HomeLatest ThreadsGreatest ThreadsForums & GroupsMy SubscriptionsMy Posts
DU Home » Latest Threads » Forums & Groups » Main » General Discussion (Forum) » Cuomo tries to buy Pfizer... » Reply #4

Response to pinkstarburst (Original post)

Mon Jan 18, 2021, 03:38 PM

4. What criteria/data are you using in your assessment that New York is a "rich" state?

Here's some pre-pandemic information.



Here's some post-pandemic reality:

New York Faces $59 Billion Revenue Shortfall
Gov. Cuomo says services will be cut and taxes will increase if Congress doesn’t pass another relief package

ALBANY, N.Y.—New York governments and authorities are projecting $59 billion of revenue shortfalls through 2022 because of the continuing coronavirus crisis, one of the deepest funding holes of any state.

Gov. Andrew Cuomo, a Democrat, said services will be cut and taxes will increase if Congress doesn’t pass another relief package—which Democrats say should include direct aid to states and cities hit by the pandemic. Mr. Cuomo said recently that he will postpone decisions in the hope that Democrats make gains on Election Day Nov. 3.

New York reported more than 32,000 deaths due to the coronavirus, and the pandemic decimated public finances. New York’s state government lost an estimated $14 billion in the current fiscal year and $16 billion in the coming fiscal year. Transportation authorities around New York City expect to take in $15 billion less revenue due to drops in subway, train and air passengers. And New York City and other local governments will be grappling with $13.5 billion in shortfalls over the next two years, Mr. Cuomo’s office estimates.

While governments across the country are feeling the hit from the virus, the situation in New York is worse than other places. Moody’s Investors Service is forecasting the fiscal shock to the state government will be $29 billion through the end of the 2022 fiscal year. That is 1.9% of gross state product, which is above the national average, said Moody’s economist Emily Mandel.



Here's NYS compared to the rest of the country in terms of what it contributes to federal revenue through taxes:

New York Continues to Send More Federal Tax Dollars to Washington Than It Gets in Return
State Ranks 50th in Total Balance of Payments; Received Only 90 Cents on Every Dollar Paid to Washington

January 14, 2020

New York paid $26.6 billion more in taxes to the federal government in federal fiscal year (FFY) 2018 than it got back in federal spending, ranking it last among the states, according to a report released today by State Comptroller Thomas P. DiNapoli.

“For every dollar New York generates in tax receipts it receives 90 cents back in federal spending, compared to the national average of $1.21,” DiNapoli said. “We’re already getting less from Washington than what we give, which makes the upcoming 2020 Census so critical. New York must do all it can to ensure a complete and accurate count of its residents to maximize our population count, which impacts our federal aid and representation in Congress.”


Reply to this post

Back to OP Alert abuse Link to post in-thread

Always highlight: 10 newest replies | Replies posted after I mark a forum
Replies to this discussion thread
Arrow 10 replies Author Time Post
pinkstarburst Jan 2021 OP
SWBTATTReg Jan 2021 #1
pinkstarburst Jan 2021 #2
lapucelle Jan 2021 #5
ProfessorGAC Jan 2021 #7
lapucelle Jan 2021 #8
Post removed Jan 2021 #10
liberal_mama Jan 2021 #6
Progressive dog Jan 2021 #3
LineNew Reply What criteria/data are you using in your assessment that New York is a "rich" state?
lapucelle Jan 2021 #4
Squinch Jan 2021 #9
Please login to view edit histories.