Advocates from both ends of the political spectrum acknowledge the need to address New York’s declining population, but they have differing opinions on the best course of action.
The decision of Governor Kathy Hochul to refrain from raising taxes on the wealthy has been praised by the fiscally moderate Citizens Budget Commission (CBC). The president of the CBC commended the Governor’s wise choice and emphasized the importance of maintaining this stance to preserve New York’s competitiveness. He stated, “Holding to this, and ensuring that temporary increases sunset on time, is critically important to New York’s competitiveness.”
On the other hand, the Fiscal Policy Institute (FPI), a more progressive organization, held a contrasting perspective.
According to FPI’s Director Nathan Gusdorf, the modest Executive Budget, despite the State’s improving economic outlook, does not provide the necessary investments to address New York’s affordability crisis and halt the state’s population decline.
So, what’s the answer?
During an interview with Capital Tonight host Susan Arbetter, the Fiscal Policy Institute shared their perspective on the governor’s FY25 budget proposal.