Press Releases Archives - Page 10 of 16

New Analysis of Subsidized Projects Finds Low Wages Common: City subsidies exceed $2 billion annually

March 8, 2011. A report from FPI, Good Jobs New York and the National Employment Law Project examines the low wages typically paid for many of the permanent jobs at city-subsidized economic development projects such as Bronx Gateway Mall, Fresh Direct and Yankee Stadium. An update of analysis originally conducted last May, the study finds that significant numbers of low-wage jobs are being created with New York City tax dollars, jobs for which starting pay is as low as the minimum wage and for which [...]

Anthony Troia2020-11-13T14:58:54-05:00March 8th, 2011|Economic Trends & Policy, Labor Market & Workforce, Press Releases, Reports, Briefs and Presentations|

Statement from the Fiscal Policy Institute on the proposed Executive Budget 2011-2012

February 1, 2011. The budget proposed today by the Governor places relies excessively on spending cuts, which increase unemployment and intensify hardships for those bearing the brunt of the recession. Meanwhile, a privileged group has profited tremendously from New York's economic growth over the past two decades, and from Wall Street's recent resurgence; the richest one percent of New Yorkers now receive 35 percent of all income in the state, while they pay a lower state and local tax burden than middle- and low-income state [...]

Anthony Troia2012-03-16T21:54:13-04:00February 1st, 2011|Press Releases, State Budget, Tax & Budget, Tax Policy|

What do the new Census population numbers tell us about New York’s economy?

January 20, 2011. This data brief, a response to claims that the Census figures depict New York's economic decline, considers the Census population numbers in relation to other measures of New York State's relative economic performance over the past decade. The brief is first in a series - Numbers that Count - presenting and analyzing new data on New York's economy.

Anthony Troia2020-11-13T14:50:33-05:00January 20th, 2011|Economic Outlook, Economic Trends & Policy, Press Releases|

Grow Together or Pull Further Apart? Income Concentration Trends in New York

December 13, 2010. New data shows that extreme inequality restrains growth for most New Yorkers - polarization trends in New York City and New York State expose an economic fault line. A new report from FPI documents the pronounced concentration of income growth that has occurred in New York State and New York City since 1980 - the first time that state income tax data has been compiled to analyze trends since 1980 in income growth by various segments of the state's population. Among the [...]

Anthony Troia2020-11-13T14:28:00-05:00December 10th, 2010|Economic Trends & Policy, Labor Market & Workforce, Press Releases, Reports, Briefs and Presentations|

The Growing Budget Burden of New York’s Business Tax Expenditures

December 7, 2010. Over $8 billion a year goes to “back door” spending in the name of job creation. This new report from FPI identifies $5.4 billion a year in state government "back door" spending in the name of economic development and job creation. An additional $2.8 billion a year is being drained from New York's local government budgets because of a variety of tax expenditures in state law. In these tough budget times, these billions of dollars in business tax expenditures, which have historically [...]

Anthony Troia2020-11-13T14:56:16-05:00December 7th, 2010|Economic Trends & Policy, Press Releases, Reports, Briefs and Presentations, Tax & Budget, Tax Policy|

Misleading NYS GDP Data for 2009: Federal release distorts picture of NYS’s economy

November 18, 2010. The Bureau of Economic Analysis today released advance estimates that dramatically overstate New York State's actual economic decline for 2009 - making New York the third worst-off state - because the BEA figures are based on very partial data and exclude any information on corporate profits. A much better indicator of New York’s relative economic performance in 2009 is provided by BEA's own data on total employment by state, which put New York tenth best of the 50 states. Release with data [...]

Anthony Troia2020-11-13T14:50:33-05:00November 18th, 2010|Economic Outlook, Economic Trends & Policy, Press Releases|

The Changing Profile of Long Island’s Economy: How U.S.-born workers have fared as immigration has grown

November 17, 2010. This report shows the big overall immigrant contribution to Long Island's economy, stressing the diversity of immigrant jobs, but also looking at whether immigrants are displacing U.S.-born workers or lowering wages. For nearly all Long Island residents the answer is no. However, there is reason for concern about African American men with a high school diploma or less. They seem to be losing ground (higher unemployment rates) as immigrant share of the labor force increases. This issue deserves attention despite the fact [...]

