New York’s Biggest Budget Doubles Down on the Mistakes Driving People Out
On Thursday night, New York lawmakers approved a $254 billion spending plan—the largest in the state’s history and up from the $229 billion budget of just one year ago. The over 10 percent increase pushes spending beyond both inflation and the overall growth of the economy, even as families and small businesses struggle to keep up with rising costs.
Gov. Kathy Hochul announced the budget over a month past the April 1 deadline. Lawmakers spent over three weeks locked in debate—not over how to save more but how to spend more. Public schools, transit systems, and entitlement programs all received major boosts, mostly without meaningful reform or any evaluation of outcomes.
The budget uses emergency reserves, meant for economic downturns, to pay off a $7 billion unemployment insurance debt. That debt originated during forced business closures in 2020 and 2021. Rather than allow businesses to repay over time, lawmakers chose to erase the balance using state cash. Draining savings to clean up past mistakes reduces preparedness for future risks. Credit agencies have warned about the long-term effects of shrinking rainy-day funds.
Supporters point out benefits such as a $1 billion tax cut aimed at middle- and lower-income earners. On paper, income tax rates will drop to the lowest levels in decades. However, those savings vanish when packaged with higher payroll taxes, transit fees, and utility charges. Without serious reductions in overall spending, temporary cuts do not provide lasting relief.
A new $340 million allocation will fund free school meals for all public school stude
Article from Reason.com
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