Eighteen months ago, the New York State economy seemed to be on the brink of collapse. The COVID-19 pandemic resulted in state officials closing down stores, which in turn cut millions of jobs.
But the frozen economy has started its summer thaw. And New York has an additional $ 2.1 billion in revenue projected each year for the next four years.
This money comes after the federal government sent billions of dollars to state governments. It also comes after state lawmakers increased taxes for upper-income earners this year.
So what does this mean for most New Yorkers, the bottom line? It’s a potentially thriving economic outlook for the state, even if it’s a sign that many tax hikes weren’t strictly necessary, according to the PBC’s Patrick Orecki.
In a Capital Tonight interview Thursday, Orecki set out what the budget news means to the average New Yorker, whether the state’s spending is sustainable, and whether the tax hikes are forcing the rich to leave the state.