Economic Outlook

Holiday Season Underscores the New Yorkers’ Need for Support as Pandemic Deepens Inequity

Read the report:  The Pandemic Recession: Hitting Immigrants and People of Color Hardest The Pandemic Recession: Hitting Immigrants and People of Color Hardest  (Albany, NY) — The holiday season is beginning in our state as never before with a second COVID wave bearing down on the health and financial stability of New Yorkers. While the COVID-19 is a threat to us all, immigrants and people of color are by far hit the hardest. And undocumented immigrants may be hit harder still since they are concentrated in several of the industries that have seen the biggest employment decline.  “New Yorkers across the [...]

2020-12-30T09:48:33-05:00November 24th, 2020|Economic Outlook, Press releases|

NYC Labor Market Took a Hard, Sustained Hit from the Pandemic

New York City Residents were hit harder and longer by the pandemic than those in the rest of the state. While both the city and the state have shown job gains since May 2020, the rebound has been modest. The road to recovery is long. Looking at the Employment to Population ratio (EPOP), we can see both are doing worse than during the Great Recession when the New York state EPOP never dropped below 57.7 percent and averaged 59.3 percent over the whole period. The [...]

2020-12-30T09:50:13-05:00November 10th, 2020|Blog, Economic Outlook|

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 Jersey, we continue to wait on the federal government [...]

Over 40% of New Yorkers Uncounted as Feds Call for Early Halt to 2020 Census

8/4/2020 On Monday, August 3, 2020, the Census Bureau issued a statement, confirming reports that it plans for all 2020 census counting efforts to be cut four weeks short of what was expected. This is the federal administration’s latest attempt to inject an element of chaos and intimidation into what should be a unifying and democratic process. In April, the Census Bureau asked all households to respond to its 10-question survey either online or by mail. For those who did not respond, there has been [...]

2020-12-30T10:00:11-05:00August 7th, 2020|Blog, Economic Outlook, Good Governance|

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 a system to support these workers.  [...]

2020-12-30T10:01:49-05:00July 30th, 2020|Economic Outlook, Press releases|

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, as well as married couples [...]

2020-12-30T10:02:38-05:00July 27th, 2020|Blog, Economic Outlook|

The Fiscal Policy Institute’s Three-Point Plan for Re-Building New York

 May 27, 2020. The Fiscal Policy Institute today warned state legislators and the governor that New York’s financial and social woes will only worsen if they attempt to return to an austerity budget model. The pandemic's public health crisis and subsequent economic downturn deepened an existing budget shortfall and with the deficit projected to be at least $13 billion, the state faces an extraordinary fiscal challenge. There is no simple solution to this crisis which will require bold innovation from our state leadership.  Read the Policy Paper: Minimizing Risks While Maximizing Our State's Potential [...]

2020-12-30T13:36:22-05:00June 15th, 2020|Blog, Economic Outlook, Must Read|

Media Roundup: The Staggering Cost of Long Island’s Opioid Crisis

September 10, 2019.  On Wednesday, September 4, the Long Island Community Foundation, the Claire Friedlander Family Foundation, the Fiscal Policy Institute and the Long Island Council on Alcoholism and Drug Dependence (LICADD) marked National Recovery Month by unveiling a ground-breaking report “The Staggering Cost of Long Island’s Opioid Crisis” showing the economic impact of addiction. In addition to the devastating personal costs, the opioid health crisis has had a significant impact on Long Island’s economy through lost productivity, and other costs to businesses, emergency services, libraries, and others. [...]

2021-01-06T10:35:56-05:00September 10th, 2019|Economic Outlook, FPI in the News|

New Report: Economic Impact of Long Island’s Opioid Crisis

The Fiscal Policy Institute’s new report “The Staggering Cost of Long Island’s Opioid Crisis” revealed the economic impact of this health crisis and how the financial burden is borne by all of us: as taxpayers, consumers, and businesses. While the devastating personal costs of addiction have always been clear, the report shows just how significant the effect has been on Long Island’s economy through lost productivity, and other costs to businesses, emergency services, libraries, and others. On Long Island, the opioid-related health crisis resulted in a [...]

Reworking New York State’s Family Tax Credits

March 8, 2019. The human costs of child poverty are staggering. Experiencing poverty as a child – even for short stints – can impair brain development, physical and mental health, and academic achievement, and increase the possibility of child welfare involvement.  And the impacts can last a lifetime.  Childhood poverty is the single best predictor of adult poverty. Child poverty also imposes extraordinary economic costs to the state.  A report just issued by the National Academies of Sciences, Engineering, and Medicine estimates that child poverty costs the nation [...]

Cuomo’s Third Term: Socially Liberal, Fiscally Conservative?

December 20, 2018. This article discusses the beginning of Governor Cuomo's third term and his potential progressive agenda. The Governor laid out his agenda during a press conference a few days ago where he stated that he would use former President and former New York Governor, Franklin Delano Roosevelt, as a model for his priorities. He proposed numerous agenda items like implementing the DREAM Act, which allows children of undocumented immigrants to receive college aid, and the legalization of recreational marijuana. However, while many of the [...]

2021-01-06T12:43:06-05:00December 20th, 2018|Economic Outlook, FPI in the News|

Does Amazon Cuomo’s ‘$9 To $1’ Sales Pitch Make Sense?

November 20, 2018. This article discusses the tax breaks that Governor Cuomo has agreed to give Amazon for moving one of their headquarters to Long Island City. The article goes on to discuss the Governor's argument for agreeing to provide Amazon with an estimated $3 billion in subsidies that includes city and state tax breaks, infrastructure slush funds, and helipads, which he argues is benefiting New York State because if he didn't provide these tax breaks the state would miss out on the revenue that [...]

2021-01-06T12:35:45-05:00November 20th, 2018|Economic Outlook, FPI in the News|

Amazon Plans to Split

November 13, 2018. FPI's Deputy Director and Director of Immigration Research, David Dyssegaard Kallick, was interviewed on SinoVisionNet where he discussed Amazon's plans to split HQ2 to Long Island City, New York and Arlington, Virginia. He suggested that Long Island City is a finalist because they have the labor force that Amazon may be looking for, with highly educated residents. He highlights that Long Island City has La Guardia Community College and the opportunity for expansion. Kallick was asked about the impacts on Long Island [...]

2021-01-06T12:32:59-05:00November 13th, 2018|Economic Outlook, FPI in the News|

Cynthia Nixon Aims to Tax Wealthy to Pay for $7 Billion Education Plan

June 13, 2018. This article discusses how gubernatorial candidate, Cynthia Nixon, plans to raise taxes on high-earners and businesses to pay for her $7.4 billion education plan to expand access to college and boost spending on K-12 education. Multiple organizations, including the Fiscal Policy Institute, commented on her plans to raise taxes to pay for expanding education and mass transit throughout the state. Jonas Shaende, chief economist at the left-leaning Fiscal Policy Institute, said he supported efforts to find more revenues through taxes on the [...]

2021-01-06T11:51:10-05:00June 13th, 2018|Blog, Economic Outlook|

Legislative Briefing: Supporting New York’s Local Governments

May 22, 2018 Empire State Plaza, Meeting Room 4, Albany, NY This legislative briefing will address the problem of fiscal stress among New York’s local governments and the role the State Legislature can play in addressing these challenges. What can NY learn from other states? What does the in depth research on NYS show? We are seeing important shifts in intergovernmental relations, most recently with the Federal tax reform on SALT.  How can NY best respond to these challenges? Come share in a discussion of [...]

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