FPI Statement on New York City Budget Agreement

FOR IMMEDIATE RELEASE: June 28, 2024
Media Contact: press@fiscalpolicy.org

“City Hall’s continued insistence upon unnecessary spending restraint is fiscally irresponsible & hurts ongoing economic recovery”

NEW YORK | The Fiscal Policy Institute Director Nathan Gusdorf today released the following statement:

“In the past year alone, New Yorkers have faced a 3-K shortage, underfunded schools and shuttered libraries — reducing the quality of life for millions who rely on our city’s essential programs and services. While the City Council has partially restored funding for critical agencies, City Hall’s continued insistence upon unnecessary spending restraint is fiscally irresponsible and hurts our ongoing economic recovery.

“The City’s unreasonably pessimistic revenue projections have led to billions in avoidable budget cuts, including hiring freezes and the elimination of critical staffing positions across city agencies. Rather than continue this constant seesaw of harmful cuts and partial restorations, the City should deliver accurate revenue projections that allow for uninterrupted services that New Yorkers rely on.

“As the cost of living rises and families leave in search of more affordable alternatives, the City should invest deeply in childcare, housing and additional services that keep families here. Conversely, unnecessary spending restraint that limits core city services and pushes costs onto working and middle-class families will only continue to drive New Yorkers out.”

The Fiscal Policy Institute is a nonpartisan, nonprofit research and education organization committed to improving public policies and private practices to better the economic and social conditions of all.

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Published On: July 1st, 2024|Categories: Featured on Home, Press Releases, State Budget, Tax & Budget, Tax Policy|

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FPI Statement on New York City Budget Agreement

FOR IMMEDIATE RELEASE: June 28, 2024
Media Contact: press@fiscalpolicy.org

“City Hall’s continued insistence upon unnecessary spending restraint is fiscally irresponsible & hurts ongoing economic recovery”

NEW YORK | The Fiscal Policy Institute Director Nathan Gusdorf today released the following statement:

“In the past year alone, New Yorkers have faced a 3-K shortage, underfunded schools and shuttered libraries — reducing the quality of life for millions who rely on our city’s essential programs and services. While the City Council has partially restored funding for critical agencies, City Hall’s continued insistence upon unnecessary spending restraint is fiscally irresponsible and hurts our ongoing economic recovery.

“The City’s unreasonably pessimistic revenue projections have led to billions in avoidable budget cuts, including hiring freezes and the elimination of critical staffing positions across city agencies. Rather than continue this constant seesaw of harmful cuts and partial restorations, the City should deliver accurate revenue projections that allow for uninterrupted services that New Yorkers rely on.

“As the cost of living rises and families leave in search of more affordable alternatives, the City should invest deeply in childcare, housing and additional services that keep families here. Conversely, unnecessary spending restraint that limits core city services and pushes costs onto working and middle-class families will only continue to drive New Yorkers out.”

The Fiscal Policy Institute is a nonpartisan, nonprofit research and education organization committed to improving public policies and private practices to better the economic and social conditions of all.

###

Published On: July 1st, 2024|Categories: Featured on Home, Press Releases, State Budget, Tax & Budget, Tax Policy|

Share on Social Media!