FPI: Modest Budget Fails to Make Investments Needed to Address Affordability Crisis & Stem Population Loss
In the face of recent inflation and economic growth, State spending is declining slightly relative to the size of the overall economy
ALBANY, NY | April 15, 2024 — In response to the Fiscal Year 2025 Budget conceptual agreement, Fiscal Policy Institute Director Nathan Gusdorf today released the following statement:
“As residents continue to leave in search of a lower cost of living, this modest budget fails to make the investments needed to address New York’s growing affordability crisis and stem its population loss. With a rebounding economy, shrinking budget gaps, and a growing millionaire population, New York is well-positioned to support new public investments through increased tax rates on high earners. Instead, this budget misses critical opportunities to invest in the SUNY and CUNY systems, address the growing share of financially distressed hospitals, rebuild the public sector workforce, and pursue a long-term affordable housing strategy. Ultimately, this restrained budget does not make the investments needed to strengthen New York’s long-term economic competitiveness or help the State retain its population.
“The $237 billion budget increases spending by $5 billion dollars. In the face of recent inflation and economic growth, State spending is declining slightly relative to the size of the overall economy.”
###
Share on Social Media!
FPI: Modest Budget Fails to Make Investments Needed to Address Affordability Crisis & Stem Population Loss
In the face of recent inflation and economic growth, State spending is declining slightly relative to the size of the overall economy
ALBANY, NY | April 15, 2024 — In response to the Fiscal Year 2025 Budget conceptual agreement, Fiscal Policy Institute Director Nathan Gusdorf today released the following statement:
“As residents continue to leave in search of a lower cost of living, this modest budget fails to make the investments needed to address New York’s growing affordability crisis and stem its population loss. With a rebounding economy, shrinking budget gaps, and a growing millionaire population, New York is well-positioned to support new public investments through increased tax rates on high earners. Instead, this budget misses critical opportunities to invest in the SUNY and CUNY systems, address the growing share of financially distressed hospitals, rebuild the public sector workforce, and pursue a long-term affordable housing strategy. Ultimately, this restrained budget does not make the investments needed to strengthen New York’s long-term economic competitiveness or help the State retain its population.
“The $237 billion budget increases spending by $5 billion dollars. In the face of recent inflation and economic growth, State spending is declining slightly relative to the size of the overall economy.”
###