial by LIHerald.com appears in full below:

“President Trump claimed last week that he is protecting suburbanites from low-income housing projects, tweeting on July 29:

“I am happy to inform all of the people living their Suburban Lifestyle Dream that you will no longer be bothered or financially hurt by having low income housing built in your neighborhood . . .”

Clearly, Trump is out of touch with suburban America. In Nassau County, no new low-income housing … (read more)

The Politics of Hiking Taxes on the Rich During the Pandemic

August 6, 2020 – Spectrum News

New York State faces cuts to public programs and services due to this year’s unprecedented revenue shortfall. While awaiting needed federal action, advocates call for raising state revenue.

The sweeping cuts threatened by Governor Cuomo would devastate the very people hit hardest by the pandemic and its economic fallout. The state must get the economic engine of New York running while awaiting essential federal funding,” said Ron Deutsch, the executive director of the Fiscal (read more)

New York Must Act Now to Support Excluded Workers

Workers and families left without support for months  

Read the full report: Unemployment Compensation for Excluded Workers: Helping New Yorkers, Boosting the Local Economy

(Albany, NY) State unemployment benefits were expanded in significant ways for most New Yorkers who lost their jobs during the pandemic. However, tens of thousands of New York workers and their families were left adrift without federal or state assistance. The Fiscal Policy Institute’s new report shows that our state can act to create and fund … (read more)

Second Round of Economic Impact Payments Needed

Millions of New Yorkers remain unemployed due to COVID-19. With federal assistance set to end in July, the situation is dire as these payments were used to cover basic essentials for workers and their families – and those who were excluded from CARES Act support and state unemployment assistance continue to struggle. The facts are stark. “Over 9.3 million New Yorkers—48 percent of the state’s population—received Economic Impact Payments (EIP) totaling over $15 billion by May 22, 2020. Undocumented immigrants, … (read more)

New York State Unemployment Fact Sheet for June

New York State’s average unemployment rate for April and May 2020 stood at 14.9 percent. For the same time period last year, the average unemployment rate was 3.8 percent. In the 12 weeks between March 10 and May 30, 2020, New York State processed over 2.4 million unemployment claims, which is more than 12 percent of the state’s population. Unemployment claims have slowed in recent weeks, but many New Yorkers remain unemployed. As of June 13, the five most racially and … (read more)

New York’s Public Sector Workforce Threatened by Lack of Federal Aid

New York’s public sector workforce is comprised of many of our state’s essential workers: nurses, teachers, firefighters, personal care aides, childcare workers, and more. In total, 24 major occupational groups – defined as having 10,000 or more workers – are part of the sector.

A recent economic news release from BLS indicates that over 100,000 public sector workers in New York were laid off from their jobs between February and May of 2020 due to the Coronavirus pandemic and … (read more)

NYS Unemployment Factsheet for April

New York State’s April 2020 unemployment rate stood at 14.5 percent – up from 4.1 percent in March -and was the state’s largest recorded monthly increase since 1976 when the current record-keeping began. In the seven weeks between March 10 and April 25, 2020, New York State processed over 1.5 million initial unemployment insurance claims from residents, which represents more people than the entire population of the state of Maine. Look for more monthly factsheets covering unemployment in New York … (read more)