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 [...]

Fiscal Policy Institute2024-12-18T12:24:36-05:00June 15th, 2020|Blog, Economic Outlook, Must Read|

New York’s Unemployment System Depends on Continued Federal Assistance

May 11, 2020 Following the Great Recession, New York's Unemployment Insurance Trust Fund only achieved a positive fund balance for the first time in fiscal year 2016. On January 1, 2020, the balance stood at $2.65 billion, but the fund was nearing insolvency according to a report by the U.S. Department of Labor. Since the COVID-19 pandemic mitigation began eight weeks ago, over 1.7 million New York residents have filed for unemployment, which is roughly 5 percent of the nation’s total filings and represents more [...]

Fiscal Policy Institute2024-12-18T12:24:37-05:00May 11th, 2020|Blog, Economic Outlook, Labor Market & Workforce, Must Read, Reports, Briefs and Presentations|

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. [...]

Fiscal Policy Institute2024-12-18T12:24:39-05:00September 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 [...]

Fiscal Policy Institute2024-12-18T12:24:39-05:00September 5th, 2019|Economic Outlook, Economic Trends & Policy, Press Releases|

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 [...]

Fiscal Policy Institute2024-12-18T12:25:37-05:00March 8th, 2019|Blog, Economic Outlook, Economic Trends & Policy, Reports, Briefs and Presentations|

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 [...]

Fiscal Policy Institute2024-12-18T12:25:40-05:00December 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 [...]

Fiscal Policy Institute2024-12-18T12:25:41-05:00November 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 [...]

Fiscal Policy Institute2024-12-18T12:25:41-05:00November 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 [...]

Fiscal Policy Institute2024-12-18T12:26:10-05:00June 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 [...]

Fiscal Policy Institute2024-12-18T12:26:12-05:00May 9th, 2018|Blog, Economic Outlook, Economic Trends & Policy|

New Laws Raise Minimum Wage; Cut Taxes, Business Costs

December 27, 2018. Several new laws effective Jan. 1 will impact family budgets while trying to improve New York State’s business climate. “Given the damaging and destructive tax and budget policies coming out of Washington that seem to target poor and working class families, it’s good to know that our state has some countermeasures in place that actually help struggling New Yorkers,” said Ron Deutsch of the Fiscal Policy Institute, a labor-backed group that lobbies for the working poor. Access to Full Article HERE

Fiscal Policy Institute2024-12-18T12:26:18-05:00December 27th, 2017|Economic Outlook, FPI in the News|

Brian Talks New York – Trump to NY: Drop Dead

December 14, 2017. Ron Deutsch, FPI's Executive Director, got to go on Brian Talks New York which is anchored by Peabody Award-winning public radio host Brian Lehrer. Each week Brian and his guests from academia, journalism and politics analyze the latest news in Brian's home town of NYC. The segment is on How's the Trump tax reform bill likely to hit New Yorkers, rich, middle class and poor? Joining Brian’s panel of experts, AFL-CIO chief economist William Spriggs, Empire Center for Public Policy research director [...]

Fiscal Policy Institute2024-12-18T12:26:18-05:00December 14th, 2017|Economic Outlook, FPI in the News|

PolitiFact: Cost estimates of ending worker program vary widely

November 25, 2017. This Politifact article is assessing the claim by U.S. Rep. Joaquin Castro. He tweeted that the United States would lose $164 billion in GDP over a decade if they terminated Temporary Protective Status (TPS). TPS is a status for immigrants from countries experiencing armed conflict, natural disasters, epidemics and other temporary conditions preventing the safe return of their citizens. This status provides immigrants with TPS work authorization and protection from deportation, but does not include a pathway to citizenship. The Trump administration [...]

Fiscal Policy Institute2024-12-18T12:26:37-05:00November 25th, 2017|Economic Outlook, FPI in the News|

Experts: Studies Show Refugees are Key to Stabilizing Declining Rust Belt Cities Like Syracuse

October 26, 2017. This article discusses the Welcoming Economies Convening that was held in Syracuse, New York, a coalition of public and business leaders who are dedicated to resettling refugees. These organizations are aware of the economic contributions of refugees such as the reversal of population decline and job creation. These groups came together at the convening to discuss how to further accelerate and help grow their economic contributions. Fiscal Policy Institute's Immigration Research Director David Kallick. "When we're talking about growth, we have to talk about [...]

Fiscal Policy Institute2024-12-18T12:26:38-05:00October 25th, 2017|Economic Outlook, FPI in the News|

NY Daily News: NYC jobs market booming under Cuomo — but for rest of state, it’s a different story

NEW YORK DAILY NEWS By Jim Heaney and Charlotte Keith Saturday, April 1, 2017, 12:47 PM Job creation in New York State under Gov. Cuomo is akin to a tale of two cities. There is New York City — and everyplace else. New York City added some 600,000 jobs since Cuomo took office in 2011. That's a 16% jump, well above the national average of 11% and better than all but five states. Job growth is more modest elsewhere in the Empire State — and [...]

Fiscal Policy Institute2024-12-18T12:26:44-05:00April 7th, 2017|Blog, Economic Outlook|