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 language | English (US) |
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Pages (from-to) | 58-79 |
Number of pages | 22 |
Journal | Public Budgeting and Finance |
Volume | 30 |
Issue number | 1 |
DOIs | |
State | Published - Mar 2010 |
ASJC Scopus subject areas
- Finance
- Economics and Econometrics
- Public Administration