Anthony Troia2021-04-07T13:39:32-04:00November 17th, 2010|Migration, Press Releases, Reports, Briefs and Presentations|

High unemployment persists, but New York has not fared as badly as most states in the downturn

October 22, 2010. A new report from the U.S. Department of Labor shows that from the start of the national recession through September 2010, New York's 3.3 percent total job loss ranked it 39th among all states. New Yorkers have certainly not been spared the recession's devastating effects; however, New York was hit less hard than most parts of the country. Still, there were 800,000 New Yorkers officially unemployed in September, a number nearly 75 percent higher than when the recession began in New York [...]

Anthony Troia2020-11-13T14:50:33-05:00October 22nd, 2010|Economic Outlook, Economic Trends & Policy, Press Releases|

Hundreds of millions at stake for New York’s working families: Current tax debate to determine future of key work-supporting tax credits

September 27, 2010. Low- and moderate-income New Yorkers have a huge stake in the tax debate now going on at the national level: over $600 million annually in work-supporting tax credits. Enhancements to the Earned Income Tax Credit (EITC) and the Child Tax Credit (CTC) that were made by the American Recovery and Reinvestment Act (ARRA) will expire at the end of 2010 unless extended by Congress. A new report from the Fiscal Policy Institute reviews the workings of these two tax credits, how they [...]

Anthony Troia2020-10-27T13:07:09-04:00September 27th, 2010|Press Releases, Reports, Briefs and Presentations, Tax & Budget|

Statement from James Parrott on the National Bureau of Economic Research Announcement on the Business Cycle

September 20, 2010. Most New York workers remain mired in a high unemployment, unacceptably slow recovery, despite today's announcement by the NBER that the national recession bottomed out in June 2009, 15 months ago. By the most optimistic projections, three to four years of faster job growth are required to bring the unemployment rate back down to the pre-recession. More forceful economic stimulus measures must be applied to prevent this Great Recession from turning into another Great Depression. Statement >>

Anthony Troia2020-11-13T14:50:33-05:00September 20th, 2010|Economic Outlook, Economic Trends & Policy, Press Releases|

Poverty on the Rise in New York and Nation in 2009: Federal Assistance Lessened Recession’s Impact

September 16, 2010. The Census Bureau today released state-level data showing that the poverty rate in New York State rose dramatically from 14.2 percent in 2008 to 15.8 percent in 2009. The number of New Yorkers in poverty jumped by 284,000 to a little over three million. Only once since 1980 - from 1989 to 1990 - has the poverty rate risen more than it did in 2009. The new data also show that 2009 brought a large increase in the national poverty rate, which [...]

Anthony Troia2020-11-13T14:42:46-05:00September 16th, 2010|Economic Outlook, Economic Trends & Policy, Labor Market & Workforce, Press Releases|

State of Working New York 2010: New York starting to see job growth but not yet recovery

September 5, 2010. While New York and the nation have begun to see some modest job growth, unemployment rates remain unacceptably high and recovery is not yet helping most New York workers. New York is hardly unique; from December 2007 through December 2009, the state lost 250,000 jobs, a 2.8 percent job decline. Forty states had even worse job performance over that period. Those with managerial/professional occupations are earning more in New York City, while those in non-managerial/non-professional occupations are earning less. Both groups are [...]

Anthony Troia2020-11-13T14:50:33-05:00September 5th, 2010|Economic Outlook, Economic Trends & Policy, Labor Market & Workforce, Press Releases, Reports, Briefs and Presentations|

New York City Immigrants in the Great Recession

August 2, 2010. How are immigrants faring in the economic downturn? Data released by FPI shows that immigrants, who make up nearly half of the New York City labor force, have an unemployment rate that is slightly lower than for U.S.-born workers. First, immigration is sensitive to labor market demand, so when there are fewer jobs, immigration slows. Second, lacking a safety net, immigrants are more likely to work at whatever jobs they can get. U.S.-born workers may have the resources to search longer for [...]

Anthony Troia2020-11-13T14:42:46-05:00August 2nd, 2010|Economic Outlook, Economic Trends & Policy, Migration, Press Releases, Reports, Briefs and Presentations|

The Self Sufficiency Standard for New York

June 29, 2010. As New York recovers from the current recession, long-term economic prosperity will require responsible planning that puts all New Yorkers on the path to self-sufficiency. What does it take to make ends meet in New York without public or private assistance? How can we measure income adequacy? The Self-Sufficiency Standard published here answers these questions, using the best tools available to set out practical levels of economic security for New York families and individuals. The Self-Sufficiency Standard defines the income needed to [...]

Anthony Troia2020-11-13T14:28:00-05:00June 29th, 2010|Economic Trends & Policy, Labor Market & Workforce, Press Releases, Reports, Briefs and Presentations|