Budget Deficits in the States: New York

Robert Bifulco, William Duncombe

Research output: Contribution to journalArticle

8 Scopus citations

Abstract

New York faces large projected budget shortfalls. Although the recession has contributed, a large part of the shortfalls are due to long standing structural imbalances. The structural imbalances result from high spending levels, particularly on Medicaid and education, a volatile revenue structure, and political forces that make it difficult to achieve recurring spending reductions. In the most recent budget session, federal stimulus money allowed legislators to avoid the tough decisions needed to move the state toward long-run fiscal balance, and the adoption of increased income tax rates for high earners is likely to increase revenue volatility moving forward.

Original languageEnglish (US)
Pages (from-to)58-79
Number of pages22
JournalPublic Budgeting and Finance
Volume30
Issue number1
DOIs
StatePublished - Mar 1 2010

ASJC Scopus subject areas

  • Finance
  • Economics and Econometrics
  • Public Administration

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