NYS budget

How to Balance the State Budget

February 2, 2009. An op ed in the Gotham Gazette by Frank Mauro and James Parrott.… (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)

Nobel Economist: Millionaires’ Tax Is Economically Preferable

January  2009. In a March 27, 2008 letter to Governor Paterson, Majority Leader Bruno and Speaker Silver, Nobel economist Joseph Stiglitz makes a compelling case that the millionaires’ tax is “economically preferable” to raising regressive fees or cutting state spending.

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New York’s Underinvestment in Public Higher Education

January 15, 2009. After more than a decade of financial support falling short of growing enrollment, the executive budget calls for cuts to SUNY and CUNY – at the same time that more students seek post-secondary opportunities during the economic downturn.

Governor Paterson’s proposed 2009-2010 budget features reductions in state aid to CUNY and SUNY, despite a projected increase in enrollment for 2009-2010. This report details the context for the cuts – a decade of underinvestment – and makes the … (read more)

Balancing New York State’s 2009-2010 Budget in an Economically Sensible Manner

January 14, 2009. The Fiscal Policy Institute’s nineteenth annual budget briefing. Briefing book >>(read more)

FPI Reaction to the 2009-2010 Executive Budget

December 16, 2008. The governor’s proposal hurts low- and moderate-income New Yorkers while requiring little from wealthy New Yorkers, and would would cause needless harm to the state economy. The lessons from 2003 show that New York can successfully close large budget gaps without these negative impacts. Press release >>(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)

Maximizing the Value and Use of State Assets

November 6, 2008. Testimony of James A. Parrott before the New York State Commission on State Asset Maximization. To fulfill the commission’s charge to “maximize the value and use of state assets,” the state should carefully consider in-house design and prevailing wage standards when setting up new projects. Also, economic development subsidies should include strict accountability standards; the state should not act as project investor without receiving in return an ownership stake for the taxpayers.… (read more)

Testimony on MTA Financing

September 15, 2008. Testimony of James A. Parrott before the New York State Commission on MTA Financing. Albany will have to make some tough choices to align the MTA’s recurring spending needs with recurring revenues. It will not be easy to do this during a downturn, but it is imperative that the State and the City put in place a phased-in approach that stabilizes MTA finances for the long term.… (read more)