New York State economy

China trade gap displaces 140,000 New York jobs

March 23, 2010. China’s currency manipulation fuels continued trade imbalance. New York has lost 140,000 predominantly middle-wage manufacturing jobs in recent years as a result of China’s unfair trade practices, according to a new report from the Economic Policy Institute. Press release with data for New York Congressional districts >>(read more)

New York’s Unemployment Crisis

March 10, 2010.  An update from the Fiscal Policy Institute: In January 2010,  852,000 New Yorkers were unemployed, including 413,000 New York City residents. This fact sheet includes data on New York unemployment rates and payroll job losses, including FPI estimates of unemployment by gender, race, and ethnicity, and long-term unemployment.… (read more)

Testimony on Employee Misclassification in New York’s Underground Economy – Assembly Labor Committee

January 27, 2010. Testimony presented by James Parrott, FPI’s Deputy Director and Chief Economist, to the Assembly Labor Committee. Research shows that misclassification of employees as so-called independent contractors places a significant burden on taxpayers (including unpaid income taxes as well as avoidance of unemployment benefits and health insurance premiums) and has the broader effect of weakening job security and even physical safety. Over decades, government has established employment standards and social insurance systems to protect workers and responsible businesses … (read more)

Testimony on Employee Misclassification in New York’s Underground Economy – Senate Labor Committee

January 13, 2010.  Testimony presented by James Parrott, FPI’s Deputy Director and Chief Economist, to the Senate Labor Committee.(read more)

Amid Talk of Recovery, Jobless Rates Reach Double Digits

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 >>(read more)

Testimony on the 2009-2010 Executive Budget – Workforce Issues

February 4, 2009. Testimony presented by FPI executive director Frank Mauro to the Senate Finance and Assembly Ways and Means Committees. The Executive Budget contains many proposals that will directly and indirectly cut jobs, exacerbating the recession in the state economy. There are other ways to close budget gaps – notably, an increase in high-end income taxes – that would do much less harm to the economy.… (read more)

Lighten weight of tax burden

January 27, 2009.  Both fairness and sound economics should play a role in closing New York’s budget gap. A column by James Parrott, FPI’s deputy director and chief economist, in the Albany Times Union.… (read more)

Record Surge in NYS Unemployment in December: Lagging Benefits Expose Holes in Safety Net for Jobless New Yorkers

January 22, 2009. Data released today by the New York State Department of Labor reveal that the state’s unemployment rate jumped to 7.0 percent in December (the highest figure recorded in the state since 1994) from November’s revised level of 6.0 percent. Over 671,000 New Yorkers were unemployed in December, an increase of 229,000 (52 percent) from December of 2007. The national recession began in December 2007. Both the one-month unemployment increase of 1.0 percent and the 229,000 12-month increase … (read more)

Economists to Governor: Raise High-End Income Taxes To Help Close Budget Gaps

December 13, 2008. 120 economists from throughout New York State joined together this week to send a message to Albany: steep cuts in state spending will weaken the already struggling New York economy, and will hurt poor and middle income New Yorkers. In a letter to the governor, the economists urge him to take a balanced approach to closing the gap in the state budget between revenues and spending – an approach that includes raising taxes on high-income households.… (read more)

Testimony before the Assembly Ways and Means Committee hearing on the impact of the economic crisis on the state budget

November 13, 2008. Testimony submitted by FPI’s Frank Mauro and Ronald Deutsch of New Yorkers for Fiscal Fairness. To avoid deepening the already threatening recession, the state must not rely solely on drastic cuts in state spending to close current and expected budget gaps. A balanced approach includes tapping the state’s tax stabilization reserve fund (put together for this very purpose), surgical cuts in wasteful spending, and a high-end income tax surcharge like that used successfully in 2003 to close … (read more)