Governor Hochul Cannot Deliver on Agenda to Rebuild New York Without New Revenue
“If the Governor refuses to make bold investments in public services, New York’s economy will struggle to fully recover”
For Immediate Release: January 10, 2022
NEW YORK — In response to Governor Kathy Hochul’s 2023 State of the State, Fiscal Policy Institute Executive Director Nathan Gusdorf today issued the following statement:
“In her State of the State, Governor Kathy Hochul laid out a wide-ranging agenda that identified many of the crises facing New Yorkers — but was silent on the need for new revenue. The Governor cannot deliver on an agenda to expand affordable housing and healthcare, strengthen our schools, and transition our state to a green economy without new funding. There is no credible vision to rebuild New York after Covid without new revenue.
“As we emerge from the Covid pandemic, our state is simply no longer affordable or livable for working and middle-class families. The economic fallout from the coronavirus pandemic, following a decade of fiscal austerity, has left New York with crumbling subway lines, a shrinking and overburdened public sector workforce, and unaffordable healthcare and childcare. 3 million New Yorkers now live in poverty, rents are skyrocketing, and working class wages are stagnant.
“The Governor has the opportunity to rebuild New York into a state where people want to live and raise their families — from universal child care and high-quality public education to affordable housing and reliable public transit. These expansive State investments will require higher taxes on the wealthiest New Yorkers — fortunately, New York has a broad and diverse economy that can generate substantial and recurring revenue.
“Increasing revenue through fair taxes on the wealthiest New Yorkers is sound fiscal policy that will strengthen our economy and make New York a better place to live for working people.
“Conversely, if the Governor refuses to make bold investments in public services, New York’s economy will struggle to fully recover. Increasingly unaffordable housing and childcare, combined with shrinking state services, will continue to drive both working people and businesses out of our state.
“Until the Governor supports new revenue, her plan to rebuild New York will not come to fruition.”