"...a group that has such a long and distinguished record in identifying and addressing crucial issues affecting the governments of the city and state of New York." Federal Reserve Chairman Ben S. Bernanke
Director of State Studies Elizabeth Lynam makes two recommendations regarding the FY 2012-13 Executive Budget's economic development proposals. First, the legislature should not authorize additional funds for another round of regional competition until the “hydra” of economic development is tamed.
The contract of the Transport Workers Union (TWU) expired on January 15, 2012. To determine what a fair wage increase would be in the current fiscal climate, this report applies the criteria specified by the Public Employment Relations Board (PERB) for determining arbitration awards.
President Carol Kellermann pens an op-ed urging the legislature to pass Governor Cuomo's proposal to modernize the State's pension system by offering new employees a 401(k)-style option.
As 2012 begins and the New York State Legislature begins a new session, its first priority should be reform of the financing and benefits of pensions for state and local employees. Such reforms are urgently needed because (1) the relatively high cost of the current system places New York at a competitive disadvantage, and (2) these costs have been growing and are projected to continue growing, making a bad situation worse.
The CBC today released a policy brief titled “The First Priority in the New Year – Pension Reform.” It compiles the latest financial data on the rising cost of pension obligations of government entities in New York State, including New York City, other localities and the MTA, and, in doing so, underscores the case for comprehensive pension reform to alleviate financial burdens statewide.
As Governor Cuomo prepares his executive budget, he should seek structral changes that slow down the state's most potent cost-drivers (pensions, school aid and Medicaid), halt additional economic development spending and steer clear of budget tricks. Senior Research Associate Tammy Gamerman pens an op-ed for the New York Post.
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