Budget Deficits in the States: New York

22 Pages Posted: 15 Mar 2010

See all articles by Robert Bifulco

Robert Bifulco

Syracuse University - Center for Policy Research

William D. Duncombe

Syracuse University, Maxwell School of Citizenship and Public Affairs

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.

Suggested Citation

Bifulco, Robert and Duncombe, William David, Budget Deficits in the States: New York. Public Budgeting & Finance, Vol. 30, Issue 1, pp. 58-79, Spring 2010, Available at SSRN: https://ssrn.com/abstract=1568416 or http://dx.doi.org/10.1111/j.1540-5850.2010.00949.x

Robert Bifulco (Contact Author)

Syracuse University - Center for Policy Research ( email )

Syracuse, NY 13244
United States

William David Duncombe

Syracuse University, Maxwell School of Citizenship and Public Affairs ( email )

Center for Policy Research
426 Eggers Hall
Syracuse, NY 13244-1020
United States
315-443-9040 (Phone)

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