New York’s Regional Economies: Long Island
December 8, 2009. Press release, report.
Immigrants and the Economy
November 30, 2009. This new report shows the robust immigrant contribution to GDP in the country's 25 largest metropolitan areas. In the 25 metro areas combined, immigrants account for 20 percent of economic output and 20 percent of the population. The same basic relationship holds true, with slight variation, for each of the 25 areas, from metro Pittsburgh, where immigrants represent 3 percent of population and 4 percent of GDP, to metro Miami, where immigrants make up 37 percent of the population and 38 percent [...]
A Tale of Two Recessions: The State of Working New York City, 2009
November 19, 2009. While Wall Street recovers, New York City's Main Street economy remains mired in the "Great Recession." This report from FPI is an examination of the impact of the country's "Great Recession" on the New York City economy. The data show the shallowness of the previous expansion from 2003 to 2007 before the onset of the Great Recession, and recession-related job losses and rising economic insecurities. The report also explores in detail the character and extent of unemployment in New York City - [...]
Statement on Governor Paterson’s call to cut state spending by $1.8 billion
October 15, 2009. Statement from FPI Executive Director Frank Mauro.
State of Working New York 2009: Unemployment and Economic Insecurity in the Great Recession
September 16, 2009. This edition of the State of Working New York is released as the country hobbles through the worst economic crisis - the steepest economic drop and the longest period of job loss - since the 1930s. We are in the midst of what's been justly termed "The Great Recession." Over 850,000 New Yorkers are unemployed. The state's official unemployment rate is 8.6 percent as of July 2009 - the most recent data available - and it is expected to continue rising for [...]
Casualty of Chaos: The Cost of Albany’s Inaction on Jobless Benefits
July 2, 2009. Albany inaction costs jobless New Yorkers $267 million. A potent tool for fighting downturn, unemployment benefits deliver economic stimulus where it's most needed. But New York's jobless benefit has been frozen since 2000, and now lags behind dozens of states. This report from FPI and the National Employment Law Project shows that upstate counties have been hurt the most by the legislature's failure to increase unemployment benefits. Press release Full report including county data
Federal minimum wage boost affects 123,000 New Yorkers – but only slightly
July 23, 2009. On July 24, an estimated 123,000 New York workers will benefit when the minimum wage rises from the state's minimum of $7.15 an hour to the new federal minimum of $7.25 an hour. The minimum wage in New York will still lag that in 13 other states and the District of Columbia. And, a full-time worker will still not earn enough to keep a family of three out of poverty. Press release with data >>
NYC nonprofit sector the largest private employer: A vital part of the safety net, source of jobs for minorities
April 7, 2009. In New York City, nonprofits - health and human services and cultural organizations - employ nearly 500,000 workers, just over 15 percent of the total. The nonprofit sector includes hospitals, human service providers and arts organizations. How nonprofits fare in times of economic stress matters to all New Yorkers. This report, written at the request of the Deputy Mayor for Health and Human Services, shows that the sector is growing, having added more than 50,000 jobs 2000-2007, while the rest of the [...]
Back on Track: Why Progressive Tax Reform Is an Essential Part of New York’s Budget Solution
March 22, 2009. New York faces one of the largest budget deficits in the country for the coming year at $14.2 billion. The State's 2009-2010 fiscal year begins April 1, 2009. Two responses to addressing the crisis have dominated the policy debate. Both acknowledge the detrimental impact Wall Street revenue declines have had on the State's fiscal condition. But in other ways they diverge significantly. In the context of a deepening recession, which is the most sensible path to take? Press release (also below) Executive [...]
FPI, NYFF, and Economist Robert H. Frank applaud Senator Jeffrey Klein’s efforts to restore progressivity to the income tax
February 25, 2009. New Yorkers for Fiscal Fairness and the Fiscal Policy Institute today praised Senator Jeffrey Klein's efforts to reform New York’s current inequitable tax system by increasing rates at the top of the income spectrum - adding, however, that the Senator's bill simply does not raise enough revenue to sufficiently offset the onerous budget cuts proposed by the Governor. Unfortunately, the middle income tax relief in this bill will not provide stimulus if spending cuts, are in effect, paying for those tax cuts. [...]
Major education organizations release analysis showing 64 percent of school districts face cuts in excess of $15,000 per classroom
February 22, 2009. The Fiscal Policy Institute joined with the Alliance for Quality Education and other groups to publicize the grim truth about Governor Paterson's $2.5 billion in school aid cuts. Nearly two thirds of school districts face cuts in excess of $15,000 per classroom, and sixty districts face cuts over $30,000 per classroom. Education committee chairwomen Assemblywoman Nolan and Senator Oppenheimer joined education advocates in calling for school aid restorations; the organizations called for fair share tax reform. Release with 14-page district-by-district analysis.
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 in the unemployed count are [...]
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 economic case for supporting public [...]
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 >>
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.